Transformation journey is one of the quintessential stops in the road of achieving continual and sustainable development and growth. Team Faber is known for helping its clients achieve their targets by supporting and guiding the transformation journeys. In this edition of our newsletter, we bring you a tale from the floors of the largest manufacturers of cryogenic storage and distribution equipments of India – Chief Operating Officer at Inox CVA – Mr. Deepak Acharya opens up about various details of the company’s transformation journey.
Faber Infinite (FI) – We have a subscriber base of around 20,000 readers across 8 countries, our readers would want to know more about the largest manufacturer of Cryogenic liquid storage and transport tanks in India
Mr. Deepak Acharya (DVA) – We started our journey back in 1992 with a tie-up with a Japanese company who helped us in design and manufacturing of cryogenic vessels. We started with a target of 25 vessels per year and slowly developed our products to become a global player. We basically serve in four verticals namely, industrial gas, oil and gas, LNG and cryoscientific area. We have contributed to various projects that include ISRO and even in the Big Bang experiment carried out in Geneva, Switzerland. We started with an annual turnover of mere Rs. 5 lakhs. From then till now, we have come a long way and have reached a turnover of more than INR 450 crores from our India operations. We now have global presence with facilities in USA, Canada, Brazil and Europe to serve the various markets across the globe.
FI – Every industry has its own challenges. What are peculiar challenges unique to your industry?
DVA – When we started the company, we realized that the usual time for delivery of tanks by foreign companies was around 10-12 months. So we decided to keep 6 months as the initial target for us. Once we started growing, we saw that customers still wanted a shorter delivery time and hence we reduced ours to 3 months which created some difficulties for us. This was our primary challenge.
However, after our association with Faber Infinite, we are actually cruising with it. Team Faber has helped us in streamlining in our operations, modified our earlier layout, established a standard line system and also in removing other bottlenecks that were actually creating obstacles in growth and development. In addition to Work Pack system and Window Planning; we also implemented philosophies like Five S suggested by Team Faber integrating it with Safety and Synchronization in our workplace which has helped us tremendously in productivity. With all this help, we are now able to produce one tank per day thus producing 25 tanks in a month at our facility.
FI – Progressive teams of INOX CVA are charting their own success path and setting trends for others to follow. What is the core philosophy that differentiates your organization from others?
DVA – At Inox CVA, we strongly believe that people are our main strength because there are brilliant individuals who have helped us in developing this company. Moreover, we believe in having a customer-centric approach and try our best to be flexible with the demands of our customers. Our products are unique, which is another strength of ours. We also focus on complying with the industry standards and competition by including various modern technologies in our production processes. We want to provide efficient and quality product to our customers and that’s what we keep working on.
FI – INOX CVA has rolled out the path-breaking organization transformation journey – Parivartan. We would love to understand more about it.
DVA – As I said, we started our company in 1992 and till the last few years, we were working in the same fashion. It actually forced our business to become monotonous. It is then when we realized that things need to be changed. We felt a need to have a catalyst to change things for good. This is the basic concept behind ‘Parivartan’. With ‘Parivartan’, we aimed to find gaps between the present working methodologies and correct them to improve our productivity, quality and safety. We also focused on creating a more effective operating environment with this.
We implemented various projects to cut down our costs to meet with the competition and with ‘Parivartan’ we really got a thrust from downline of the hierarchy with the success of such projects. Team Faber also helped us in correcting the management of our bill of materials (BOM) which ultimately helped us in becoming more cost-efficient.
FI – We appreciate that under your able leadership the organization has shown great results in the continual improvement journey. We would love to know your views about Faber’s role in the growth numbers?
DVA – Faber Infinite played a very active and effective role in this transformation journey of ours. The consultants involved from Team Faber managed to have a great connection with the people from all layers of our workforce. They managed to hold hands of our workforce on the shop floor which consequently made people believe that things can change. They tried to help us in a very efficient manner by correcting the mistakes by training the people in a very effective manner which really helped the people in acquiring various advanced skill sets. They helped us substantially in improving things because though we knew how we can improve things, the methods which were required were taught and implemented by Team Faber. In short, the whole philosophy of problem-solving was taught to us by Faber Infinite Consulting.
We thank Mr. Deepak Acharya and team INOX for being a part of iFaber – the official newsletter of Faber Infinite and sharing their valuable insights.
Written & Compiled By Faber Kishlay & Faber Mayuri