Auto component manufacturers continue to strive for excellence as much for business development and continuity. The explicit goals on the anvil form the basis of a long-term stable outlook. To attain stability, the groundwork in the near to medium term must encompass survival, revival and growth strategies. Collaboration at the value chain level is proven to have been a stepping stone for the industry. All collaborators, it is unanimously agreed upon, must demonstrate agility, flexibility, and customer-centricity. Speaking at the 61st Auto Component Manufacturer Association (ACMA) annual conclave, Deepak Jain, Ex-President, ACMA said, “Despite several challenges the industry has displayed remarkable resilience with a collaborative spirit. We are now witnessing a gradual resurgence of demand for vehicles, and I am hopeful that we will be able to ensure business continuity and return to pre-covid levels of performance, sooner rather than later.” Concluding a successful term ridden with unprecedented challenges as ACMA President, Jain advocated for the need to plan not just for today and tomorrow but keeping in mind the long-term prospects. Including tapping new business wins in a constantly evolving technological landscape.
On the anvil
ACMA and PricewaterhouseCoopers (PwC) through a joint study, urged the stakeholders of the industry to change their operating model in order to be agile, flexible and customer-focused, and succeed in the new normal. “Our study shows that companies with robust financial management capabilities and a focus on growing value-added per employee and strong alliances with suppliers and customers will emerge successfully,” said Kavan Mukhtyar, Partner and Leader - Automotive, PwC. “Attracting and retaining top talent, building and nurturing a core leadership, and separating ownership from company management are some of the other best practices that will help companies thrive amid volatility,” he mentioned. Market volatility, he cited, would become more frequent and only intensify going forward driven by both domestic and global events. Notably, the underpinnings of the business models known to have helped the automotive industry sustain over the last century, are undergoing transformational changes as per the study.
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