By Dipali Goenka, CEO & Jt. MD, Welspun India Ltd.
In the current time where adaptability and agility are key to thriving in the face of uncertainty, diversification has become not just an option but a necessity for businesses. By embracing the strategy of diversification, companies can future proof their operations, enhance competitiveness, and unlock new revenue streams. I would like to share my trusted BOND formula here.
B – Broaden your portfolio
Businesses can effectively address complex consumer demands by recognising favourable prospects and capitalising on them. While foresight is a highly valued attribute, businesses must also be willing to adjust swiftly to evolving environments. This means optimising their goals to both present obstacles and future projections. We at Welspun, too, adapted by diversifying our offerings in response to the challenging times brought on by the pandemic. More recently, our new venture in advanced textiles being met with great demand led us to inaugurating a state-of-the-art spun-lace manufacturing plant in Telangana dedicated to producing consumer textiles.
Consumers today want to buy from brands that care not just about business and profits, but also about their employees and the environment. For us at Welspun, enhancing our goals also means nurturing a culture that values talent, fosters openness, and embraces inclusion. This feeling extends towards the environment as well. Sustainability is integrated into our DNA; and by giving back, we invest in a better future for all, creating a more promising society.
O – Open new pathways
With the internet becoming easily accessible, the country has been undergoing rapid modernisation. People now have access to a wealth of information and online shopping platforms, leading to increased awareness of global trends and preferences, thus influencing their demands and driving market evolution. Markets which were often overlooked by businesses in the past now hold immense opportunities for growth and profitability. With consumers’ rising purchasing power and aspirations companies can strategically tailor their products, services, and marketing strategies to establish a strong presence in these markets.
Reaching out to consumers in these markets also fosters loyalty and positions the business as a trusted player in diverse geographies. With Project Vistaar, Welspun has been able to reach over 5 lakh consumers in the remote corners of the country. Needless to say, embracing the potential of these untapped markets can pave the way for sustained growth and long-term success.
N – Never stop innovating
The advent of Artificial Intelligence (AI) paired with advanced automation systems and digital manufacturing are streamlining production processes, reducing costs, and increasing efficiency. At Welspun, innovations like the Hygrocotton spinning process keep us ahead of the curve. Along with this, we have technologies like Wel-Trak – a blockchain enabled traceability system that ensures supply chain transparency, while AI-enabled projects and the Internet of Things (IOT) have revolutionised manufacturing at Welspun’s facilities. By encouraging innovation through initiatives like Manthan, we optimise operations and have maintained our reputation as a forward-thinking, responsible organisation.
D – Diversify purposefully
While diversifying, it is crucial to align every new plan to the brand’s purpose and values. Continuously monitoring and evaluating the impact of diversification efforts on the company’s purpose is essential, as this allows you to make informed decisions, refine strategies, and adapt to the changing business landscape while remaining true to your identity.
While diversifying, it is crucial to align every new plan to the brand’s purpose and values. Continuously monitoring and evaluating the impact of diversification efforts on the company’s purpose is essential, as this allows you to make informed decisions, refine strategies, and adapt to the changing business landscape while remaining true to your identity.