aiama seminar reinvent to globalise
TRANSCRIPT
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Re-invent to Globalize
..
Mr. Arun Nimbalkar, DirectorFFC Group of Companieswww.ffcaromas.com
Presentation to AIAMA
Bangalore, 3rdJune, 2005
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By the mid 80s, it was obvious to my father &
me that we needed to change often or
constantly re-invent ourselves to wrestle with
changes brought about by the forces of
globalization .
.. Without taking our eyes of the HORIZON,
we watched where we stepped ..
This is OUR STORY of the last two decades
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We adopted a HORIZON approach to craft ourstrategy in the changing environment
Profit
Time
HORIZON 1
HORIZON 2
Extend Core
Business
Build Emerging
Businesses
The idea was to develop
businesses in parallel to de
risk in the face of the changing
environment
The Management Challenges
were different
In HORIZON 1 businesses it was a
matter of building a stronger
competitive position
In HORIZON 2 businesses it was a
question of building capabilities
and understanding the new market
dynamics
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We looked into the mirror
Although a very strong player
in fragrance we could foresee
top-line growth under
pressure due to Falling of trade barriers
Rapid commoditization of
fragrances business
Biz increasingly based more on
personal skills then on technology
It became imperative that we
develop a vision for a HORIZON 2
Business
Profit
Time
HORIZON 1
HORIZON 2
Healthy BusinessOf FRAGRANCES
NO BUSINESS
We needed to re-invent ourselves
Horizon approach applied to FFC
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We began the search for opportunities
FRAGRANCEFRAGRANCE
& FRAGRANCE
RAW MATERIAL
We adopted an expansive mindset to
redefine the scope and application of
our biz
We defined our biz to cover entire
gamut of activities of fragrance industry
This gave us access to new markets
Some of our competitors became our
customers
Increased the geographic spread of our
biz
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We began to build momentum
ALL THIS WAS EASILY SAID THEN DONE
WE TOOK A SERIES OF SMALL STEPS
DEVELOPING NEW PROCESSES
INVESTING RESOURSE TO
DEVELOP MANUFACTURING
CAPABILITY
UNDERSTANDING MARKET
UNCERTAINITIES
AND IN THE END, SUCCESS HAS BEEN
OURS
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Nothing is more permanent thenCHANGE itself
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In mid 90s we began the second process ofreinvention
BY mid 90s the Fragrance and
Fragrance Raw Materials
business had become Horizon 1
businesses for us
We adopted an expansive
mindsets once again and arrived
at our HORIZON 2 business
FINE CHEMCIALS building on
our newly acquired skills in thearea of novel process
development
FRAGRANCEFRAGRANCE &
FRAGRANCE
RAW MATERIALS
FINE
CHEMICALS
Managing by horizons is an ongoing
process for us now
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THE success of the RE-INVENTED FFC GROUPtoday is based on three pillars of excellence
TECHNICAL SERVICE
INNOVATION
QUALITY
FFC GROUP
DIVE
RSEMARKETS
EXCELLENT R& DCAPABILITY TO KEEP USAHEAD OF COMPETITION
CAPABILITY TO DEVELOPAND IMPLEMENT
INNOVATIVE ROUTES
ABILITY TOMAINTAIN AND
ADOPT TO THEQUALITY NEEDS OFDIVERSEINDUSTRIES
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supported by an excellent technical serviceteam
TECHNICAL SERVICE
INNOVATION
QUALITY
FFC GROUP
DIVE
RSEMARKETS
OUR PRODUCE FINDSMARKETS IN DIVERSEINDUSTRIES SUCH ASFRAGRANCE, AGRO CHEMICALS,PHARMACEUTICALS ETC
IN COUNTRIES ALL ACROSS
THE GLOBE;
SEIZED THEOPPORTUNITY OF ANEMERGING MARKET INAREA OF PROVIDINGTECHNICAL SERVICES
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Applying the HORIZON approach to AgarbathiIndustry
Current scenario of Indian
Agarbathi industry
Even though growing at healthy
rate still faces tremendous
internal competition
The basic shape and form of the
product has not changed since
ages
Marketed mostly on a devotional
platform, which has limited
growth possibilities
Drastic need to look at HORIZON 2
Businesses
Profit
Time
HORIZON 1
HORIZON 2
BusinessOf FRAGRANCES on
A devotional platform
NO BUSINESS
Horizon approach applied to the
Agarbathi Industry
The industry needs to re-invent itself
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AGARBATHI FRAGRANCE
DISPENSING
Adopting an expansive mindset to
redefine the business as a dispenser of
fragrance
Investing in Product Design to make it
trendy
Technological Innovations to increase the
burning time and reducing the Ash etc.
Image Makeover
The OPPORTUNITY is enormous
Huge Market worldwide competing with the
likes of room freshners, fragrant candles
etc. and maybe even Insect Repellent
AIAMA could play a significant role in
this re invention process
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In summary we have crystallized ourexperience into a series of 5 steps
Look into the mirror using
the horizon approach
Search for opportunitiesusing an expansive mindset
Acquire newer skills
Win through execution
Manage by horizons
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THANK YOU