Management practices and thought processes across India Inc, are due for a complete reset.

These times should serve as a wake-up call for India Inc, as the consumers are now getting even more price sensitive, and more "value-for-money" conscious. While struggling to meet even their basic necessities, to the same levels as before the crisis, the discretionary spends are witnessing major cuts. Well, the reason is simple. Inflationary pressures due to oil prices and supply bottlenecks, seem to be galloping far ahead from earnings, with uncertainties not showing signs of receding anytime soon. Yes, there is enough reason to be optimistic about hectic back-channel diplomacy at work, to find an everlasting peace in West Asia. Now, even the warring sides have realized the immense damages to their respective economies from the conflict, besides the diplomatic fallouts, in terms of a new "world order", post the cessation of this conflict. But, "when" is the key question waiting for an answer. Time for India Inc to revisit the themes of "Total Quality Management" and "Total Cost Management", with renewed vigor. Besides, "out-of-the-box" thinking, to offer better "value-for-money" to their esteemed clientele. To take a classic example - just yesterday, I received a mailer from 'Marriott Bonvoy', highlighting their tie-up with Swiggy. It said : "As a valued Marriott Bonvoy® member, don’t miss out on making your everyday better. Link your accounts and earn Marriott Bonvoy points on your everyday Swiggy orders, from food delivery to groceries and dining out. " The key take-away from this mailer is that, such leading hospitality chains now need to focus on : 1. Creating a "lifestyle ecosystem", by exploring strategic alliances with establishments such as – reputed international airlines, multiplexes, some leading brands across industries such as apparels, premium car manufacturers, healthcare providers, reputed tour operators, beauty and other top-end lifestyle products etc. Key objective would be cross-promotions of offerings to their esteemed clientele, mainly via cross-linkages to the respective websites/apps of partner establishments/brands, on a quid-pro-quo basis, and   2. Enriching their rewards program by exploring participation with such partner establishments/brands, to enable better fulfilment of expectations of their esteemed clientele. Such "out-of-the-box" ideas now need to find favour, with the C-suites of such businesses, so as to not only retain, but further expand their market share and business volumes. Yes, other businesses across various industries too, need to "take a leaf" out of such an innovative idea, and adapt the same accordingly. Management practices and thought processes across India Inc, are due for a complete reset. 😊