Shriram Veritech Solutions provides a spectrum of advanced solutions aimed at combating counterfeiting and pilferage, enhancing packaging and labeling efficiencies, and streamlining supply chain efficiencies through digital innovations. Recently, we had the opportunity to speak with Luv Deepak Shriram, director of Shriram Veritech Solutions, who delved into discussions regarding their competitive edge, operations at the Greater Noida plant, the evolving landscape of brand protection and anti-counterfeiting strategies, emerging trends within the realm of brand protection, as well as the manifold challenges confronting the industry. Below is a snippet from the interview.
Mahan Hazarika: Can you tell us about the journey of Shriram Veritech Solutions?
Luv Deepak Shriram: Established in 1992 as Shriram Holographics, Shriram Veritech aimed to combat counterfeiting in India. In 1998, we became a founding member of ASPA, followed by achieving ‘Full Member’ status in the International Hologram Manufacturers Association (IHMA) two years later. In 2008, we rebranded as Shriram Veritech Solutions to reflect our broader range of offerings and market presence.
To support our growth and innovation, we established a new factory in Greater Noida in the year 2013, constantly upgrading it with cutting-edge global technologies such as Kinemax, Bobst M5, Diavy, Monotech, 4Pico with Nano-Optics Technology, ISRA vision, among others. These investments have allowed us to set high standards for excellence and reliability in manufacturing practices over the last three decades, backed by ISO Compliance, prestigious certifications, and global affiliations.
Mahan Hazarika: What sets Shriram Veritech Solutions apart from other players in the market?
Luv Deepak Shriram: Shriram Veritech is a part of the USD 3.0 billion Shriram Group, one of India’s oldest and most respected industrial houses. Veritech has imbibed the same spirit of enterprise, ethics, research, innovation, and good practices as its parent group, setting itself apart in the market. Our technologically advanced manufacturing facility caters to diverse industry domains, offering not only security solutions but also packaging and integrated digital solutions under one roof.
This unique proposition empowers our clients with unparalleled support, helping them safeguard their brands effectively and stay ahead in the market. Supported by our dedicated team of 250 Veritians, we consistently deliver exceptional customer experiences, earning the trust of over 3500 global brands across 50+ countries. With a vast network of 150+ international partners, Veritech boasts a global reach and brand equity, further solidifying our position as the preferred partner in the quest for anti-counterfeiting solutions.
Mahan Hazarika: Can you provide insights into the innovative solutions developed at your Greater Noida manufacturing plant?
Luv Deepak Shriram: At Shriram Veritech Solutions, innovation is central to combating counterfeiting. Our Greater Noida facility embodies our commitment, showcasing three decades of technological leadership where we employ the latest global technologies in registered printing, holography, and conversion techniques, ensuring unmatched security and quality through precision manufacturing. Our capabilities range from nano-optics to high-speed flexo printing and UV recombination to variable data printing.
Our innovative anti-counterfeiting solutions include OVDs, transfer foils, security labels, tamper seals, and VeriOVDs utilizing nano-optics technology, among others. Additionally, we offer comprehensive labeling and packaging solutions such as shrink sleeves, aluminum foil packaging, and Intelligent Labels embedded with over 20 security features.
Under the umbrella of Veritech+, our supply chain security solutions empower brands with digital authentication for consumer packs, product track and trace capabilities, customer engagement tools, loyalty, and warranty management systems, as well as warehouse and inventory management solutions.
Mahan Hazarika: In what ways do your solutions contribute to enhancing supply chain security and integrity for your clients?
Luv Deepak Shriram: Veritech’s specialized division, Veritech+, offers a comprehensive approach to bolstering supply chain security and integrity for our clients. Leveraging serialization, parent-child packaging hierarchies, track and trace capabilities, and consumer authentication solutions, we establish a robust framework for ensuring product authenticity and visibility throughout the supply chain. Our serialization technology assigns unique digital identifiers to each product, enabling precise tracking and authentication at every distribution stage.
Parent-child packaging relationships further enhance security by providing detailed insights into product origins and movements. Real-time track and trace functionality grants client’s visibility into product flow, facilitating swift responses to disruptions. Additionally, our consumer authentication solutions empower end-users to verify product legitimacy, fostering trust and loyalty. Supported by advanced analytics and MIS, our customized digital solutions optimize supply chain operations and mitigate risks.
Mahan Hazarika: What are some of the emerging trends in the field of brand protection and anti-counterfeiting that you have observed recently?
Luv Deepak Shriram: In recent years, notable trends in brand protection and anti-counterfeiting have emerged, driven by consumer protection and technological advancements. Authentication methods like UID, RFID, NFC, and QR codes are gaining traction. Digital track-and-trace solutions enhance supply chain visibility. Digital anti-counterfeiting solutions integration ensures transparency, while tamper-evident packaging reassures consumers. These trends highlight the importance of proactive measures and technology in combating counterfeiting.
Mahan Hazarika: What are the major challenges faced by Shriram Veritech Solutions in providing brand protection solutions?
Luv Deepak Shriram: Recently, there has been a noticeable increase in brands openly addressing counterfeit issues, a trend not prevalent a few years ago. However, a significant obstacle remains the cost and scalability of implementing solutions within businesses. Despite heightened awareness, many brands are hesitant to embrace robust technological solutions due to cost concerns.
Veritech is focused on innovating to reduce costs and ensure affordability for our clients. Another challenge in the Indian market is the lack of awareness among end-consumers about counterfeit issues and the risks associated with counterfeit products. Veritech is actively working to overcome this challenge by engaging and informing consumers through targeted marketing campaigns, educational initiatives, and collaborations with industry stakeholders.
Mahan Hazarika: With the rapid advancements in technology, such as blockchain and artificial intelligence, how do you envision leveraging these technologies to enhance your brand protection solutions?
Luv Deepak Shriram: We are currently exploring various AI capabilities that could be incorporated into our Veritech+ mobile app. Our initiative to integrate these features in our app will commence shortly once we select the most relevant functionalities for the benefit of brands and consumers alike.