“Adapting to new technologies, enhancing value proposition to customers and investing in future are key to survive in times of uncertainty” said Mr S Mahalingam, Past Chairman, CII Southern Region & Former CFO, Tata Consultancy Services Ltd in his special address at the India Finance Forum organised by the Confederation of Indian Industry (CII) in Chennai.
Mr Mahalingam said that industry is currently dealing with uncertainties and CFOs should resort to new paradigms to sustain growth. Exploring new business models, expanding global reach and enhancing investor relations are important factors which would ensure growth, he added.
Of late, a lot of significance is being attached to managing and reducing cost during the difficult times, but emphasis should be on the fact that wise investments are being made during this phase in order to ensure that an organization doesn’t take a greater degree of a defensive stand, which may prove to be counterproductive in the future, when the market recovers, opined Mr Mahalingam.
Efficiency Improvement is yet another key ingredient which lends a helping hand during the difficult times, he further said.
Mr. M Narendra, Chairman & Managing Director, Indian Overseas Bank in his keynote address urged corporates to shift focus towards non financial investments during economic slowdown - especially in areas such as; Human Resource, innovation, research and quality improvement which would help industry to sustain growth on a long term.
There is a great scope for organizations to tap the vast potentials of the rural market said Mr Narendra. Integrating agricultural economy and focus on entrepreneurship development would support growth and create more jobs, he added.
He also said that for economy to grow further, the unproductive value of assets must be tapped effectively which would further lead to liquidity and improve the existing financial situation.
Mr. S Chandramohan, Chairman- India Finance Forum 2013, President & Group CFO, TAFE Ltd in his opening remarks said, “the CFOs are aware of the various external factors, including customer expectations, which have a direct impact on the performance of the organization. Today, organizations must try to control, and optimize the internal factors in accordance to the external environment”, he added.
Mr. Y M Deosthalee, Chairman & Managing Director, L & T Finance Holdings Ltd said, “today, the focus must be towards capital expenditure. It’s best to use the difficult situation to one’s advantage. Waste should be eliminated at any cost irrespective of the situation faced by the firm. In the financial sector one cannot be a niche player but has to cater to the needs of a wider range of market. Smarter organizations should manipulate crisis to their benefit in the long run.”