Nitin Dumasia, President & CEO – Growlity, Inc.
July 10, 2020
Everyone wants to grow business. Everyone wants creative and disruptive ideas. Everyone wants to become a leader in their industry or own forte. The content of this blog is a tremendous way to pick up the though processes and information to take your company to the next level and make it competitive enough to not only survive but achieve new heights of Growth with Sustainability for the years to come.
21st Century is the era, where we live in precipitously changing times, especially for businesses. Consider that, in a single generation, businesses have had to alter to entirely new marketing channels (including web and social), decide how to invest in and utilize new technologies, and try to win on a global stage — things that were barely imaginable to our parents’ and grandparents’ generations. One side effect of these quick changes and growth is that no single CEO – or any employee, for that matter – can be an expert in everything. This was, perhaps, always true, but it has never been more apparent. This is why, in my opinion, some of the biggest challenges’ businesses face today are best met and addressed by only looking forward for Growth with Sustainability. Developing a mindset and though processes with sharp focus in key areas of business, helps CEOs add the proficiency and skills they need to address problems as situational leadership, and can provide the best possible outcomes.
Just a few of the challenges I see businesses facing include:
– Uncertainty about the future
– Strategy with Design Thinking
– Agility for faster Delivery
– Financial Management
– Performance based Pay
– Regulation and Compliance
– Digital Priorities
– Competencies and Recruiting the Right Talent
– On boarding of Right Technology
– Customer Service
– Maintaining Reputation of Global Brand
– Real Time Decision Making
– Corporate Governance, etc.
Still there are millions of businesses and entrepreneurs in different parts of the world who have great success stories built on their own passion and conviction for achieving Growth with Sustainability. Here are my recommended areas any CEO and Top Management of the enterprise to constantly explore and ask themselves to create their own business differentiation to add value to people’s lives:
Strategy : The one, whether coming from SME size of the organization or a multinational corporation, has to very creatively design the strategic objectives of the organization on which their entire ship can sail through well. This is prominent responsibility of the topmost minds of the organization to either design it at themselves or involve subject matter expert or a coach of Strategy Deployment. I am seeing more than 60% organizations struggle to strive for Growth with Sustainability because they have never thought to align the entire organization with their long term vision and broken up to daily work management to be performed by everyone in the business. There are also examples where Strategy does exist, but not made effective or agile enough to give confidence to the entire workforce to live up to it. This has been always a prime fuel for Growth with Sustainability and would also be some of the must-do things for any organization to really survive in the time of radical changes in years to come.
Business Transformation : The business environment is advancing. Changes to regulations, new customer demands and the increased use of information technologies and mobile devices are just some of the trends putting pressure on organizations to concentrate on innovation and efficiency in order to remain competitive. Business leaders are asking themselves: How can we optimize existing resources, minimize risk and develop innovative products and services that can keep pace with the evolving business landscape? In the discovery of Growth with Sustainability, it becomes very essential to keep our daily operations and customer services disruptive enough to bring the cost effectiveness to the P&L statement. I am seeing world leaders coming up with very creative and innovative ways to design their business transformation related programs and events using world class tools and techniques like Lean Six Sigma, Theory of Constraints, Just in Time, Material Flow Cost Accounting, Total Quality Management and many more. Thorough implementation and capability development through such world class and bench marked practices brings ultimate level of flexibility in the organization which can propel the pace of achieving Growth with Sustainability.
Corporate Governance : It is the arrangement of Rules, Practices, and Processes by which a firm is directed and controlled. Corporate Governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community. Since Corporate Governance also provides the framework for attaining a company’s objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure, it becomes very important for any organization to aim for Growth with Sustainability. Throughout my executive experience in the industries and sectors for decades, having seen thousands of companies ranging from tiny structure to millions of workforce around the world, have gained strong insights and belief that competitiveness required for survival in 21st Century can only be achieved once we have a very robust Corporate Governance System in place. As per the nature of the enterprise, am seeing people investing their time, efforts and money to build various management systems using ISO Standards, Supplier & Vendor Management Protocols for Operational and Social Compliance which in turn becomes also useful to prove the Traceability, Country of Origin, Ethical Practices and complying with law of lands too.
Industry 4.0 : For years the strategy for both manufacturing and service industry has focused on efficiency and becoming lean. Now in the age of start-ups and disruptors, being lean and agile only is no longer enough. To be competitive, corporations, big or small, need to be ready to disrupt or be disrupted. So, to increase the velocity towards the accomplishment of Growth with Sustainability, one has to strive adoption of such digital priorities to enable cultural change in an industry which has always focused on efficiency and making incremental improvements to save cost, rather than to deliver higher value. In the age of digitization, the corporations who can embrace this, will have the power to shape their organisation’s future. Industry 4.0 is often misinterpreted as a technological revolution, which is not completely true as the technologies that Industry 4.0 highlights have already been in existence and are being used in different industries over the last few years. Industry 4.0 in reality is about a cultural change, that mostly the manufacturing industry has been in a dire need of achieving their Growth with Sustainability.
Nitin Dumasia is President & CEO of Growlity, Inc. He can be reached out at [email protected]. Growlity, Inc. is USA based Management Consulting Firm, providing professional services worldwide with their unique methodology to achieve Growth with Sustainability for their client. Growlity, Inc. is one of the first Virtual Consulting organization to offer their unique proposition called “Pay as you achieve Growlity” to their clients to ensure the enablement of optimum potentials. Log on to www.growlity.com for more information.