ELECTRICAL AND MECHANICAL DIVISION
BY: RIDHI MAZUMDAR
The Voltas story demonstrates that an ambitious goal and vision can drive both internal transformation and business growth. Thirteen years ago, Voltas was on the verge of shutting down that is when voltas fornulated a brand new vision plan named "MEGAVOL". Megavol — a business plan that aimed to achieve Rs100,000 million turnover with 10 per cent profitability by 2010-11. “Ourplan involved pursuing both organic and inorganic growth,” says managing director Ashok Soni, the man who took over the wheel in 2001 and has steered the organisation to its present course.The Megavol plan has brought about several dramatic changes in Voltas, and these have mainly been the reason for both Voltas’s growth spurt and its relative insulation from the recession.
Voltas is determined to strengthen our position in exiting geographical locations and focus to rapidly expand our business into selected new overseas markets in the field of Electrical and Mechanical and related projects by offering high quality, cost effective project management and engineering services to meet the requirements of our valuable customer. Their mission also includes:
·Minimizing wasteful energy consumption in their branded products ·Forming representations and alliances with global technology leaders who also follow a Green path ·Offering and encouraging the use of technologies that purify the air, lower energy costs, and purify polluted water and industrial/urban effluents. ·Following the most stringent practices of eco-friendliness, sustainability and safety in their manufacturing operations.
Integrity: Formal adoption of tata code of conduct
Understanding: Employee welfare, Equal Opportunity Employer, Affirmative action Volunteering. Excellence: Adoption of Tata Business Excellence Module for for process excellence, Local Excellence Awards, Process Management and Process Improvement. Unity: Team Based Culture, Partnering with Customers and Co-creation, Respect for Local Culture. Resposibility: Climate Change Policy.
HIGHLIGHTS OF STRATEGIC PLAN
The company had an effective risk management model in place. This yielded realistic profiles of any given job's vulnerability in terms of the political landscape, the geographic allocation,the economic and investment climate. The highlights of the Voltas Strategic Plans are stated below: ·Market assessment and Internal Analysis As EMD operates in differents geographical regions,environment scan is done for each region. Detailed intenal analysis is carried out to ascertain internal strength,weaknesses, critical sucess factors, measurement and analysis of business results etc.Market assessment also includes stake holders analysis,competitors analysis,analysing oportunities and threats. ·Strategy development: Strategy direction setting- identify potential new geographies, new vertical,adjacent business linesThis includes the strategic challenges,objectives and probable strategic directions. Strategy Formulation-All assumptions,scenarios and blind spots are discussed during this phase and needs of further data collection are identified ·Strategy Deployment
Making individual Balance Score Card.Preparing an annual business plan and an action plan that will lead to performance contracting. Target setting resource allocation- This includes analysing revenue budgets,analysing capital expenditure and preparing budget for...