It is time for Indian companies to get out there and understand their markets, their clients/customers, the real value of their products and services and aspire to build a sustainable enterprise in the market having the ability to fulfil their customer promise at each transaction via an extended supply chain. Difficult? Yes but has to be done in order to survive and grow this VUCA (Volatile, Uncertain, Complex and Ambiguous) world.
It is important to understand the segments in the population, in case of both B2B and B2C, which will buy or are buying the product and service, what value do they perceive/realise from the product and service and at what price point. What is the value proposition expected by the client and what is the client promise that one can deliver? Post that, formulating and streamlining fulfilment processes and systems to deliver that specific client promise to the clients and in doing so ensuring one turns a profit.
This will deliver a customer centric lean business which will be sustainable. That brings me to the next shift required; market share is about the global market share and hence being relevant in the ecosystem of the product or service globally. Being global is a mind-set; it is not about hiring a few expats to show an American/European, Chinese or African face.
It is about truly being global and running multiple business models and supply chains to fulfil customer promise in a variety of cultures and regions around the world.
A business cannot be parochial as market share is global. Once the enterprise has managed the shift in mind-set towards gaining meaningful global market share then the next critical point to evaluate is whether the existing extended supply chain, setup sometime in the past, is fit for purpose, its costs and inbound and outbound logistics, for servicing the markets to fulfil the customer promise.
Another key element for sustainability of an enterprise is the willingness to accept the market realities, accept technology changes and sometimes even create new products that make their present products redundant. Is your organisation ready?
The author is an Executive Director with Valcon, a management consulting company with Scandinavian roots and a global reach.
