Bill Gates rightly quoted- “Success today requires the agility and drive to constantly rethink, reinvigorate, react and reinvent.” In order to be agile, there is a need of strategic and prompt decision making. Rationalisation and prioritisation of tasks between the operational functions plays a vital role.
The moderator of the panel, Ankur Chaturvedi from Emami initiated the panel discussion on the theme ‘agility v/s efficiency’ by mentioning the right words- “any disruption which comes in life or in market also comes and creates an opportunity.” Ankur believes that while agility is the key to success, we cannot compromise on efficiency. Agility comes at higher cost of efficiency. He believes that analytics is the key to right decision making for better results.
Sameer Chaturvedi from Haldiram believes that in FMCG sector, one cannot survive without agility. There is a constant need of scrutiny of the market regarding the trends, needs and demands of the target customers. Appropriate and on-time SKUs, continuous reactivity on market changes is important.
Ronit Verma from Redbull discussed his view on the key values of agile manifesto. He believes that due to covid, there has been rapid changes in market trends. The companies who are agile sustain better in such unprecedented times. In order to be more agile and cost-effective, he discussed few ideas:
- Process of quick decision-making in the organisation.
- Analysis of infrastructure which enables agility.
- Balance between manpower and machinery.
Satish Karunakaran from Fonterra laid his emphasis on the fact that agility has become extremely critical but is also followed by efficiency in case of a standard situation. As a start-up company, agility plays a pre-conditioned necessity on each level of operation. One of the key sector where start-ups can find opportunity is in the area of logistics in such unusual times. The threat of dynamic changes in the environment can be replaced with opportunity if:
- There is proper reconstruction of operational and supply chain model.
- Comprehensive end-to-end supply chain risk assessment for both vendor and customer point of view.
Sanjeev Kumar Yadav from Nestle stated the fact that a balance between agility and efficiency is the need of hour. It can be strengthened by enabling situational leadership. Due to pre and post covid scenarios, a wide range of changes in standard planning has come into existence. Pre-covid, the emphasis of planning was laid on efficiency, the logistics, sourcing, and manpower were more inclined to meet the efficiency standards. Whereas post covid, the emphasis is laid on agility under all cases.
Neelesh Asati from Chainalytics shared his view by mentioning the importance of customer fulfillment. To increase the efficiency in the supply chain, analytics help in planning level to become more cost-effective. For the strategic level, a network design strategy to figure out the best model serves as a great help. Also, for tackling the demand, usage of AI and market analysis is the key.
Avinash Dhagat from L’Oréal discussed the fundamentals of the problems in attaining the balance between agility and efficiency in the short and long term both. He even shared some of his already experienced solutions such as:
- Building of buffers either incapacity or inventories.
- Rationalisation of products in order to prioritise them.
- Shift from monthly to weekly forecast model.
- Analysis on granular level rather than a view from the top in terms of implementation of a forecast.
Vijay Kumar from ITC shared his opinion that efficiency, agility, and cost stand in parallels and are not mutually exclusive. The trick is all about how fast the demand is met and the product is made available in the market. He shared some of his incorporated solutions, such as:
- Engaging in attractive digital platforms.
- Alignment with the companies like Amazon, zomato, etc. for quick deliveries to customers.
- Analysis of market demand and distribution of the same.
Mihir Ravani from Elixiatech believes that companies who were able to adapt and transform according to the changes in the supply chain flourished better and will continue to sustain in a competitive and dynamic environment. Companies that are technologically driven copes better in unprecedented situations.
The key to success in the market is the agility of the business, catering to the needs and requirements of customers, and continuous improvement in the actions.
The webinar ended with the India’s most prestigious Marketing awards ceremony where the top Industry leaders of India got awarded.