Tuesday, May 30, 2023

In 2022-23, Indian industries are showing growth despite significant headwinds, including macroeconomic uncertainty. Indian companies have recorded a significant increase in revenue and are now higher than pre-pandemic levels, driven by sustained volume increase, policy support, and increased consumed expenditure. However, in a few sectors including India’s IT industry, the growth momentum is expected to slow down in the near to midterm due to macroeconomic factors including lower discretionary IT spends. Subsequently, it is expected that the sector will reduce hiring because of adding excess capacity in the previous fiscal year.

As a result of this, other sectors also face a looming threat of underperformance in the months to come. A key determinant in any economic cycle of ups and downs is whether or not an organization has been able to maximize its operational efficiency. Research has suggested that for a company that the way we organize work can influence productivity more than individual effort can. There is however a second part to this, a way for companies across sectors to sustain themselves, is through a focus on resilience alongside efficiency.

Resilience is defined as a company’s ability to recover effectively from periods of economic downturns. Efficiency allows us to thrive in an existing business environment, and resilience coupled with efficiency allows us to thrive through a dynamic and constantly changing business environment.

The 12th Annual Kaizen Congress India 2023, a two-day event organized by Kaizen Institute at the Sheraton Grand Bund Garden Hotel in Pune brought this in focus. The event centered itself towards promoting continuous improvement and efficiency in the workplace as it brought together some of the most renowned industry experts, business leaders and professionals from various sectors to share their insights, strategies, and experiences on how to deliver resilience and efficiency through lean management methods in their respective organizations. The event was attended by over 200 participants from sectors including FMCG, retail, auto, manufacturing, and healthcare.

The Congress kicked off with an opening keynote address by Mr. Vinod Grover, MD – South Asia and Africa, Kaizen Institute, who emphasized the importance of a platform such as Kaizen Congress India 2023. He said that “a platform dedicated to continuous improvement and organizational efficiency is key to unlocking India’s business and growth potential to realize our collective vision for a prosperous and thriving economy by 2047”.