Ford and General Motors

Without knowing exactly why did Ford and General Motors not succeed like Maruti and Hyundai in the Indian market, basic perception suggests that they needed to realize that now vehicles are more of "computer on wheels", thus needing constant R&D based on customer feedback, besides needing to adopt a high class service oriented mindset.

It's just not enough to leave the service aspect to the dealers, but rather requiring a constant connect with the end users by leveraging latest technologies, to guage their perception and needs.

And finally, like in a war where it pays to have strategic allies to help with intelligence inputs, air cover, logistics support etc, similarly in such a tough market scenario it pays to enter into strategic alliances with key focus on arriving at best possible overall value-proposition to the customer.

Return-to-office

Notwithstanding the various digitalization related initiatives undertaken by various organizations to support work-from-home during the pandemic, a key element of return-to-office should be an empathetic human touch in adequate proportions to re-assure employees, of all possible support.

Such a human touch is vital to remove any anxieties (real or imaginary) which the employees may have, as almost everyone would have felt the impact - either recovery from a bad infection, or loss of a dear one/s due to Covid, or severe impact on one's personal income due to salary cuts or leave-without-pay etc.

Also, the role of family members too need to be acknowledged as they too have played a vital role during the work-from-home phase, to ensure unhampered productivity of their respective family members.

Yes, technology should supplement human touch during such challenging times, not replace it.

'Healing' from pandemic induced 'bruises'

While it is correctly believed that the pandemic has 'leap-frogged' the digitalization process in by a decade at least, with key focus on emerging technologies such as Artificial Intelligence, Analytics, IoT, Cloud Computing etc, yet it would be prudent for the corporate world not to lose sight of age-old 'gospel truths' such as Total Quality Management (TQM) encompassing three of it's key constituencies such as - employees, customers, and vendors/business partners.

How to leverage these emerging technologies to drive efficiencies in TQM initiatives, percolating down to each function, process, and each employee, should be one of the key strategic decisions required to quickly 'heal' from the pandemic induced 'bruises'.

Specifically, the end objectives of such strategic decision should be to realize the following:

a) 'Best place to work' for the employees,

b) Creating 'Wow factor' with consistency for the customers, and

c) 'Best business partner' perception for the vendors/business partners.

Once these key objectives are met, the other most important constituency consisting of shareholders and investors, would be served automatically, They will see amazing returns from their investments, thereby enabling a premium valuation for such an organization far above its peers.

Reviving Indian Economy

Perhaps the best stimulus which our government can unleash is caring attitudes in the entire bureaucratic machinery, duly monitored by the political executive, to unleash the 'animal spirits' in businesses otherwise struggling to get back on their toes.

Secondly, it would also be great to waive of all license fees pertaining to commercial establishments for a year. But next year onwards, realize this waiver from the beneficiaries of the same, in four yearly instalments. Our central government can compensate the state governments for the loss in revenues caused by this waiver this year.

The increase in Centre's overall fiscal deficit, can be partially offset by increased collections of indirect taxes like GST and other state levies, besides unleashing other related multiplier effects in our economy, especially in terms of growth in employment and GDP.

These two measures as cited above, can be role-models for the rest of the world to emulate.

Main key to overall economic recovery..

Taming of oil prices via a deal with Iran is the main key to overall economic recovery in the world. With the US and Nato troops withdrawing from Afghanistan, Iran holds another key to ensure peace and stability in the region.

Time for some innovative diplomatic efforts by the US and its allies, as well as by India which has substantial interests in Afghanistan, to lift all sanctions on Iran and bringing it back to the mainstream of international relations.

This would also ensure that Iran floods the oil markets thereby breaking the power of Opec to hold the oil prices at such high levels, thereby jeopardizing the overall economic recovery of the world in such trying times.

Besides, Iran could be a frontrunner in keeping a watchful eye on Afghanistan which should not become am launching pad for terror activities in other parts of the world. This has to be avoided at all cost.

Re-imagining Facebook

My vision is to re-imagine 'Facebook' by making it the ‘first port of call’ for anyone seeking help, such as:

 

• An individual seeking employment opportunities, or fame, or recognition,

 

• Start-ups desirous of reaching out to potential investors or customer base in a highly cost effective manner, or

 

• Businesses seeking to reach out to their intended target audience through focused communication strategies etc.

 

This can be accomplished through some strategic initiatives, such as:

 

• Re-imagining recognitions and appreciations on one’ posts which currently are generally limited to ‘likes’ and ‘comments’ or ‘shares’ through one’s own circle of friends on Facebook. Let’s create a “Hall of Fame” on Facebook, where certain individuals or groups who have surpassed certain standards in their respective fields are granted recognition on this coveted platform,

   

• Re-imagining interactions in this platform which currently are limited to one’s circle of friends, except perhaps comments on certain news items by reputed publications. Let’s allow any worthwhile post to be accessed by even those who are not a part of one’s friend circle by creating a section where some worthy posts can be placed and viewed by any one who is interested. Certainly, this can facilitate interactions between those who are not connected to each other on Facebook,

 

• Re-imagining motivations to post something meaningful on this platform. Going beyond the number of ‘likes’ ‘comments’ or perhaps ‘shares’ of one’s posts from one’s own circle of friends. This unfortunately has started yielding diminishing returns, as it has been observed that some members have either reduced the frequency of their visits to Facebook or have discontinued their Facebook account altogether. As mentioned above, let’s allow any worthwhile post to be accessed by even those who are not a part of one’s friend circle by creating a section where some worthy posts can be placed and viewed by any one who is interested. Certainly, this can facilitate interactions between those who are not connected to each other on Facebook which can be an important motivator,

 

• Re-imagining the way businesses connect with their target audience. For example, by organizing contests on Facebook by such businesses, to guage extent of awareness or familiarity of sample of their target audience, their feelers, opinions, perceptions etc. with regard to the products/services of such businesses.  Attractive prizes could be sponsored for those members who offer useful insights and suggestions to such businesses,

 

• Re-imagining hiring techniques by some of the progressive corporates. For example by organizing contests on Facebook to guage the analytical abilities and attitudes of their potential talent pool. Such identified talent can serve as a valuable resource pool  for such progressive corporates who can be considered at an appropriate time, and

 

• Re-imagining talent contests for the entertainment industry on similar lines as above.

 

More of such innovative ideas can be deliberated upon.

      

 

"An Economic Strategy for India' - Some Thoughts

The report "An Economic Strategy for India' co-authored by some eminent economists including our former RBI Governor, Mr. Raghuran Rajan, has rightly suggested that our political establishment should desist from resorting to farm load waivers for political gains.

The report has endorsed the Telangana model of upfront cash support at the time of sowing -the Rythu Bandhu scheme as cure to farm distress, and handing out Rs. 4000 per acre to land-owning farmers.

Based on this limited information as reported in the newspapers, my thoughts are as follows:

a) Recent show of strength by some farmers who marched to Mumbai and Delhi, demanding loan waivers, is a matter of concern. But then what really are the concern areas, did those farmers participating in the march really represent the true nature of our agrarian distress and to what extent, and above all, would a single loan waiver for these very farmers cure all ills plaguing our agrarian sector? These questions need to be evaluated and brought to public discourse for an informed debate on the policy measures required for turning around our agrarian sector,

b) Telangana model has been feted by authors of this report. It would be worthwhile for our policymakers cutting across political ideologies,to institute a comprehensive study on the efficacy of such a measure, especially on the marginal farmers, who are most in need of remedial solutions,

c) Has any public sector bank or any financial institution done even a sample study on those farmers who have availed of loans, to verify if the amounts so disbursed to them have been spent judiciously and for the intended purposes? If so, what have been the findings of such a study?

d) How the farmers in Telangana deal with crop failures on account of various reasons, and what is the support mechanism evolved by the Telangana government for the same?

e) And finally, one of the key problems afflicting the agrarian sector is unfavorable prices for produce when compared to the price paid by the final consumers for the same produce. This needs to be fixed, and among the suggested of measures include breaking of the monopoly of APMC to procure agricultural produce, besides encouraging the industry to join hands with our farming community to ensure a win-win-win formula, that is a formula, which is beneficial to farmers, industrialists, and the final consumers.

All these are of tall order indeed, and would need the foresight of a statesmen at the helm of affairs, to take bold decisions for the benefit of our economy as a whole, key to which lies in our agrarian prosperity.

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