With no vaccine to control the virus, the world feels fearful due to the collapsing economies, unforeseen period of its stay, and the long-lasting effect it is, and it will put across the globe. Few schools of thought refer to this unpredictable and unexpected situation as a Black Swan Event.
Nassim Nicholas Taleb in the year 2007 in his book – The Black Swan – The Impact of Highly Improbable gave this concept to the world. He was the one who predicted the 2008 meltdown as well. Broadly put, a Black Swan event is an event that is unpredictable and unexpected as to when will it occur or what damage will it cause or for how long will it stay. A combination of these situations is a Black Swan Event.
In times like these, businesses around the world are struggling with the limited manpower, shortage of raw material, maintaining social distancing norms at work, broken supply chains, and many more. This situation has affected the way businesses are done.
Usually, when everything is normal, organisations tend to ignore the practices to avoid the impact of unpredictable situations like the Black Swan Event. But when situations like these arise, organisations tend to panic and try to identify ways of survival. In short, most of the organisations around the world are not always prepared to face unexpected events. It is then when they tend to collapse.
However, organizations practicing Structured Continual Improvement programs have demonstrated better readiness, resilience, and adaptability as compared to organizations without any such practices in place.
In times like these, the organisations that have been practicing productivity improvement through workflow management, time and motion study, and multi-skilling through training within industry (TWI) have been able to find ways to evolve and adapt sooner, even with less manpower. Organizations with LEAN and agile supply chains have been able to respond to the demand and supply variabilities better as compared to fat supply chains.
These are just a few of the tools and techniques from the continual improvement toolbox that has helped the organizations to sustain these tough times! Time and again, it has been proven that these practices differentiate great organizations from good organizations and build them to last. Similar agility in strategy, sales, new product development is crucial to offer newer solutions (products and offerings) to the market and stay relevant.
Team Faber Infinite has been supporting clients across continents to survive these hard times via robust Organizational Transformation Framework by Faber Infinite.
The Chief Executive Officer from one of our esteemed clients, which is a global leader in the engineering industry said, “We are constantly working on Lean Manufacturing methods for improving productivity. Our organisation is one of the few organisations which has started line-production in heavy engineering sector. We have also modified the shop layout for the smooth flow of men and material movement. Thanks to Faber Infinite Consulting, which helped us in creating work culture for LEAN Initiatives.”
The Managing Director of one of our clients, which is a leading pump set manufacturer of India, adds “Our organisation has been increasing operations efficiency through various initiatives like reducing inventory turnover ratio, eliminating inefficiencies, performance enhancement, people’s safety first, improving customer service, cost reduction, etc. The support from partners like Faber Infinite Consulting is an integral part of this improvement journey.”
For one of our clients, which is one of the leaders in the agro-based industry in Africa, our proven Sales Growth Framework (SGF) helped to improve overall sales. The client, which was dependent on export sales (with 70% of its volume from exports), in the current year, started working on improving and enhancing their domestic sales with Faber Infinite Consulting. Today, when the exports are badly hit due to Covid19 (and is contributing only ~20% to ~25% of total sales for the last quarter), it is the domestic sales that have come to rescue. Domestic sales volumes are not only hitting their targets but exceeding the overall goals and helping the organisation survive through these tough times. The appropriate Risk Mitigation Strategy along with the Sales Growth Framework came as a rescue for the organisation. Had it been not implemented, the situation would have been grave.
Team Faber Infinite is and has been preparing our clients to be more resilient in situations like Black Swan Events and survive through the tough times. Continual improvement practices are more relevant today than ever.
Contact us at [email protected] and prepare your organisation to fight and survive tough situations like these. Join the league today, contact us to book your slot!
To know more, how our clients and organizations are thriving in this crisis, read the Economic Times article here. https://bit.ly/2XlcLsB
Written & Compiled by Faber Mayuri & Faber Priyal