Letter from Editor-in-Chief
Dear All,
We are all aware how the business landscape has changed through the last decade. Some businesses which were visionary enough to forecast the upcoming changes, survived this change successfully and flourished.
On the other hand, as a consequence of this, many managers and executives fell behind. It is important to anticipate and form strategies around the new set of challenges, and I thought of sharing some ideas around this issue. Probably, the biggest change of the 21st century is that the world has now become a global village. Globalization has brought a lot of interesting possibilities, opportunities as the whole world has now become a big, grand global market place.
Accordingly, customers with different origin, culture, background, socio economic political dispensation pose varied challenges. These are further influenced by the economy they are in, their currency, rules of legal framework etc. As managers, we have therefore need to understand our customer’ aspirations and demands very well to serve him better. It is not now confined to only to sales, marketing or service function. To do our job well, we also need to know our competition thoroughly. Business has become now a game of 'Service' and 'Success'.
Now, from a manager of the 21st century, it is expected to be knowledgeable, sharp and quick to understand, respond and meet internal or external customers' expectations, technologically savy, very well informed and networked. Communication, thus becomes the underlying essence. IT and Communication Technology have already married and time is not far when we will witness that it would drive virtually everything. Business would become an activity of 24 X 7. Offices would undergo transformation. Most would have to be operative where he/she may be. The working space would become virtual. Empowerment would relate to business yield. Domain of responsibility and delivery would become bigger and non hierarchial. Performance would essentially involve updation of better Skills, Knowledge enhancement and development of Capability to lead and innovate. Recognition and Rewards would become ruthlessly objective. 'Employee cost' and 'Service cost' which would include the cost of technology usage and would assume a strategic criteria. The routine and non-value added functions would be outsourced. All existing functions would undergo a transformation of change and get re-defined so as to have only such Roles whose purpose would be a value added and strategic.
The Organisation strategy would have an important element of creating a brand for itself for better acquisition of talent, customers' attention and retention which pre-supposes creating and maintaining a learning environment, which leads to satisfaction and a kind of happiness to be associated with.
This all require a serious re-thinking and a well planned, structured Leadership Development Programme at all levels to make the organisation ready for future.
Returning back to the present, the Chairman has already laid out the challenges that lie in front of us. As we are grappling with a bit of uncertainty it is important to have a sharp focus on fundamentals while keeping all the above in mind for future preparation.
LNJ Bhilwara Group has made a remarkable journey. This has been possible because we have constantly adapted ourselves to the changing business landscape and addressed challenges around us. Some of the challenges of globalization that I listed above is to reiterate the old value of realization and adaptation that we have always pursued.
I conclude with a very relevant statement from Stephen Hawking who said, Intelligence is the ability to adapt to change.
Dev Joshi