INNOVATE, RESTRUCTURE, REORGANIZE: CHALLENGES FOR INDIAN INC.

FOR 6TH NATIONAL COMPETITION FOR MANAGEMENT STUDENTS NCMS-2009 ORGANIZED BY ALL INDIA MANAGEMENT ASSOCIATION
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INTRODUCTION
A German businessman may wear an Italian suit to meet an English friend at Japanese restaurant, who later returns home to drink Russian vodka and watch an American movie on a Korean TV.

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INDIAN INC. AND ITS CHALLENGES

In the words of Dr. Jay Ram Ramesh, One thing is certain in economy that is FLUX. The challenge is how fast you are able to cope up with change.

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Indian Inc. is headed by gigantic business houses like TATA, RELIANCE, BIRLA, JINDAL GROUP, ADANI etc. which are ruling the roost of our Indian Economy and it also comprises of Small & Medium Enterprises which form the backbone of growth. There are about 3.3 million SMEs in India which contribute nearly 7% of our GDP.
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FUTURE FOR INDIA INC. What do Gulf countries have??? What is Japan good at ??? What makes China grow with rapid pace??? So what INDIAN INC. have at its disposal to compete with the world????
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INNOVATION MAKING THE ORGANIZATION AN APPLE OF AN EYE Competing against the Present for a better Future. When we think of Innovation which companies come to our mind first??

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1980s-1990s were the decades of Japan & Quality; can 2010s-2020s be the decades of India & Innovation? The question is can we use Innovation as a spring board to tackle the challenges India facing today? India is known as a country not of Innovation but of Improvisation or Jugaad as they say in Hindi.
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INDIAN APPROACH
A very different approach for Intellectual property or innovation. For Indians Intellectual property is a creation of an individual that must be shared with society at large.
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Innovative Culture: Do it before you die

Make Innovation a core process of the organization. To develop an Innovative culture, Develop trust within the organization Free flow of Ideas.

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RESTRUCTURE: ADEPTING CHANGES IN THE WORLD INDUSTRIAL SCENE Organizations are human systems and their system structure includes the worldview, beliefs and mental models of their leaders and members.

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Reorganize: Aligning resources for growth

Assess current business processes and policies. Understanding market needs, identifying bottlenecks, study of successful and failure cases of organizations which have undergone reorganizing. Eliminating activities which are redundant or do not add value.
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Managing YO-YO situation and snowballing rate of change

In order to sustain in the competitive world the Indian companies will have to transform the common into unique. The companies just cannot rely only on core competencies but focus on building edge competencies.
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To remain competitive over the long term, the company would further need to know, how and why change is occurring, and understand the relationship between change and competitiveness.

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Need for a new mindset

Development of a mindset that enables managers to confront, understand, and deal with a wide range of factors and forces, within and outside their organizations.
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