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Sun sets on enterprises that rest on their laurels

By 21ST CENTURY BUSINESS HERALD | China Daily | Updated: 2024-04-08 08:10

An employee arranges steel bars at a production facility in Shijiazhuang, Hebei province, in May. [Photo/Xinhua]

Those industries that have existed for a long time but are now making less profit than before are often referred to as sunset industries. However, these industries still have the possibility of thriving if they can adapt to the changing market and technological environment.

The rise and fall of an industry depends on how companies in the industry respond to market changes, rather than the industry itself.

The supposed sunset industries, such as the garment industry and steel industry, can still maintain vitality and achieve sustainable development if the enterprises in these industries can innovate, improve their efficiency and adapt to changing market demands. If a company does not pay attention to maintaining its competitiveness in this way, it may gradually decline even if it is in an emerging industry or a fast-growing market.

Many companies in what are considered to be sunset industries have actually regained their vitality through innovation and transformation.

Some Chinese steel enterprises have stepped up their efforts in digital and intelligent transformation through technological innovation and management optimization, actively exploring machine substitution, unmanned production operations, and 5G+ industrial internet application scenarios, and successfully realized green manufacturing and intelligent manufacturing. Thanks to these efforts, they have not only improved their product quality and production efficiency, but also significantly reduced their energy consumption and emissions.

Traditional industrial enterprises should thus focus on using artificial intelligence technology to make themselves more agile. AI technology can significantly improve the efficiency of the manufacturing process by optimizing production processes, predicting equipment maintenance needs and automating production lines. It can also help enterprises achieve flexible production and personalized and customized production.

Furthermore, through precise quality inspection and control, human errors can be reduced and product consistency and quality improved. AI technology can also improve the efficiency of material circulation, reduce inventory costs, and respond to changing market demand more quickly.

The evolution of industries is a natural law, and the fate of enterprises is in their own hands. What enterprises need to do is to actively embrace technological and market changes and seek to achieve sustainable development through technological innovation and comprehensive reform.


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