Is Change the Cornerstone of Success? - PowerPoint PPT Presentation

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Is Change the Cornerstone of Success?

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While the formula might not turn us all into the next Richard Branson, the combination of intelligence, a bursting contacts' book, ambition, vision and a drop of good luck can definitely help put us on a pathway to success. – PowerPoint PPT presentation

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Title: Is Change the Cornerstone of Success?


1
  • While the formula might not turn us all into the
    next Richard Branson, the combination of
    intelligence, a bursting contacts' book,
    ambition, vision and a drop of good luck can
    definitely help put us on a pathway to success.
  • But are these ingredients really enough to see
    you succeed? In today's business environment -
    with constantly shifting social, economic and
    technological priorities - one element that's
    vital, but often overlooked, is change. The
    willingness and ability to embrace it with arms
    wide open is crucial.
  •  
  • It might be plain stubbornness, an aversion to
    risk, blind sightedness, pressure from the board,
    or resistant employees, but many business people
    fail to overlook the need to implement changes
    which could make the difference between whether
    their company is listed on the FTSE 100 or
    struggling to survive.

2
  • Lateral thinking, or the ability to think outside
    of the box, is the difference between survival
    and death for a business - Keshav Murugesh
  •  
  • The experiences of those who are brave enough to
    adopt change show there are huge financial and
    competitive advantages to be gained.
  • Invest in change
  • "Innovation is the most necessary ingredient in
    today's dynamic world," according to Karan
    Chanana, CEO of Amira Nature Foods Ltd, the first
    family owned Indian company to list on the New
    York Stock Exchange, with a total revenue of
    547.3m.
  •  
  • "It is like air to humans, every breath of
    innovation survives and thrives," he said.

3
  • Founded in 1915 as a small family-run trading
    company, Amira went on to become India's first
    fully-automated rice milling factory in 1993. By
    investing in a processing plant in Gurgaon, near
    New Delhi, Chanana refocused on premium rice
    products, which have a long shelf life, and
    organic products including rice, lentils and
    beans, and spices.
  •  
  • Chanana concedes that business people have
    different thresholds for change but believes
    everyone must accept that at some point they'll
    have to take a risk and enact change.
  •  
  • He believes that in business, challenges are a
    part of everyday life. "Anyone who believes that
    business or life will be a smooth ride is living
    in a fool's paradise."

4
Make or Break
  • "Lateral thinking, or the ability to think
    outside of the box, is the difference between
    survival and death for a business," said Keshav
    Murugesh, CEO of WNS, a leading Indian
    outsourcing company based in Mumbai.
  •  
  • He is known in his company as the "the turnaround
    guy", having built a reputation for improving an
    ailing company's fortunes at Syntel before
    joining WNS four years ago. In that time, he has
    doubled the company's market cap to 1.1b and
    revived its declining fortunes.
  • Murugesh believes companies stagnate because
    leaders are unable to push themselves out of
    their comfort zone and challenge the status quo.

5
  • "It's about the fear of failure, the requirement
    for new technology, and the cost of new
    investment," he said. "But people who can make
    these changes in a planned manner see success."
  •  
  • But, he said, people have to remember "There is
    no such thing as failure, only some steps between
    where you are and where you aim to be. It's about
    planning, motivating and leading people, and also
    an element of luck which every CEO needs to
    have."

6
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7
Size Matters
  • "When it comes to change, size matters,"
    according to John Brash, founder and CEO of Brash
    Brands, a brand consultancy headquartered in
    Dubai whose clients include The Burj Khalifa.
  •  
  • "On the whole, larger organisations do take
    longer to effect change. Approval processes are
    lengthier, plus the sheer volume of people to
    communicate with will naturally take longer,"
    Brash said.
  •  
  • As an example he cites Dubai's Dnata, the world's
    fourth biggest combined air services provider
    which has a footprint in 73 airports in 37
    countries and has more than 20,000 employees.
    Dnata embarked on a complete rebranding exercise
    in 2011 as a result of many acquisitions which
    had led to it quadrupling in size in just six
    years.

8
Brash said "The new brand strategy, vision,
mission and values needed to be communicated to
over 20,000 people.He acknowledges, however,
that some business leaders find change a painful
process "Whilst some business owners may have
the desire to innovate, the process as a whole
can seem overwhelming. If they are doing well
whilst doing the same thing some can be reluctant
to rock the boat. It's myopia of the market they
are in."
9
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10
Social and Digital Change
  • Going forward, Brash believes that businesses
    must adapt to new forms of modern disruption such
    as social media, cloud computing, 3-D printing,
    technology and popular new business models that
    involve mobile apps such as Uber, the taxi
    service.
  •  
  • In the future, he said, the chief marketing
    officer will become an important decision-maker,
    on par with the CEO of a company because of the
    implications to a business of digital innovation
    and the impact of social media. "I want to
    understand how Generation Y thinks and acts," he
    said, "because they are the customers of the
    future."

11
  • One way WNS keeps innovation at the forefront of
    their business strategy is by leading an ideas
    division called Wincubate, where employees are
    encouraged to contribute new thinking. The team
    with the most promising concept wins 250,000
    (excluding people costs) to launch their
    programme. After 18 months the decision is made
    on whether to create a new division to develop
    that idea as a business proposition, in which
    case the team members receive a 26 stake in the
    new company.
  • Brash said "Without consistent lateral thinking
    any business will start to slow down over time.
    Younger, hungrier talent will come to the market
    and erode your share through their innovative
    methods.

12
  • "Many companies can get caught up watching their
    competition, rather than keeping pace with their
    consumers, especially the constantly evolving Gen
    Y.
  • After all, as Stephen Hawking said, "intelligence
    is the ability to adapt to change".

13
  • For More Information
  • https//www.sc.com/hereforgood/hk/is-change-the
  • cornerstone-of-success.html?camp_idNGP-SHGD-MO
  • PNA-CBNR-BNA-RNA-TNA-ONA-LNA-D150101
  • I10002558
  • http//www.amira.net
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