What is your outlook on the current business scenario and what are the changes anticipated in this year? How optimistic are you in terms of the economy bouncing back on track?
The current scenario of the Indian economy is a result of combination of the structural and the cyclical changes. The structural shift was overdue and had to happen sometime. But then, we as a country will emerge stronger after this downturn.
The result of the downturn is that only the companies which are fundamentally strong and focused on offering customised solutions to their customers will survive. Many others will struggle to survive and yet some will be lost forever with the passage of time, in case they do not find a way to sustainability.
The winds of change are happening at the global level and India is not isolated from these changes. The country’s fundamentals remain strong and we seem to have bottomed out. The only way is to move up from the nadir and pick up the momentum. The green shoots are visible for the opportunistic companies and we should be on the normal growth curve by the mid of the second quarter of the upcoming financial year 2020-21.
What is your agenda / plan-of-action for the year 2020, in order to be competitive and stay relevant to customers and catch up with the growth momentum? Upcoming challenges can no longer be met using conventional methods. What's your take on this?
All slowdowns are the times to look inwards – to improve systems, to collaborate and work on creating a better ecosystem for our customers. Another focus area is to upgrade the skills on the manpower front – learn, relearn and even unlearn. We are revalidating our strengths and strategising to harness them and reduce the weaknesses. We are working to successfully navigate the near term uncertainties, without losing the focus on our long-term goals. Be prepared for the next phase of growth which will definitely be different from the earlier growth paths and forms.
It also holds true that every time challenges are different and that is what business is about – handling the uncertainties, being able to foresee some of the challenges and developing the organisation to handle the same.
How should a company effectively bridge the gap between optimising existing technologies & investing in advancements? Would you like to share examples from your organisation?
We have always taken a balanced approach of harnessing the best of what we have and continually investing in newer technologies. We carry a historical track record of sustaining ourselves and growing for the last six decades, continuously evolving.
M2NXT, our subsidiary which offers complete factory automation solutions, is our latest offering. It is a great example of harnessing all the strengths we have and connecting the customer to the entire ecosystem to make his/her operations more profitable, efficient and systemised, enabling them to improve their organisational product lifecycle.
How can India build sustainable breakthrough ecosystems for nurturing global businesses and achieving manufacturing-driven growth? At the same time, how can the industry respond to uncertain economic cycles and technological disruptions, simultaneously?
With the Government of India’s focus on manufacturing and the $ 5 trillion economy, we are at the right cusp of moving into the journey of Industry 4.0, having missed the earlier races. With India’s eminent position in the IT and the OB skills sector, we are in a strong and commanding position to reap the benefits and march ahead of other economies and move up amongst the developed nations. Though, of course, India will have to put enough resources to develop its people and their skill sets to meet the challenge, which the government is doing its bit through the skill development programmes.
Managing disruptions and economic downturns is not easy. Leaders that focus on making their organisations agile and adaptable, collaborating with others, investing in R&D and continually developing their talent pool, will weather any kind of storm.