As with any challenge, the opportunity to turn things around lies within the crisis itself. Some companies will slash costs, stop development projects, and look exclusively inwards. However, future oriented, and more insightful organizations seek to come out of these trying times stronger and more resilient. The positive side is that there is already a lot of knowledge about how to do things differently. The time to act is now, though.
In order to not get caught unprepared by the future and build in agility in our DNA, we need to address it ahead of time. The pandemic has changed the current landscape significantly. Some of these changes will present business development opportunities. Try to identify the best way to leverage them. Let us get our leadership team together and start identifying what these changes might be. Some will be obvious, some less so. Some will be more similar in nature to plucking low hanging fruits, others will require more substantial investment to make feasible. Will the returns justify it? The results in this case might range from a new line of business to perhaps a new business model even.
Moreover, summon an innovation team and have them give serious thought to the opportunities that are out there, dormant. What product or service is emerging as a constant in the new COVID-19 reality? What ways to enter new markets or reach new customers are emerging in this increasingly digital-first economy? By thinking of ways of actively supporting growth instead of just cutting cost, we lay out the foundation for not only a solid recovery path, but actual expansion and market share gains.
What is important to realize is that overly fast decision making on new investments does not mean rushed. Given the huge uncertainties today, any investment decision is a significant bet. Do your due diligence, ask enterprise-wide experts to analyze the impact and level of compatibility (with future strategic direction, with the current technology stack etc.) so that you maximize the odds of it paying off.
IVAMA Association would like to help members take big strides in this direction. It is time to greatly enhance our strengths to become global leaders in our industrial segment. We have identified four pillars which will really enhance our competitiveness in the global market - Manufacturing Excellence; Supply Chain Excellence; Technology Excellence and Skill Development. We plan to organize Technology Conclave tentatively on 09-Jul-2021 and 10-Jul-2021 at Coimbatore to deliberate on above pillars and draw up a future course of action to make them happen. Let us be proactive and take it forward. You will hear from us shortly and we request our members to enthusiastically participate in this endeavour.
We are pleased to inform that Mira Alloy Steels Private Limited, Coimbatore and Sri Ramkarthic Polymers Private Limited, Coimbatore joined as Associate Members and Magwen Valves Private Limited, Savardari have joined as Manufacturer Member of the association.
Membership is available to valve and actuator manufacturers, supply chain companies and engineering back offices. Interested companies may register for membership by logging on the website (https://www.ivama.in/register