The New Normal at Manappuram

In this article, I wish to highlight some of transformational changes that we have put through at Manappuram Finance. I am convinced these are changes that will go on to outlive the pandemic itself. While these transformations happened in the immediate aftermath of the pandemic to meet the near-term challenges, their benefits will continue to accrue for long due to the efficiency gains they bring about.

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Shri V.P.Nandakumar MD & CEO Manappuram Finance Ltd.

Ever since the outbreak of Covid-19 forced authorities to impose lockdowns and other restrictive measures, organizations around the world have been engaged in a race against time to reinvent and transform themselves and become battle-ready for the “new normal.” The new normal is more than just another jargon; it refers to the altered situation in the world today where many of the old ways of doing things have become irrelevant. The organizational changes to adjust and adapt to the changed ground realities (relating to both economic and social aspects) have created a new challenge for business and industry, i.e. how to respond effectively to this new normal.

In this article, I wish to highlight some of transformational changes that we have put through at Manappuram Finance. I am convinced these are changes that will go on to outlive the pandemic itself. While these transformations happened in the immediate aftermath of the pandemic to meet the near-term challenges, their benefits will continue to accrue for long due to the efficiency gains they bring about.

Earlier, in this magazine’s September issue, I had written at length in general terms about digitisation and virtualisation in the article titled “Virtualisation is the new Industrialisation”. It now follows that I also highlight what challenges we faced in bringing about change in my own organization, and what the long-term benefits offered by these transformations would be like. To start with, I must clarify that we had embarked on the digitization drive even before the pandemic; in fact, I would say that the demonetization exercise of November 2016 was an earlier trigger point that set in motion this trend towards accelerated digitization.