11 May WHAT ARE OUR STRENGTHS AND OUR WEAKNESSES?
We also tend to cocreate
a vision for the enlarged organization rather than just imposing our own. For
example, after we closed the transaction for Corus, on April 2, 2007, we worked
together for the next six months on cocreating a vision for the enlarged
enterprise. And in that vision we asked questions. What are our objectives?
What are our strengths and our weaknesses? How do we leverage those
strengthssuch as people, R&D, access to new markets, and our
organic-growth pipelineto achieve the vision? If the vision exercise isnt
shared or if the process isnt participative, then the acquired organizations
willingness to be part of the future action plans and the consequent
accountability will be much lower.
The Quarterly:
Do you see any risks in this approach?
Koushik Chatterjee:The risk is that if the approach is more for show
rather than aconcrete action plan, then it will just fall by
the wayside. So we need to ensure that the building blocks are in place, that
we are all aligned in creating a shared vision, and that we follow the action
plan. This approach requires a lot of maturity from the senior leadership on
all sides, as it depends on a great deal of adaptability to new situations,
cultures, and sensitivities. Its not easy to do.
We
dont have a prescriptive integration manual, but we attempt to engage at
various levels.
The risk is that it
takes time to positively influence a large organization or even to establish
trust in the sincerity of the shared vision. But I believe that when we
eventually establish that trust, things move faster; you dont have to go
around reassuring people. This was demonstrated by our European colleagues, who
reacted very fast to the global economic crisis last year, when we realized
Europe would be significantly affected. A short-term program, weathering the
storm, was launched, which gave us very significant valueover
700 millionin the
six months between October 2008 and March 2009. The program continues even
today, with significant savings forecast for this year too, and we think some
of the savings will remain, due to better practices adopted in the past ten
months. This program demonstrates the organizations keenness and motivation to
react to this unprecedented crisis.
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