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Wednesday, May 22, 2024

FIEDMC to Collaborate with ITU to create ‘ultra-modern’ technical lab

Chairman FIEDMC Mian Kashif has said that with a collaboration with ITU, the organization will create an 'ultra-modern technical lab.'

Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq announced last week that FIEDMC would be establishing a ‘state of the art ultra-modern technical lab’ meeting high international standards for the monitoring and automation solutions for industrial units.

The lab to be established with collaboration with Information Technology University (ITU) along modern scientific lines to meet international industrial standards and is expected to enhance profitability and effectively controlling losses.

Mian Kashif speaking with a delegation of investors, Sunday, revealed that he had had a ‘fruitful’ meeting with Prof Dr. Sarfraz Khurshid Vice-Chancellor, the Vice-Chancellor of ITU, and various other experts from ITU including the Dean faculty of engineering Dr. Tauseef Tauqeer, as well as co-principal investigators, Dr. Usman Younis and Dr. Rehan Hafiz.

He had also announced that technical guidance from ITU experts would be sought for setting up Industrial Monitoring and Automation Lab at Faisalabad, which will provide facilities of smart monitoring of utilities of water, electricity and gas using the internet of Things (IOT) technology, energy auditing etc.

Digitalization Transformation the need of the hour

Mian Kashif further went on to explain that the need for an hour was Digitalization transformation. He expressed the need for technological improvements to enhance productivity and procure hidden resources within the production process.

Read more: FIEDMC Chairman commends PTI government for support

He explained that to do this, ITU will help develop a joint ‘Centethe r of Excellency’ with which a mother tor characterization test bench facility is needed. This will that areEDMC an overview and performance analysis, enabling them to develop and export an electromechanical system analysis.

The project will also help in resource development and capacity enhancement.

FIEDMC Chairman: Fifth Industrial Revolution’s foundation in digitalization

He said that introduction and application of the digitalization transformation concept is the need of the hour for industries which is the foundation of the next 5th industrial revolution.

In the 5th Industrial Revolution, humans and machines will dance together, metaphorically, according to an article in ‘Real Leader,’ which discussed tech leaders’ views in the Davos Summit earlier this year. Earlier this year at Davos, an event sponsored by Forbes, MIT, and Tata promoted the theme: “Blockchain + AI + Humans = Magic!” This equation seems impossible to some, but it can (and will) prove correct. AI will help increase human labor productivity. Blockchain will help give banking access (and intangible forms of capital connected to a person’s quiddity) to the unbanked. Robots will help humans align ROI with purpose. But all this will require intentionality and moral clarity.

Lawrence Wintermeyer, writing for Forbes, highlighted this recently concerning the impact of the 4th Industrial Revolution on the fintech markets. “Most of the conferences I attend to focus on ‘the next big tech thing’ and what it can do,” Wintermeyer observed, “often to the exclusion of the utility and impacted the technology will have on society. I am most often asked what the next ‘smart money’ tech trend is in fintech. I am now happy to report it is not blockchain, bitcoin, or AI. It is humanity.”

Read more: FIEDMC to tighten security in industrial estates

Mian Kashif said that the lab would also provide modern and unconventional solutions that unlock their factories’hidden potential and resources to enhance higher profitability with greater productivity without any additional financial burden.

He said that Dr. Tauseef told him that the use of the industrial Internet of Thing (IoT) would definitely help improve operational efficiency, productivity, creating new business opportunities, reducing downtime, maximize asset utilization, reducing asset lifecycle costs, enhancing worker safety and product innovation process besides a better understanding of customer demands. He said that ITU also agreed to impart training to the industrial unit staff for the use of modern technology.

GVS News Desk