‘Rishabh is Focused on Keeping the Design and Innovation Engine Burning’
With experience of nearly three decades, Rishabh Instruments has established itself as a prominent leader in the space of manufacturing, design and development of T&M instruments and industrial control products. In an exclusive interview with Shweta Nanda, Deepak Thakur, CEO, Rishabh Instruments emphasizes that technology and innovation have been the key pillars in the success and growth of the company over the years. He updates us about emerging trends in the TMI space and key verticals that will fuel the growth of T&M products.
Q. As one of the oldest players in the Indian test and measuring instruments (TMI) domain, what kind of growth and transformation are you witnessing in the Indian market?
TMI industry in India has been on a steady growth trajectory. If we look at the data points from popular industry reports and magazines, TMI industry witnessed 13-14% growth between the years 2013-15. With knowledge and applicability of TMI products increasing, growth is expected to happen at a much faster pace in the coming years.
Take any vertical from telecommunications to consumer electronics, demand for test and measurement (T&M) instruments is quite visible. The power and utility sector comprising generation, transmission and distribution is at the forefront for fuelling growth in the TMI industry. Another vital contributor is aerospace, which actually has immense future potential considering the growth it is undergoing in terms of passengers, air traffic and infrastructure.
Please shed light on the latest trends/innovations happening in the TMI market.
With the widespread adoption of smart devices in the last few years, users look for similar experience everywhere. These expectations are emerging in the TMI space too with users expecting compact devices, wireless communication and ease of use. At Rishabh, we closely look at specific expectations and issues that customers face to develop our products. With regards to rising demand for anytime, anywhere accessibility of data on compact devices, we have introduced a multimeter range with Bluetooth and Android-based application for mobile phones. With these functionalities, measurement and parameters are flashed on the mobile phone. Mobile screen actually becomes the multimeter screen and stakeholders can access data on their fingertips while sitting anywhere across the facility or even remotely.
Another trend that I would like to highlight is that technology today is evolving at a very fast pace. To match user expectations and evolving business requirement, there is a constant need to launch new features and products. We at Rishabh lay a lot of emphasis on keeping the design and innovation engine burning and evolving our products. To enable ease of use for our customers, we focus on designing near-term versions and maintain consistency in terms of platform.
Q. According to you, which key sectors will be at the front-end in driving demand for test and measurement instruments in the future?
A crucial segment that is expected to make a sizable contribution in the growth of T&M products is the automotive industry. Backed by the government support through Make in India initiative, the demand for test and measurement instruments in manufacturing sector at large is expected to come up in a big way.
Solar industry is another key segment, which offers biggest growth potential for T&M devices. With the government launching an aggressive solar mission and India slated to emerge as the solar capital of the world, investment in T&M devices in this segment is expected to grow significantly. Another extremely relevant sector is education. India is the second largest generator of engineers in the world. The country is home to several technical colleges and polytechnics. At Rishabh, we are very upbeat on this segment and have launched specific products catering to the educational industry.
Given the demand from these key sectors, we believe that interesting times are ahead for T&M products and we can look at a possible 25% YoY growth for the segment.
Q. Tell us about your global operations. What are your expansion plans in the coming years?
International sales has been an important element of growth for Rishabh. In fact, more than half of our sales happen in international markets. Through our channel partners and subsidiaries, we are present in more than 70 countries in the world. Our core business markets are the Middle East, South East Asia and Latin America. In 2011, we acquired a Poland-based firm, Lumel, to expand our footprint in Europe. We have also forayed into the US market through another subsidiary . One thing that has been instrumental in our growth over the years has been our service and comprehensive basket of products. We focus on building trust and credibility among customers. Ensuring customer satisfaction is a priority for us and has helped us forge long-lasting customer relationships.
Q. Please update us about your R&D activities. According to you, how important is the role of R&D in an organization’s success?
At Rishabh, we take immense pride in the fact that the key pillars of our success and growth are technology and innovation. From design to production, we take complete ownership of products we make.
Our R&D facility is National Accreditation Board for Testing and Calibration Laboratories (NABL) approved, thus it meets Indian standards and is aligned to international standards. To keep abreast with global practices, trends and new innovations, we collaborate with the R&D unit of our subsidiary in Poland. This gives us a unique and distinctive advantage to supplement our design and innovation efforts. Courtesy our strong R&D division, we are able to introduce customized products to match the fast evolving needs of customers. In the last 3-4 years, we have launched 15 to 20 new category products in the marketplace.
At our R&D facilities, we lay a lot of emphasis on adhering to industry standards and maintaining compliance with Indian and global directives. In line with this, our facility in Nashik will be the first in India to be RoHS (Restriction of Hazardous Substances) compliant.
Apart from this, ensuring product quality is at the core of our company culture. Every product manufactured in the company goes through a process of stringent quality check before being introduced in the market. Lastly, we have a strong marketing division, which works in tandem with R&D to raise awareness about the new innovations and products among customers.
Q. Please tell us about your competitive edge and future plans?
Currently in India, there are very few players like Rishabh that design and produce their products end-to-end. Our state-of-the-art R&D infrastructure and ability to rapidly introduce new products gives us a distinctive edge. Another advantage is our focus on customer satisfaction throughout the business value chain from design, manufacturing, marketing to after sales services.
Rishabh is among the largest manufacturers of analog meters across the globe in addition to having a strong digital product portfolio also. Within the TMI space, looking ahead, we plan to introduce power clamp meters with Bluetooth and Android-based application for mobile phones. We are eyeing massive opportunity in the solar vertical and are focusing on developing products targeted at the sector. We are also working on multimeters customized to meet the unique requirements of the education sector.