Lockdown: How to make the best use of the Lockdown?
Lockdown! Who would have imagined a few weeks ago, that the whole world would come to a standstill! Coronavirus has practically brought the whole world down on its knees. Nations Big & Small, Developed & Developing are dealing with this disruption through stringent measures. India has been forced to implement Lockdown as the only; effective although a very stringent measure; to contain the virus from spreading like wildfire!
No doubt, this is a very Tough Time!! Business World is also hit hard, Production is stalled, Supply Chain is adversely affected and the World Economy will have to face the repercussions. Undoubtedly, the Lockdown will have severe aftereffects in India as well. As per a recent report, “construction, transport, chemical manufacturing likely to be worst-affected”.
“Tough Times Never Last, Tough People Do!” It certainly is time to draw inspiration from this thought & BE Strong in the current situation!
Force Intellect is a company, committed to adding value & enabling the growth of Manufacturing industry SMEs. Hence the ideas mentioned in this article, are written, keeping in mind concerns of manufacturing industries!
How can manufacturing companies make the best use of the Lockdown period?
Non-essential Manufacturing companies have practically come to a halt. Now, it is the best time for manufacturing companies to introspect how they can improve themselves as a company to become ready for the future when things start returning to normalcy. Chart out an action plan to carry out activities that will keep their employees engaged and motivated, help them sharpen their skills during these tough times and come out stronger & better equipped for the future!
Here are a few ideas:
1. Increase Technology Adoption
Smartphones, Internet & collaboration tools are the saviors of the current situation. Although we are in a situation of “Lockdown”, it is very much possible to stay well connected & coordinated. Manufacturing companies that have not yet embraced technology & mobility should look at it as an opportunity to adopt technology to hold virtual meetings, online discussions, and to carve out a strategic path to utilize this time effectively.
2. Analyze Function-wise & Company-wide Performance
Manufacturing companies can use this time period to analyze the past performance of each and every function of the organization. They should use this data to study the pattern and trends and identify areas of improvement in the future. Define & Compare manufacturing KPIs with the industry standards & to monitor them frequently & regularly in the future to measure progress.
3. Review Current Business Practices & Processes
Manufacturing companies can review their current business practices & processes. Check how they perform in comparison to industry standards and identify areas of improvement in processes. Companies can review their financial discipline, business discipline, inventory practices, procurement policies and determine areas of improvement to increase productivity & efficiency in the future.
4. Build a foundation for innovation
Acquiring deep insights into the core needs of your target market & fine-tuning existing products for improved customer experience & satisfaction. Manufacturing companies can review their current business processes & invest their time & efforts to research alternate methods / raw materials that will help identify more areas of cost reduction to achieve lower manufacturing costs, lower operational costs. Similarly find ways to speed up business processes such as procurement, sales, the supply chain in order to save manufacturing cost & time to market.
5. Strategies for Competitive Advantage & Transformation
Senior Management now has the time, to pause & reflect on their long term business strategies. Understand the upcoming & new trends in manufacturing and check the feasibility for application of these in current business processes. How to adopt, gear up for these new technologies, to add more value to customers & partner!
What are the areas for long term competitive advantages? What kind of capabilities and cultures do we need to develop to gear up for the same? Design & develop new features and functionalities in products, create strategies for branding, marketing, in order to obtain a competitive edge.
6. Online Training
Manufacturing Companies can make the best use of this time for training their workforce. They can provide online learning courses to sharpen the skills of their employees. Online training can be accessed from the comforts of their home on mobile phones and at their convenience.
When Life gives you lemons, make lemonade. Let us make every effort to stay optimistic and positive in these tough times. Let us make the best use of this unexpected break “Lockdown” to sharpen the saw and work it to our advantage.