The recently concluded edition of WAVE Business Today Mind Rush was no less than a star-studded affair.
This time around the stars were the heroes of corporates in India, who were rewarded for maximum success in recession hit market. Stars who added shine to the event were management guru Ram Charan, Leadership Trainer Peter Docker, famous mountaineer Jamling Tenzing Norgay and others.
“Ride the Wave” said management guru Ram Charan and further added:
“Top 5 things that are going to make maximum difference to Indian businesses, and globally as well, are Digitization, Mobility, Cloud, Algorithm and Internet. These are the revolutions that will drive new product invention, create new markets, innovative pricing models and differentiated promotional strategies. The stage is now set and companies need to have an outward-inward approach to their strategy which means learn from outside and imbibe inside. It is the market and customers who will decide the best move and action for companies.”
Mr. Charan coined the phrase “U can see it, I can see it” to set the context better.
According to him the top global companies that “Ride the Wave” using outward-inward approach religiously were:
- Stephen A. Schwarzman, Chairman and CEO of Blackstone Group: Every Monday morning he reviews business with his leadership team and asks them ‘what’s new’ the idea is to raise the antenna of capabilities.
- Jeff Bezos, Founder and CEO of Amazon.com: Every morning he will ask his colleagues a simple question ‘what can we do better for customer’ which pushes you to know your customer better.
- WalMart, biggest retail chain in the world: Top 3 questions asked regularly at their review meetings –
- ‘What’s customer asking that you don’t have’ meaning the demand and supply gap.
- ‘How many customers who came in and bought nothing’ which means supply is different than demand.
- ‘How soon can we service the demand of the customer’ which measures the customer responsiveness.
“You need not have a great General IQ, what you only need is a great Business IQ to be successful and Ride the Wave” said management guru Ram Charan. Ram Charan emphasized on defining the roadmap for Indian Business for next ten years, He said sectors like education, entertainment & housing are going to emerge, by using innovative business models and products. ‘Make in India’ is a possible dream, but India will have to identify opportunities in high growth sectors like infrastructure, energy and healthcare, which has also been the focus of PM Modi and his ministers.
Ram Charan was quite impressed by ‘back to basics’ approach by PM Modi. In the end he mentioned, “it is very important to keep an eye on the prize. Have people around you who focus on this end goal. In a team, company or even in the market there will be differences that will lead to depressing conversations, the idea is to make such conversations constructive.”
“Look at issues that are larger than your company, look at industry. And look at customer and industry together and then arrive at top 5 or 6 things that are to be addressed to make the prize happen. Have dedication as a value and you will Ride the Wave” said management guru Ram Charan.