Sensing opportunities in China’s “rebalancing” of its economy, recovery in the US and growth in Asia and Africa, Tata group Chairman Cyrus Mistry today asked firms of the conglomerate to be “agile both at a strategic and an organisational level” and identify opportunities with a sense of urgency to enhance and secure leadership.
In his New Year letter to the group employees, Mistry also said in order to continuously seize business opportunities, Tata companies will have to stay on top of emerging business technologies, particularly in digital space, while networking more closely blurring boundaries between departments and verticals.
“The major impact of China’s rebalancing of its economy is being felt in many countries and while trade flows have been distorted as a result of China’s transition, within China itself the shift to domestic consumption can open new horizons for our companies,” he said.
Similarly, the signals of a recovery in the US economy portend new possibilities as do growth oriented-factors in India and across Asia an Africa.
“The year ahead will both test the group’s resilience and also present new paths to expand and seed new businesses. To enhance and secure leadership in such an environment, we will have to become ever more agile both at a strategic and an organisational level,” Mistry exhorted the over six lakh employees of the group.
Stressing the need to be nimble-footed in a fast changing environment, he said: “We need to identify opportunities with a sense of urgency. These will then need to be converted by unleashing pioneering entrepreneurship.”
He further said: “In continuing to seize business opportunities, Tata companies will have to stay on top of emerging business technologies, particularly in digital space. They will have to network more closely, blurring, in the process, the boundaries between departments, verticals and businesses.”
Mistry cited examples of the group’s technology platforms, across areas “such as energy, food and wellness, digital consumer products and services and the digital factory and fleets” on how Tata companies can come together to collaborate for mutual benefit.
Drawing attention of the Tata group employees to climate change, sustainability and Paris agreement, Mistry said: “A critical aspect of business excellence is intimately linked with the issue of sustainability.”
“…we in the industry will need to support the actions committed to in Paris by governments across the world by making our operations and offerings more environment-friendly, and by encouraging sustainable consumption within communities we serve.”
Stating that in the context of the new challenges like the changing climate, he said the group’s “progress may face short-term obstacles”.
“We have to work even more intensively to develop a deep understanding of the needs of the customers and the communities we serve. Only then will we deliver pioneering products and services and delight our customers and communities with the experience we offer them,” Mistry said.