PANEL DISCUSSION - THE POWER OF IDEAS

PANEL DISCUSSION

THE POWER OF IDEAS TO PROPEL BUSINESS GROWTH

Oct. 17, 2020

1.   BACKGROUND

It has been more than 6 months that India has been under the influence of a complete/partial lockdown, due to the deadly Corona Virus. During this time, a lot of precious lives are lost, Businesses came to a standstill (in many industries), thousands of people lost their jobs, and festivals and social gatherings have completely come under the ban.

Our Panel Discussion in June this year, in association with Metaconnect Consulting, analyzed the then Business Landscape and suggested some ways and means for Businesses to take themselves forward.

After some more time, we have planned another PANEL DISCUSSION, with Executive Leadership Coach, Mr. Koushik Chatterjee (www.koushik-chatterjee.com), at a time when people started adjusting to the new normal, and began organizing their work-life balance accordingly.

In the new normal, Work From Home has become a reality, through Webinars, Video Conferencing, Cloud based Delivery mechanism and remote governance.. Products are packed through Contactless mechanism, suitably sanitized, and dispatched for Doorstep Delivery to the end Customer. A whole new set of medical products and equipments came into being – Masks, Gloves, Face Shields, Sanitizer Sprays, Vegetable Wash etc., that protects the individual from Covid Infection.

Around the same time, a strong wave of Nationalism is sweeping the Country, in the name of Aatmanirbhar Bharat (Self Reliant India). Aatmanirbhar Bharat is the Government of India’s initiative of moving away from the FDI based Growth Model, that made us heavily dependent on foreign countries, for our own growth. Towards Self Reliance, Start-Ups & MSME’s are at the centre of focus, with strong Govt. support on Innovation & Soft Funding. This will reinforce an effort to build a strong Business Backbone of the country, that will support the Domestic market, and may eventually, go beyond the Country borders, and impact humanity, at large

Large Corporates and MNC’s are also seeing this slowdown as an opportunity to look at the domestic market, and add greater value in terms of Innovative Products & Services, and establishing a direct (digital) relationship with the end Customer. By now, several Immunity Boosting Foods & Food Supplements, as well as Infection Protection Handwashes and Body Soaps have hit the market.

Innovation & Ideation have become the centre point of the Economic Revival, like never before. Businesses have realized, they can only win hearts of Customers through better Value Add, and increased understanding of their requirements.

The Idea Factory, therefore, chose an opportune time for a Panel Discussion, that may give some fillip to the Innovation Game & Strategic Thinking in the country.

2.   THE EVENT

The Topic for Discussion was chosen as

‘THE POWER OF IDEAS TO PROPEL BUSINESS GROWTH’

The Panel Discussion was organized on Sat, Oct 17, 2020 @ 11 am -12.30 pm

It was a Virtual Program, conducted through Zoom, and was attended by select Attendees from the Industry

PANELISTS

The Panelists were from reputed Companies and included the following

1.    Mr. Siddharth Kirtane - Vice President Marketing (Heavy Duty Trucks) – Volvo Eicher Commercial Vehicles Ltd. (VECV)

2.    Mr. U Deepak Rao – Co Founder , Pudge Technologies

3.    Mr. Suyash Mehrotra – Senior Business Development Manager – Nestle

The Program was anchored by Mr. Koushik Chatterjee – Executive Leadership Coach, and Founder, Career Clinic, with a Corporate & Coaching experience spanning more than two decades.

3.   THE PANEL DISCUSSION

Given the above backdrop, the discussion threw light on the current Economic Business Landscape, and how innovation is playing a crucial role in the Economic Revival

The Discussion revolved around the following theme questions

1.    How has Covid 19 disrupted your Business Storyline ?

2.    What are your immediate challenges ?

3.    How are you addressing the Challenges ?

4.    How can we get customers back in the system ?

5.    How much time do you think it will take to move up to pre Covid Business levels. And then a yearly growth of (at least) 10% ?

6.    What are the ALTERNATIVE IDEAS for propelling Business Growth ?

7.    How INNOVATIVE THINKING/THOUGHT LEADERSHIP can help Company evolution ?

8.    How can we use this opportunity to RESET the Company ambition ?

9.    Can we improve the ‘STRATEGIC MATRIX’ of the Organisation ?

10. Is there a THOUGHT LEADERSHIP FRAMEWORK that can be prescribed for faster growth ?

PANELISTS CONTRIBUTION

The discussion brought out several interesting trends in reputed MNC’s & Start-Ups, surrounding the Covid Pandemic. Some of them are captured below

1.     MNC’s are strong brands, and that is helping them to bounce back faster (VECV, Nestle)

2.     B2B Businesses have slashed their Marketing Spends, without impacting their Businesses much (VECV)

3.     Digitization has brought Businesses closer to Customers, and a direct link with Customers is helping them to understand the regular pain points. (VECV, Nestle, Pudge)

4.     Startups in Commercial Transport had to tweak their Business Models, to shift priorities from B2C to B2B Segments, focusing on the non IT Sector.                                                          

Cost Differentiation is the main Strategy, over traditional transportation alternatives like Office Buses or Jeeps (Pudge)

5.     Commercial Vehicles have come a long way, with (24X7) Connected Vehicles, and BS VI Emission Norms, in sync. with Euro 6 Norms worldwide (VECV)

6.     Businesses are improving their Services, by keeping the Customer at the Centre of their Business Models (Nestle, VECV, Pudge)

7.     The Pandemic has prompted organizations to launch new products & services at ~25% of their previous stipulated time, doing away with their long drawn processes of a 15-18 mth Go-to-Market Approach (Nestle, VECV)

8.     As distance is no more a barrier, Startups offering innovative products stand a great advantage to tap International Markets, in direct competition with MNC’s with strong local networks in select markets (Nestle)

9.     Strong Corporate Responsibility towards a larger society, do compel Businesses to be more conscious about sustainability in terms of Pollution Control, Carbon Footprint, and Biodegradable Waste

10.  Innovation & Ideas have indeed shaped these last 6 months of work through pandemic, and will continue to have an important place in the ways we do Business

THE IDEA FACTORY - Some Suggestions

The Idea Factory made notes of the workings of the Companies, and the perceived changes in these organizations during Pandemic, and offered a few suggestions towards their advancement

1.     While Businesses have reached closer to their Customers ,and therefore, get direct feedbacks, this is indeed a good time to reinforce an Innovative Thinking Approach, to regularize the process of generating Creative Ideas.

2.     Startups like Pudge Technologies have a great opportunity 

a.    To build a Stronger Value Proposition, beyond the immediate cost advantages.                                                                            

b.    As Bus & Car Pooling are likely to slow down, they can re-organize the Service Mix of Transportation of People & Goods & Services

3.     Food Majors like Nestle, have opportunities in working in some interesting areas

a.    Possibility of Manufacturing Lab Water, and making it available at an affordable price

b.    Increasing the medicinal properties of Food & Food Supplements thereby addressing increased Immunity, reduced Blood Sugar & Cholesterol, stronger anti-ageing properties etc.

4.     Automobile Majors like Volvo Eicher can have a larger role in building the Infrastructure of the Country

a.    They can build an Association of Stakeholders in the Infrastructure Development of the Country, and help all to grow together

b.     They can even widen their Bouquet of Services, and may look at the opportunity of playing a role in any of the following areas

                         i.    Small & Medium Car segment

                        ii.    Railway Sector (Privatization)

4.   THE IDEA FACTORY - THOUGHT LEADERSHIP

The Idea Factory may take this opportunity to suggest some more ideas, for the advancement of the industry, in general

1.     Food Majors have a lot of scope to enhance their Product Portfolio in areas of Health Foods & Healthy Meals, through Doorstep Delivery. It would be great if the company builds long lasting Business relationships, with the already existing Food Chains in the country, that includes a large portion in the unorganized sector.

Working in the lines of ITC, Nestle can play a strong role in the Food Chain & Food Processing Landscape, over and above their already existing 8 manufacturing plants across India.

2.     Food Majors can contribute to the FOOD MOVEMENT of the Country, through an overarching motto of FOOD FOR ALL

3.     Commercial Transport Majors can play a strong role in maintaining Safety on Roads, and work towards an overarching goal of ‘ZERO ACCIDENTAL DEATHS’

4.     They can also play a strong role in Swachh Bharat Initiative, by diversifying into specialized Machinery & Gadgets, that can help clean up the Garbage across India, clean the rivers etc.

5.     Commercial Vehicles should strengthen their focus on Renewable Energy Fuels, following the Electric Cars available in India.

6.     This is a good time to set up and monitor an INNOVATION & STRATEGY MATRIX in Organizations, to evaluate the impact of new ideas in the Organization.

7.     This is also a good time to build a Gross/Net Value Added (GVA/NVA) Measurement Matrix, to evaluate the Value Add to the Economy.

Overall, the Discussion brought out interesting facades of Businesses in the new normal, and selection of key initiatives to provide greater value at the doorstep of Customers. As a Practice, Brainstorming, Idea Generation & subsequent Innovation, can definitely take Businesses to the next level.

We are, indeed, moving slowly towards Aatmanirbhar Bharat/ Self Reliant India

Meanwhile, our Thought Leadership Discussions are going to continue.

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Abir Mozoomdar is a BE/PGDBA/CFA with more than 20 yrs of experience in Strategic Planning and is the Founder & CEO of The Idea Factory. He is a Business Author, as well

The Idea Factory is a Strategy Consulting Firm, and a frontrunner of the Knowledge Revolution in India. It specializes in Strategy Training, Advisory & Consulting Services, and Business Research.

Abir’s first Book ‘Thought Leadership in India’ offers medium/long term solutions to India & its Business landscape, and has started ‘Thought Leadership Movement’ , a Worldwide Knowledge Revolution from India

For more details, please write to us at [email protected]

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