India Inc’s prime CEOs on their Covid playbook

Posted On Sep 3, 2020 By admin With Comments Off

India’s CEOs are navigating their businesses through an unprecedented interruption. ET Magazine invites them how they have adapted and what they have learned.”Digital has Developed as a Clear Winner”Falguni Nayar, Founder& CEO, Nykaa 7782692 3Key Displacements in BusinessEcommerce and digital customs have made centre stage since the crisis has engaged in. The capacity of ecommerce houses was recognised as an important peg in the equip series throughout the length and scope of the country. This has led to a clear shift in the way con- sumers shop, with digital emerging as a clear winner. We investigate both knockout and mode labels looking to increase their online marketings by 3 to 4 durations of what they do today. Likewise, a number of international symbols want to enter India as western economies are projected to slow down. This has led to faster pace of client possession and improved metrics on average order value, pre- paid and retention. For a retailer like Nykaa, which is om- nichannel, we wanted to be able to fully leverage our physical retail procedures. To address this, we enabled a hyperlocal pattern through which we are also able utilise our place inventory to fulfil ecommerce dictates in rod systems near the accumulation. This allowed us to reach customers immediately as well as improve our furnish bond logistics conducting us to reach 90% of our pre- Covid physical retail business receipts by July 2020. InnovationsFrom a technology position, we significantly improved our personalisation capabilities during the early stages of the lockdown that allowed us to effectively service our purchasers based at their location. This allowed us to rotated to an essentials-only store for the containment and red zone locations during early phases of the lockdown.Leadership LessonsIt is very important to be agile, carefully look at the problem at hand and enable units across the organisation to quickly solve it. At Nykaa, tech-led mixtures allowed us to take hold of the possibilities of that were unfolding through these difficult times. We too repute our parties are our biggest persuasivenes, and despite redundancies in certain enterprises due to the pandemic, we were opposed to engaging in any sort of salary reductions or job gashes. We have instead make this time to upskill our people.Business Challenges and OutlookThere have been a certain amount of supply chain challenges in terms of availability of few makes from our label collaborators. We likewise conceive the consumer is changing with an increased focus on health and hygiene. However, we find a lot of opportunities in current ad- versities. More firebrands are hugging ecommerce, which is driving a strong growth momentum across all our horizontals including brand-new business like Nykaa Fashion and Nykaa Man. We have been con- tinuously onboarding symbols, constructing brand-new lists and expanding existing body throughout this period. Addition- ally, the cost of customer acquisition has come down hugely as more and more first-time ecommerce useds cuddle online browsing and ensure Nykaa’s passion to fulfil every customer need through the supplying of genuine makes .( From an email interview with Sruthijith KK) ——–“Never Lose Sight of Crisis Management”Keki Mistry, Vice-Chairman& CEO, HDFC Ltd 7782693 2Key Changes in Business The most obvious outcome of Covid-1 9 is likely to be the ponderous trust on digitisation. Patrons who were conventionally reluctant to carry out online transactions are now being forced to do so. Covid-1 9 has definitely accelerated the pace of adopting digital technologies. As involves works, making from residence is becoming an countenanced rule for some businesses.State of Affairs In the current situation, the only certainty is uncertainty. But we’re witnessing an improvement in the Indian economy every month and we can expect that by the January quarter, the economy will be close to pre-Covid-1 9 positions for most businesses.InnovationsWe introduced a number of digital and online initiatives to reach out to our clients. For speciman, one such initiative was HDFC Customer Connect, a one-stop convergence platform for all client entreaties. In the building finance gap, we were the first ones to focus on online loan processing, which helped us during the lockdown.About 80% of HDFC’s business has migrated to digital sourcing. To cater to our clients, deposits are being serviced online.WFH StrategyCurrently, all our places have opened for business. Some of our faculty use from agencies, while the others work from residence. It is on a rotational basis. Going back to the office will be a priority once things go back to normal.Leadership LessonsBe prepared to expect the unexpected. It is very important for any leader to realise that the tide can change very quickly. One must never lose sight of risk and crisis management.Business Challenges& OutlookOur retail business was impacted during the April-June quarter. We have witnessed successive month-on-month improvements. Our July 2020 disbursements were 81% of the corresponding month of the previous year.The decision to buy a home cannot be done virtually. Housing is the single largest investment a person does in his or her lifetime and so such a decision cannot be taken without site visits, interactions and discussions. As risk averseness subsides, I do expect the pent-up demand to unfurl, with homebuyers establishing strong inclinations topurchasing a residence. In knowledge, because now people will be working from residence most frequently, the demand for homes with bigger cavities will merely increase .( From an email interview with Shailesh Menon) ——-Manu Jain, MD, Xiaomi India 7782695 4Key Displacements in BusinessWork from dwelling( WFH) been set up a brand-new customer segment for smartphones and smart-alecky TVs and we continue to see an all-time high demand.Seeing that many parties are using the lockdown to upskill, we launched Redmi Creators Academy, a series of virtual captain class, granting consumers to learn new knowledge across segments.The challenge of being unable to serve customers offline, owing to the lockdown, became an opportunity to launch Mi Commerce( an omnichannel solution that blurs online and offline frontiers ). InnovationsWe adopted newer ways of product starts by departing digital, abbreviating spend on mass media. We propelled Mi 10, Mi Robot Vacuum, Mi Notebooks, Mi Trimmer 1C, Redmi Earbuds S, Redmi Note 9 Pro, Redmi Note 9 Pro Max and other concoctions and shot start videos from our dwellings. We also introduced online appointments for customers endeavouring service centre support.WFH StrategyFollowing lockdown loosenings, little than 20% workforce returned to work. But starting July, everyone was back at home and today little than 5% staff task from the Bengaluru office. Market calls and land calls are on an ultimate need-only basis.Leadership LessonsThe pandemic has learnt me two lessons. First, the importance of empathy during hard situations like this. As business leaders, we need to understand that underneath our corporate buttons and place claims, we are all human. The pandemic has propagandized all of us to our limits and we need to applied ourselves in another person’s shoes — considered in the impact on their lives beyond only the business numerals. I take out time to meet one person, one on one, every single day to understand what is going on in their life and if I can be of any help.Second, the prowes of calmnes. At a occasion where reference is all look for instant gratification, the pandemic has taught us to slow down and stay calm. Running a business isn’t a one-man show, it’s a team effort where we all have worked together and articulated our best foot forward.Business OutlookWe are quite optimistic with the progress in Q2 and don’t foresee any challenges. Q3 and Q4 look bright and idealistic for sales owing to the gala season starting October. An display of produces has been lined up and the intent is to launch three-four more inventions in the lead up to Diwali .( As told to Shelley Singh) ——-“Alternative Thinking Helps CreateM Opportunity in Crisis”By Pawan Kumar Goenka, MD, Mahindra& Mahindra 7782700 4This global pandemic and its echoes will be remem- bered for years. But if something — and in the quest for a silver lining — Covid-1 9 has forced everyone to come out of their convenience zones and attempt new and better ways of managing firms. We at Mahindra, very, are living our credo of alternative thinking and looking at this crisis as a distinct opportunity. The most fundamental shift being induced by the pandemic into our way of life and work is the accelerated pace of digital transformation. This digital dislocation has been necessitated by the Covid-1 9 lockdown and wield from home, but it has now become the brand-new normal. For many years, rulers, businesspeo- ple and directors carried numerous stories in their attentions about how a particular task ought to be done. Many process innovations were glowered upon and addressed not practical. Not anymore. Quite frankly, I is not insure us going back to the pre-Covid way of succeeding. Who would have thought that a group as large as Mahindra would have attended its annual financial inspection with everyone involved sitting at home, or carried out in our AGM practically? Exactly imagine how much occasion, fund and natural resources were saved. These inventions would have been unthinkable precisely several months ago. Clearly, the need for travel will reduce drastically, thanks to the tools that allow us to connect in a virtual macrocosm. Manufacturing has learnt how to work with a lot less system inventory, thus opening significant working capital and floor seat. I do hope that most of these inventions will stay with us and perform our business operations more nimble, agile, effective and digitised. Another unique and path-breaking digital disruption in the auto industry has been the digital ownership stage. Mahindra’s unique Own-Online platform sanctions our customers to complete all the steps towards owning a Mahindra vehicle online — from exploring to exchanging, agreeing financing and making give. Would anyone have suspected patrons would so quickly be adjusted to purchasing automobiles digitally? The biggest challenge that we are currently confiscated with is the uncertainty around when the supplying bond will become normal again, and ensuring we are better prepared for unexpected disruptions. We it is necessary start our factories altogether safe and secure from the virus. While in the tractor manufacture the demand seems to be back to normal( or may be even better than normal ), the automotive sector is still in the convalescence chapter. But, gladly, the improvement appears to be fairly quick. The optimist in me receives a few bright blots now as the quantity bond is poised to take on a whole new dimension, with the distinct likelihood of India emerging as a world sourcing hub in the not so distant future. That is, after all, what the Atmanirbhar Bharat plan by the PMO sees. While the pandemic is an unprecedented crisis, the jolt it has given to individuals and businesses alike has set us all on a footpath of unprecedented alternative deliberation. When history records this period of our lives, I do accept the positive outcomes of humankind’s innovations will peculiarity as prominently as the catastrophe the pandemic wrought upon the economy and society at large.( From an email interview with Malini Goyal) ——-“Dynamism and Continuous Learning Have Been Key”Suneeta Reddy, MD, Apollo Infirmary 7782703 6In the start, the uncertainty of this pandemic hurl countless beings off. Being in healthcare this was a challenge we were in the thick of. March came as a ended surprise but the lockdown gave us time to put together a scheme and quickly execute new protocols.As a outcome, we have been able to treat 37,000 Covid-1 9 patients through the Apollo system, including hospitals, home care and under our lonelines programme called I Stay.Recognising that there was a lot of anxiety around physical contact, including about coming into a hospice, we launched the Apollo 24/7 app. Through the app we now do 2,000 teleconsultations in a epoch. The app has been downloaded 3.5 million times in a short period, and 12 million people have experimented their Covid-1 9 danger score through the app.Out of our 71 infirmaries, we have been treating Covid 19 patients in 35 of them. There we had to develop an iron curtain between the pandemic area of the hospital and the rest. This imply executing quick-witted mutations to infrastructure as air conditioner and many other organizations could no longer be shared.We could have said we will exclusively do Covid patients or we could have said we will exclusively do non-Covid patients. But we decided to serve both, despite all the challenges involved, and I’m proud to say that we have not disclaimed care to anyone.We use this crisis to expand our care beyond really research hospitals and into brand-new formats, as well as to embrace intensified digitisation. The Apollo 24/7 app was in the pipeline, but it got accelerated.We too adopted technology in a big way to make sure our infirmaries were safe environments. We do sterilisation of the assertions utilizing enormous ultraviolet ray machines and sanitisation robots. All of this has meant that it’s today safer to be at an Apollo hospital than perhaps inspecting a market.This has been challenging on the clinical side as well because there is no cure protocol yet and medication etiquettes change from patient to case. Our physicians are in touch with their copies around the world to keep our understands up to date. We are part of several clinical contests so we also have access to the latest data on efficacy.This has been the most challenging period of my stint as MD, and I have relied on the capability of good squads and delegating. When you have 71 hospitals and 80,000 beings to manage, you have to make sure the teamwork knocks in full steam. We are ordained to have great CEOs, huge medical directors and superb doctors.All of us, both in our genealogy as well as our Apollo family, continue to fully support each other and one of the ways in which we do that is by always communicating. That’s very important.Our doctors and healthcare staff who are the frontline fighters in this battle do a tough errand — it’s difficult to be in PPE for long hours and watch patients conflict. We have acquired assured that they get a week off formerly every 2-3 weeks.Dynamism, endless learning and being on your feet have been key during this very challenging time. And of course, the power of prayer .( As told to Sruthijith KK) ——Ronojoy Dutta, CEO, IndiGo 7782705 1Key Shifts in BusinessThis pandemic is one of the most unprecedented challenges we have ever encountered. As our operations were anchored from March 25 to May 24, we altered our focus to CarGo, our cargo business, which play-act really well during these hard times. Currently, 10 aircraft are perfectly devoted to cargo and we plan to continue with’ CarGo in cabin’ business even when we resume our full schedule. We also carried out international and domestic contracts, and repatriation flights to transfer stranded Indians. We have flown over 1,000 CarGo and charter flights in June-August. We also introduced produces such as an option to book adjacent posteriors for up to 25% less than that of the original payment. The sit can also be used by fares walking with a large musical instrument or a child’s car seat, or for special sit needs due to personal ease, sizing or any disability.Innovations CarGo operations and our charter flights remain the most innovative revenue streams, and we would like to build on them, formerly we see the complete resumption of commercial, domestic and international operations.WFH Strategy About 90% of the workforce in our manufacture is required to be on the field to carry out functionings, while the corporate staff are mostly working from residence. Those in technical support teams, backend services, marketing and communications, finance and HR can work remotely, if it is necessary to. WFH is going to be the trend for the future for a lot of manufactures. However, works may want to get back to their workplaces with all safety measures in place as they are missing team spirit and team bonding.Leadership LessonsThe leader needs to be well connected as well as transparent with the employees to win their trust and to let business function smoothly. We must communicate clearly with the relevant principles of’ “were all in” it together’. In addition, I would like to say that at times, as a supervisor, you have to make some tough and hard-hitting decisions to sail through. No matter what the situation, honest and transparency win in the harshest of goes. Business Outlook.Our biggest priority is to manage our cash flow and gain the confidence of our customers. There will continue to be some challenge or the other, we need to brace for it, and continue to do what we stand for — supplying a hassle-free experience, pandemic or no pandemic .( From an email interview with Shelley Singh) ——–‘We will come through much stronger’Puneet Chhatwal, MD& CEO, Indian Hotels Company Ltd( Taj Hotels) 7782707 6′ The loss of small players in the hospitality ecosystem is going to be a difficult gap to fill.”Key Shifts in BusinessThe fundamental shift has been around safety and hygiene, which has become the most important priority for our sector.A challenge has been to continue paying all owings and expenses without revenues–especially in the first few months of lock-down when many inns were closed. Nonetheless, with the belief that a crisis should never be consumed, we have examined our approach and launched RESET 2020, which provides a transformative framework to help mitigate the impact.Innovations to address these shiftsRecognizing the emphasis on safety, we propelled Tajness–A Commitment Restrengthened, that are talking about our guests about its renewed commitment to offering exacting safety standards whilst continuing to deliver the sorcery of Tajness.IHCL espoused digital and intensified some interventions–for e.g. I-Zest, the company’s zero-touch applications for services like check-in, check-out, legislation online and restaurants.Based on customer sentiment, we created interesting revenue streams like 4D–Dream, Drive, Discover, Delight; staycations and workcations.A very important innovation is our brand-new product–Qmin. Qmin hands signature meals from the company’s celebrated restaurants. Currently available in 9 cities which in addition to providing metros includes municipalities like Jaipur, Lucknow and Pune.Work-from-home programme: The statu is very dynamic and uncertain. However, the nature of our manufacture is so great that the hotel functional teams have to go to work. Support staff are able to work from residence, but this is a small percentage.Leadership lessonsOur leadership lesson has been Stragility–incorporating agility in our programme. IHCL set up a cross-functional centralised task force even before the lockdown was announced. We were going real time information and taking decisions quickly. This crisis compiled us recognise how we are all vulnerable to world happenings and going forward we have institutionalized a same task force that will assess global trends for gamble and impact–helping us to be more prepared in the future.Business outlookThe biggest challenge is that nobody knows when this crisis will end. Another challenge will be the loss of the small players in such sectors. Our vast ecosystem has numerous small players ?–? e.g. smaller expedition organizations, transportation company, sightseer steers, etc. Many have not been able to survive this crisis and these breaches will be difficult to fill.However, as an optimist I can tell you that we are perhaps amongst the most resilient manufactures, and using agility, innovation and collaboration, we will come through much stronger.We too conclude proceed will be restored, and where reference is does, may well surpass pre-Covid figures when full convalescence happens .( From an email interview with Sruthijith KK) ——–Harsh Jain, CEO, Dream Sports& Dream1 1 7782710 8For fantasy plays scaffold Dream1 1, which banks on live boasts to keep its over 80 million users employed, Covid-1 9 clearly played spoilsport as sporting happenings came back a impasse. “Suggestions started pouring in that we add informal gaming, rummy, poker to our scaffold. We lodged to the core and used the time to build a stronger product for our followers, ” says Harsh Jain, CEO and cofounder of Dream Sports, which owns the unicorn Dream1 1 and other platforms like DreamX, FanCode and DreamSetGo that focus on promoting gaming projects, boasts aggregation and encouraging small businesses, respectively.Dream1 1 introduced fantasy baseball and handball and hosted leagues such as Bundesliga and La Liga and other sporting happens to keep users hired. It also lost no time to bid for the designation sponsorship rights of the Indian Premier League( IPL ), which it triumphed on August 19 for` 222 crore. Dream1 1 IPL “is an indicator that boasts are back and Dream Sports is geared to take on sporting action”, says Jain. “From an operations perspective, the challenge was in the initial daytimes of the lockdown when we were struggling to settle in with the’ remote working’ set-up, ” he supplements. “With approximately six months of WFH, I can confidently say that Sportans( as Dream Sports staff members shall be called) have reached high efficiencies and are ready to help procreate boasts evoking for the 9 crore-plus Dream Sports consumers, ” says Jain.All 400 of its employees are working from residence and is willing to continue to do so till a “cure or vaccine for Covid-1 9 is felt, ” says Jain. Dream Sports remotely hired and onboarded 75 works in the first 75 daylights of the lockdown and plans to hire another 175 this year. It is also ensuring that Sportans are at the top of their game, with an emphasis on physical and mental health, addressing hire issues without any layoffs or salary slice. And IPL is just what they needed to magnitude video games .( From an email interview with Shelley Singh) ——–Thirukumaran Nagarajan, Cofounder, Ninjacart 7782713 0In the last few months, we have witnessed some important shifts. About half our customers have slammed supermarket and the other half is experiencing lower magnitudes. Many people — like Ola and Uber operators — who have lost their jobs have become roadside fruit and vegetable vendors. Big municipalities like Bengaluru have learnt a mass exodus of beings. In this situation, how do you finagle demand? What could be short-term and what are long-term modifies? On the supply area, we are witnessing price volatility among crops like tomatoes that have a shorter shelf life.While we have tried out many things, among the biggest steps we are planning is to introduce 100% concoction traceability, which will be went out in Bengaluru soon. We “re working on” sourcing and rendering chemical-free farm produce. Our challenge is to do this at scale and at an economical market price.The lockdown has offered us a steep understand bow. While first we were clueless, soon we learnt to coordinate with government officials and sort the snags out. My biggest leader lesson is that well leading Ninjacart in a peace mode. The lockdown abruptly propagandized us to change to a combat mode. We have learnt how to run a company in a war procedure amid a crisis.The future regards uncertain. We all are trying to understand what the new ordinary would look like. The government has went out new programmes, like scrapping the Agricultural Produce Market Committee Act and offering gives for the logistics sphere. For sample, some states like Haryana are still charging 1% as APMC commission. How the authorities concerned streamlines its implementation are very important .( As told to Malini Goyal) ———CP Gurnani, CEO& MD, Tech Mahindra 7782714 3The best part of a challenge, says CP Gurnani, CEO& MD of Tech Mahindra, is that it comes with a mixture. “When one doorway closes, another opens.” For the $5.2 billion IT services busines, tech has played a significant role in enabling drive from dwelling( WFH ), ensuring business persistence and accelerating digital for itself and its world-wide clients.The company is leveraging data analytics to improve profit margins — eliminating costs and redesigning manages. It has also built a cloud- and artificial intelligence-driven integrated bidding centre to monitor the state and well-being of its over 120,000 employees. This will enable 25 -3 0% of architects to continue working from home in the long term. At present about 6% of the workforce is delivering from home. “We believe there will be a mix of’ physical’ and’ remote’ working in the days to come. Future of run will be team-oriented and fluid( with flexible to choose when to come to office ), ” says Gurnani.On the lessons that the Covid crisis has educated, Gurnani insists that simplicity is the key. “No matter what the problem, break it down and look at untangling one bow at a time and the resolution shall appear.” The challenge he ascertains for masters, “is to adjust their mindsets from’ authority and control’ to’ instructor and inspire’. What worked yesterday may not work today and masters must be prepared for that, ” adds Gurnani.Even as industries cope with stress, automation and tech will be key to survival. He construes large-hearted opportunities in digital. “Digital is the ultimate equaliser. I envision opportunities are huge, whether we do it today or tomorrow, and digital is likely to be the key.”( Shelley Singh) ——-Manish Sabharwal, chairwoman, Teamlease Services 7782716 0Covid-19 crisis has changed many things. At a macro tier, it has reminded us as a nation that per capita GDP topics more than the absolute GDP. On per capita, we are at 138 th primacy even as on GDP we rank considerably better( fifth, based on nominal GDP ). Covid has accelerated numerous varies. India has been a 10 -horse power( HP) economy racing on 2 HP, held back by many issues like regulatory cholesterol. Covid has opened a policy window for the government to undertake long-pending reforms in areas like education, labour, agriculture.The toughest segment is there is poor visibility — we don’t know if this is the start, middle or the end of the crisis.It have already established a digitisation supercycle for everyone, including us. Earlier, we used to combine our apprentice programme with online castes but there was a lot of loathing. That is now gone. All ventures appear good in high tide but not so in low tide. We now is therefore necessary to wisely allocate resources where possibilities are maximum. We have experienced a 15% plunge in our worker base — on a base of 2 lakh, that is big.On work from home( WFH ), be reminded that 90% of India can’t WFH. Under 5% of Indians have broadband. It is just the 10% who make a lot of interference. Even for them, WFH is more like living at work, which is neither healthy nor advantageous. WFH is nice for opennes but it can’t be an argument against the city or office.As a manager, I have learnt that resilience matters as much as performance. In the last 5-10 years, we have not focused on resilience. A lead is a dealer of hope. But hope is not a strategy. So as supervisors it is necessary to do both .( As told to Malini Goyal) ——–Amit Agarwal, country president, Amazon India 7782716 5Key Switches in BusinessWe propelled pickup points outside Covid-1 9 containment zones. This allowed the ones living there to get the products they needed on the periphery of these zones. We too launched’ neighbourhood shops on Amazon’, facilitating offline stores widen their catchment area( during lockdown) and add-on footfalls by retrieving online purchaser base.We are enabling customers to access the products they need while ensuring that our 600,000+ small-time and medium business( SMB) dealers and over 10 lakh weavers, artisans and women inventors “il rely on” the Amazon marketplace get back to their livelihoods.We are offering 70,000 seasonal employment opportunities across our fulfilment and customer service organisations to not only address the growing customer demand but likewise add livelihood to numerous parties. We announced 10 new fulfilment centres and expansion of seven fulfilment centres that will help create thousands of job opportunities. InnovationsVirtual pickup points were propelled with help of machine learning to allow residents in containment areas to get products on priority.We developed the CRISP( Covid Risk Score Prediction) mobile app to spy and tackle the spread of Covid-1 9( among employees at fulfilment centres ). The app exploits Bluetooth signals from mobile phones to track social contacts between users, generating an infection risk score for every employee. So, if we have associates with very high infection risk values, we can prioritise them for testing.WFH StrategyMore than 95% of our corporate employees are effectively working from home( WFH ). Employees whose capacities give WFH can do so until at least January 8, 2021. At the same time, there are roles that cannot be done effectively from dwelling, including our plain staff in fulfilment centres and logistics.Leadership LessonsWhat I have found most humbling is the undeterred entrepreneurial spirit and resolve of India’s micro-entrepreneurs and small businesses to rebound from the economic hardships caused by widened lockdowns. I be suggested that our single biggest focus should be on empowering MSMEs, the anchor of our economy, by equipping them with relevant tools and opportunities.Business OutlookIn January this year, we acquired two important commitments for India: we announced an additional investment of$ 1 billion towards digitising 10 million SMBs, and enabling exports worth $10 billion by 2025. Secondly, we committed to creating 1 million new jobs by 2025. These donates are more important now than ever before and as a company we remain abilities down concentrating on achieving these .( From an email interview with Shelley Singh)