Indian industries are showing growth despite significant headwinds, including macroeconomic uncertainty in 2022-23. 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, as per industry data.
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 maximise its operational efficiency.
Research has suggested that for a company that the way we organise 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.
“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,”Vinod Grover, MD – South Asia and Africa, Kaizen at the 12th Annual Kaizen Congress India 2023
Jayant Murthy, Joint Managing Director – South Asia and Africa, Kaizen Institute said that “a critical part of business success is not simply through maximizing efficiency across divisions, but it is through allowing yourself to be challenged in a constantly changing environment, and subsequently building total system resilience and adaptability to continue performing on top.”