Speakers at a seminar have said an objective-oriented systematic change in the product, process, people and culture within a business can reduce its cost and boost its profit.
Textile Today Innovation Hub and CEMS-Global organised the seminar TexTIMe Episode-23 on Thursday concurrently with 22nd Textech Bangladesh 2023 International Expo at Bangabandhu Bangladesh-China Friendship Exhibition Centre, Purbachal, Dhaka.
The seminar on ‘Road to $100bn Export by 2023’ aimed to dive into the journey towards achieving a remarkable $100 billion in exports in the textile industry.
In his keynote paper on ‘Practical Method of Implementing Innovation to Achieve $100bn Export’, Tareq Amin, Founder & CEO, Textile Today Innovation Hub said, “A small innovation can make a big change. Once we have a systematic innovation process in place, then we will find out the hotspot and identify an improvement area to work out for change.”
“We’re not talking about disrupting the existing process. With our existing process, innovation should be adopted as systematic way. This will give you competitiveness. We have to look at how the ideas can be adopted as innovation circle as a team which will implement it in the whole factory,” Tareq Amin added.
“We need to work on our customer demand, market demand and people. We need to have a systematic implementation of ideas to resolve practical problems,” he said.
“Our factories need objective driven team equips with the innovation tools, techniques, and other resources to build a sustainable innovation culture. Training on Project Management Tool & Techniques for Innovation should be accessible for the employees to ensure true innovation culture,” Tareq Amin emphasised.
“Innovation is not onetime assignment, rather innovation has to be the culture,” Tareq Amin said and highlighted how Textile Today Innovation Hub has been installing and implementing innovation projects in the industry.
Though most of the factories feel the necessity for innovation, however, this is usually difficult for a single company due to several day-to-day operational dynamics.
A concentrated platform like Textile Today Innovation Hub can benefit companies by facilitating the innovation in many ways. A collaborative approach to drive innovation is crucially important where the stakeholders of industry can benefit each other.
Dr Hasib Uddin, chairman, APS Group said, “I personally think that we do not spread our innovations.” He also emphasised on focusing on human capital development.
Mahbubul Alam Milton, executive director, Masco Group said, “I believe that innovation is already in practice. Innovativeness is the only way to achieve our export target. Here knowledge is essential to adopt in the team to achieve this. Invention and innovation is very different. Through the innovative process we can make ourselves more competitive. It is a culture. Close innovation, which takes place inside the company. But public innovation is where you can buy it.”
Mashook Mujib Chowdhury, manager (Sustainability), DBL Group said, “Innovation is there. But it is not communicated. Sustainable Development Goal (SDG)-9 is about ‘industry, innovation and infrastructure’. So, it is already there, but it is not communicated except through a few events.
“I tried to gather some data on $100b export. But it is difficult to find. Due to lack of data, we can’t invest in higher products. Associations can work on it. Without knowing in details, it is difficult to go for it,” said Mahbubul Alam Milton.
“Setting a goal is vital, however we need detailed planning to attain the target,” he added.
Dr Hasib Uddin also said that to achieve any goal they need preparations. “Increase factory capacity, solve energy crisis, backward linkage capability in MMF etc. are paramount.”
“In terms of opportunities, untapped market will be a key to increasing export,” he added.
Moderator of the event was Dr Mohammad Abbas Uddin Shiyak, Assistant Professor at Bangladesh University of Textiles.
