Innovate, Restructure, Reorganize: Challenges

for India Inc.

Meeta Shukla, Nataraj.K

Post Graduate Diploma in Management,

Birla Institute of Management Technology,
Greater Noida, India
meeta.shukla11@bimtech.ac.in
k.nataraj11@bimtech.ac.in

Abstract — With the shift in the focus method to achieve competitive magnificence, India Incorporated
faces a new set of challenges. Innovation, Restructuring and Reorganizing egresses as the key competence
parameters. Corporations must emerge as an incarnation of these unique proficiencies in adept proportions.
The paper studies the various challenges faced by Brand India and the need for organizations to innovate,
restructure and reorganize to sustain growth and enhance global presence. It addresses various implications
of these competence metrics, viz. -a-viz. the need, method to innovate and its integration in organisational
DNA, ways and management of restructuring, the manner of building need oriented flexible culture,
development of internal capability, and management of such ongoing transformation.

Keywords— Innovate, Restructure, Reorganize, Flexible Culture, Ongoing Transformation.

“India’s economic destiny is safe only when India knows how to stand on its own feet, to
compete against everyone in the world on equal footing”- Dr. Manmohan Singh

The advent of globalization gradually saw the recognition of India as a growing economic
power. Brand India’s phase of accelerated change is a thing to take note of. The past decade and
a half has seen the country move up the echelons of the world economy. India is largely faced by
a multitude of challenges that will decide how organizations need to devise their strategies to

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survive and progress. The need for organizations to imbibe innovation, restructuring and
reorganization has to be looked at with a thoughtful eye. India Inc is utilizing its skills and labor
cost arbitrage smartly for multifaceted expansion of an addressable market.

A crucial advantage posted by the large domestic market available to corporate is the huge
number of varied opportunities. The setting up of institutional frameworks across sectors is now
ensuring an equal footing for all, in turn, liberating entrepreneurship from asphyxiating
bureaucracy, although at a slower pace. There is an opportunity for a large global leadership for
Indian companies and a few companies have already made decisive advancements in that
direction.

The most important challenge that Indian companies face is to refrain from the past mistakes of
capital incorrect allocation and unconnected diversification. Increasing globalization of the
Indian economy poses a completely new range of challenges including cross-border transactions
and cross-cultural operations. Competition and global competitiveness will be the key challenge
that Indian corporates will have to face and overcome. India Incorporated will need to be on a
spree spanning, learning, re-learning and unlearning for beneficiary evolution and to adapt to the
dynamic environment. Manifold growth and execution risk, logistics complexity and scale will
be the reasons for larger execution risk and logistics complexity. Indian companies will also
need to work on implementing a largely rigorous and judicious business modeling, financial
planning and capital structuring.

However, attracting and retaining talent in the global market is one of the most challenging
fronts for brand India. The imperatives of creative destruction will have to be successfully
navigated. The necessity to use the subsequent wealth created for commendable social
objectives is the most encompassing hurdle.

Innovation

Innovation has since long been called one of the success mantras for the Indian companies to
enable them to overcome their existing challenges. Organizational capabilities to mobilize and

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create knowledge for innovation are for competitive advantage. The companies should engage
more time and resources in research and development, thus innovating the management of the
company, its employees and business operations. Invention of new solutions tailored to meet the
demands of emerging markets and managing the expertise gained through experience would
help companies in expansions and catering to new untouched markets and latent needs of the
consumer. The culture a company should build should be flexible and dynamic enough to
respond to ever evolving market needs. The workforce or intellectual resources of an
organization should be selected and trained such that they are able to identify new business
opportunities and partake in the emergence of a new product or solution etc. The need of the
hour is out-of-the-box thinking, something that's becoming increasingly important in the global
economy The companies need to continually invest in training their employee to enhance their
capabilities and broaden their thought spectrum, thus encouraging innovation to become an
integral part of the organization rendering it adaptable and ascending the growth ramp. The
discussion enables us to ponder on a few modes that can be implemented to encourage and
foster innovation. Firstly, one must look out for major shifts in the conditions governing market
place, and transform the business model to gratify the customer needs [1]. Secondly,
organisation must boost creativity with similarity, difference and contrast to be better, different
and more dynamic [2]. The third task is to look for external allies to help in outstripping their
rivals and see the incurring problems as opportunities [3]. The next solution is to eliminate the
barriers faced by innovation creators by means of structured platform [4]. Fifth is to cannibalise
the present to steal the future [5].

Organisational Goal and Market Place

We need to look for the organisational goal first and then analyse the conditions that influence
the market place. Our consideration for innovation must be directed from stakeholders’ view
point. Among the stakeholders contemplating the role of three players is vital. The consumer –
with respect to the target group, their demography, and their geographical location. The
competitor – with respect to market share, growth rate, strength and weakness, and ongoing
transformations. Policy measures – for R&D programs, infrastructure underpinning innovation,
innovation capability in firms, standards and regulations (both internal and external), intellectual
property protection, global marketing and exporting, and commercialisation of new products.

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Boosting Creativity
The organisation must boost creativity which is done by handling various competency roles to
the employees such as informative, diagnostic, advisory, turn-key, facilitating and managerial so
that the individual goal is in synchronisation with the management goal, by giving them the right
atmosphere to think (game of lateral, Parallel and proactive thinking, meta cognition etc.) [6], by
implementing six hat method [7], by imbibing knowledge and mobility of human resources
(Training, inwards mobility, entrepreneurship development, industry association etc) and most
importantly by promoting team spirit.

Innovation through External Allies

Innovations are created, modified, diffused and put into practise, within a structured,
interconnected, and evolving social world. Now that we have seen few ways of innovating from
within an organisation, the option for external allies also plays an important role. In Norway
almost 30 percent of the software firms had opted for external R&D allies in 2001 [8]. It also
includes the alliances for consultancy services, pilot scheme of market research and other low
priority services. Emerging trend is to have a rapport with leading educational institutions.

Elimination of the Barriers Through Structured Platform

The need for a structured platform and barrier less environment arises, once the idea for
innovation is set. The organizations need to remove various internal and external barriers [such
as size of firm and complexity involved, heritage and legacy of the organisation, professional
resistance, risk aversion by the firm, public or political profile and accountability, need for
consultation and unclear outcome, pace and scale of change of the firm and the rival, absence of
capacity for organisational learning (at all level), public (end user) resistance to change, absence
of resources and technical barriers] [11] is a key task for the organisation’s success. To attain
efficiency in the ongoing process of innovation we need to address the barriers which lies with
two key players of which one is controllable (the management) and the other is uncontrollable
(environment and the government).

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 Cannibalise the Present to Steal the Future
Most important task is to make innovation a part of organisational DNA. Innovation is
fundamentally a personal thing. Embedding innovation in Organisational DNA requires a shift
in the mindset of the organisation and the stakeholders; it is a matter of capability development
and not a matter of the competency of the few.

But how would the building blocks of innovation organisation DNA look like? How can we
bring intelligent innovation to life? Booz Allen Hamilton [13] posits aspects of innovation DNA
of organisation which is the minimum set of requirements to bind an innovation into DNA
which includes decision rights (clearly defined authority and responsibility), information
(innovation strategy understood throughout the company and the stakeholders, clear list of clear
innovation metrics and rapid and broad sharing of ideas), Motivators (senior management
commitment, encouragement of risk taking and creativity, freedom to employ new ideas and
providing adequate resources) and the structure (span of control in R&D is optimal based on
firm size and fast career track for broad exposure).

This process of cannibalising present to capture the future also involves the transformation of
knowledge workers into innovation workers with inbuilt emotional commitment to the
organisation. Incorporating it correctly into DNA will deliver differential growth and this would
mean the understanding of implications at the individual, organisational, and market network
level. Process of communicating goal is critical, in the sense that it might be mistaken by the
employees as a measure of formal restructuring which brings down the value of the firm. It is
mandatory to create transparency [14] (of strategic objectives, operational challenges,
competitive landscape and the client needs) in the management, creation of an environment of
reciprocal altruism [15] (acknowledgement of efforts, give power and confidence to take risk,
and access to tools that display the team efforts). Feedback mechanisms should be implemented
to find the loop holes in the ongoing system to grab the future. Fostering trust and positive
cultural attitudes towards maverick innovators is mandatory for constant innovation. The

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organisation must also shred the policy of risk aversion and adapt to develop participatory
process, to demonstrate utility and to accept risk.

Having looked at various factors influencing innovation, ways of innovation and ways and
need for continuous integration of these into the organisational DNA, we will end up in asking
the question – “How to continuously transform the organisations to adapt to the needs?” Answer
to this question lies in the understanding of the concepts of restructuring and reorganising, its
aspects and ways to manage them, to add “value” to the organisation.

Let us take a look at few examples from the Indian scenario.

Tata Group, one of the major business houses in India has innovated itself from Steel and
locomotive maker to software Development and Defense. Tata Steel, formerly known as Tata
Iron and Steel Company Limited (TISCO) was established in 1907, is the world's sixth largest
steel company, with an annual crude steel capacity of 28 million tonnes. With the changing
times, The Tata Group stretched itself into various sectors like Automobile, Information
Technology, Power, Teleservices and Communications.

Similarly Reliance Industries was founded by the Entrepreneur Dhirubhai Ambani in 1966.
Ambani has been a pioneer in introducing financial instruments like fully convertible debentures
to the Indian stock markets. Ambani was one of the first entrepreneurs to draw retail investors to
the stock markets. Reliance, India’s largest and world’s second largest Private Sector Company
operates in chemical, financial services, telecommunication, energy and media

Another Indian Giant that has exploited opportunities and innovated in a new market is
Wipro. Wipro (Western India Vegetable Products Ltd) started from Consumer Goods Company
in 1947 produced hydrogenated cooking oils/fat company, laundry soap, wax, tin containers and
Wipro Fluid Power to manufacture hydraulic later set up into IT services. During the post
liberalization period, many new companies were shaping up to globalization. New Innovative
ideas gave rise to new concepts.

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 One Such Concept was Corporate restructuring is the generic term translated to the general
reorganization that a company has an option to undertake to realign itself for the changing
business and other environments and to sustain the advantage it has in the business.

The reorganization may result in the company becoming more efficient and hence more
profitable also. Restructuring is also done with the aim to manage bankruptcy and effects
turnaround of a company. Change processes in organizations take into account the hierarchal
involvement of change agents and administrators. The social processes in the organization on
the other hand are the reason for the restructuring of an organization. Restructuring attempts aim
lowering the predominance of functional ownerships and to increase coordination across
organizational and business units. A change of this order greatly effects in transcending
existence of clear barriers between functions in an organization.

Planned restructuring is an attempt to harness the manpower of the organization to obtain the
best possible results. Thus the act of dismantling, re-arranging or reorganizing a company, can
be termed on the corporate glossary as an attempt to improve efficiencies with the aim of
increasing or returning profitability.

Specific goals and strategies are the thought behind any kind of restructuring. Typical
restructuring goals encompass:

• Improve profitability
• Improve returns on company assets
• Obtain economies of scale
• Lower the company’s break-even point
• Reduce financial and operational risks
• Increase shareholder value

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Financial Restructuring is the restructuring of the capital base of the company and the generation
of finances from newer sources. It also takes into account the mergers, joint ventures and
alliances marking the company.

Operational Restructuring is related to the reorganizing of the company owing to technological

innovations. An advent in technology can duly pressurize the company to bring about
reformulation of it on the grounds of environmental requirements.

Organizational Restructuring is the process spanning the redefining the organizational structure,
the processes and the systems. This enables in increasing the efficiency and effectiveness of the
operations in an organization.

Market Restructuring marks the addition of a new product or the process of transcending from
one product to another, from a segment to another .It also covers the effect enlarging the market
for the already existing product.

Restructuring can be implemented by the following, among others

• Corporate Debt Restructuring: There are times of financial difficulties owing to factors
beyond control and due to possible internal reasons.
• Mergers - Mergers are employed by companies for the purpose of expanding their
operations to a possible increase in their long-term profitability.
• Takeovers – A takeover is an acquisition, the buying of one company (target) by another
company for the purpose of expansion.
• Demergers - Demerger permits splitting of businesses within a company or separating
investments from the core business

Business Restructuring in India is marked by a slow and expensive track. The environment for
restructuring lacks regulatory environment, adaptable tax framework, swift court processes and
an endless list of compliance issues which hinder the process and impair the process of
restructuring from being an efficient and effective realignment of resources.

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Marked by liberalization

The liberalization of the Indian economy and the emergence of foreign companies on the Indian
scenario movement of Indian companies abroad brand India has started indulging in
implementing restructuring exercises through a series of mergers, demergers, asset sell-offs,
takeovers and strategic partnerships.

Restructuring is necessary to help survival, improve competitiveness and to prod a sluggish

economy, viz. the principal drivers for India Inc. In contrast, the companies strengthening their
core businesses will drive the restructuring activity ahead in time. This would ensure
competitiveness. Higher earnings, value for shareholders with stocks of companies enjoying a
higher price earnings multiple. Corporate restructuring, is ensures serving the shareholders
better. Corporate restructuring as a strategic move to maximize the shareholder's value, has been
marked by external factors like increased price volatility, a general globalization of the markets,
tax asymmetric, development in technology, regulatory change, liberalization, increased
competition and reduction in information and transaction costs and also intra firm factors like
liquidity needs of business, capital costs and growth perspective

Wealth maximization is at the heart of corporate restructuring.

Enhancement of organizational capabilities is the key to compete and excel. Investments are
required to be made to generate the supporting organization-level processes. The knowledge of
the employees, typically pertaining to a domain specific knowledge should be employed to
create new resources to lend a competitive edge to the businesses. The company’s human
resource needs to be continuously trained to sharpen their skills and enhance worth. The
companies should implement and encourage best practices and work on various fronts to reduce
turnover and benchmark the organization’s reputation and market value.

Brand India is challenged by the need to continue the transformation. A viable and grand Future
Vision is important in the overall process of revitalizing people, organizations and relationships.

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Success is based on the competence of people to bring about change, by renewing the business
and the workplace. Encouraging and thus transforming the philosophy of leadership to form an
actual entrepreneurial, world-class organization. The management should transform its basic
philosophy and adapt to new roles and tasks. The global success of an Indian firm rests largely
on the human resource practices adopted. In addition the organizations should consider:

• A Robust risk management strategy to enable organizations to compete in the global

market

• The ability to respond to the changing market environment

• To build an understanding for the legal and regulatory differences across various
geographies

• To learn tolerance of different cultures across economies

To strengthen the stand a few examples from India can be taken into account.

Grasim/Indian Rayon/UltraTech: This restructuring has been a possibility for a couple of years
now. As Grasim now has firm control over UltraTech Cement, which it acquired from Larsen &
Toubro, the Aditya Birla group is well placed to push ahead with the recasting.

This is likely to result in pure plays from the group in cement, textiles, and chemicals and in an
investment vehicle with stakes in asset management and insurance. These may attract greater
investor interest.

If Grasim's viscose staple fiber business is tagged either to the cement or the textiles business, it
could be a sweetener as it is a cash-generator. The textiles entity would then have a reasonable
level of integration and be one of the larger companies by revenues. Grasim would become
the numero union cement.

If you want to play this theme, which may take a year or two to spool out, buy into Grasim and
stay invested in Indian Rayon.

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HDFC/HDFC Bank: Unlike the ICICI group, these two entities have opted to remain separate
companies. But as home financing has become a commodity, with banks becoming big players,
the raison d’être for HDFC to continue as a separate entity gets weaker by the day; it does enjoy
tax benefits but it can trade them for the flexibility to source funds at lower rates. This may
make more sense now as the interest-rate-decline story seems to have ended.

ACC as an MNC play: Holcim may have failed to buy a stake of over 50 per cent in ACC. But it
is likely to pursue this through secondary market purchases and a buyout of the stake held by
Gujarat Ambuja in Ambuja Cement India.

PSU banks: Consolidation in the banking sector has been advocated repeatedly over the past few
months. There may be political resistance, but the Government may strike a compromise to
ensure that progress is gradual and involves only a few banks, with safeguards to ensure that
employee interests are protected by legislation.

The focus could be on banks with a lean workforce, as that could remove fears of job losses.
Two PSU banks that would fit the bill are Corporation Bank and Oriental Bank of Commerce.
They also complement each other well in terms of geographic footprint. That LIC — an entity
likely to remain fully owned by the government — owns about 26 per cent in each may also
make it easier to market this story.

LIC, too, could be interested in owning part of such an entity. This could, however, be deferred
till OBC's financial burden of its bailout of Global Trust Bank eases. LIC Housing Finance
could also be a participant as it could ensure a higher stake for LIC in the merged entity. Stay
invested with LIC Housing and Corporation Bank.

Mahindra & Mahindra: After being in the dumps between 1999 and 2003, M&M has regained
investor fancy. It has several outfits in such areas as consulting, specialized software services,
telecom, trading, auto components, holiday resorts, realty and financial services.

As M&M could need sizeable fund infusion to finance its growing ambitions in the world of
automobiles, it could divest a part of its stake in its subsidiaries.

This could enhance the value that the market attaches to the group and could also lead to a
higher valuation for the M&M stock. Track IPO progress in Mahindra & Mahindra Financial

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Services, Mahindra Holiday Resorts and Mahindra British Telecom, as they could be in the
vanguard of any push by the group to list closely-held outfits.

Competitors such as Tata Chemicals and Coromandel have emerged as integrated fertilizer
companies with portfolios comprising both urea and phosphate fertilizers. As Italcementi may
also want complete control of the cement business, it could buy out the K. K. Birla group in the
cement business.

Last but not least, watch EIH for a move by ITC, which holds a stake of a tad less than 15 per
cent. Also in the hotels business, Indian Hotels, Indian Resort, Oriental Hotels and Taj GVK
could come under a single banner to shift to a larger scale of operations.

Develop in yourself the capabilities to perform virtuous deeds

Internal capability the vim of any firm needs to be continuously enhanced and developed for the
sustainable growth and development. In this competitive world, companies refer to their human resources
(knowledge base) as the predominant factor in differentiating themselves in the market. Hence Indian
incorporations should tap the potential of the vast human resource available here, through an effective
talent management which will be the key to achieve the core competitive advantage. Talent management
is not an end in itself [15]. It exists to support the organization’s overall objectives, which in business
essentially amount to making money. In order to improve their performance through talent management,
the firms should focus on:

• Developing work force analytics capability[16] through some score cards to measure their
potential in attracting, motivating and retaining the critical resources
• Increase the transparency of both skills and job opportunities across the organization by using
some technology platform where the individuals can feed their capabilities that can be accessed
by the management according to their requirement.
• Facilitate employees in acquiring the knowledge of current technologies. This has been proved
beneficial by Google which allows every developer to “change the world”, as they see fit by
devoting up to 20 percent of his or her time to non-core initiatives of their own choosing [17].

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Another important ingredient of internal capability is the technology in use. India is accepted as an
efficient service provider by the world. Now it’s the time to prove its competitiveness in ‘manufacturing
excellence’. Firms should strive to incorporate the state-of-the-art technology in their process and should
focus on the R&D strategy.

The firm should define, set the directions for and evaluate whether the research and development
strategy meets, corporate philosophy and action guidelines, Business development rules and initiatives,
Market and technological trends [18].

It might be noted that in-spite of continuous development and enhanced internal capability some firms
still fail to become a leader. This when further mulled will result in the requirement of another unique
feature i.e. the Organization culture.

Culture is to know the best that has been said and thought in the world

Companies can no longer just rely on their particular product or service to set them apart from their
competitors. The ability to manage change must be one of the core competences and its culture should be
able to respond to the changing market needs.

Corporate Culture is a pattern of basic assumptions – invented, discovered or developed by a given group
as it learns to cope with its problems of external adaptation and internal integration – that has worked
well enough to be considered valid, and, therefore, to be taught to new members as the correct way to
perceive, think and feel in relation to those problems.

- E H Schein in Organizational Culture and Leadership: A Dynamic View

In order to build a flexible culture, the ‘Change Diamond’ [19] must be imbibed by the firm. Change
diamond consists of four facets which are represented by four important parameters that have direct
relationship with the project success rate. These are:

• Real Insights, Real Actions: The firms should always strive for the complete awareness of the
upcoming challenges and complexities and then it should decide on its action by looking into the
past history, planning and adjusting process according to the unexpected.
• Solid Methods, Solid Benefits: The methods incorporated should be systematic and should be
focused on the outcomes. This can be done through integrating change in all the
processes/project.

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 • Better Skills, Better Change: For teams involved in change, enabling skills and engagement of
the employees should be a key priority. This can be done by encouraging the involvement of
employees in change process, Effective communication to build trust among employees.
• Right Investment, Right Impact: Firms should invest wisely in the change management process
like investing in establishing standardized measures or in skills by using well trained managers
more consistently and should understand that the money spent on change process is an
investment and not expenditure.

Another critical factor for spontaneity to the change is to have strategic flexibility. It is the organization’s
capacity to identify major changes in the external environment, to quickly commit resources to new
courses of action in response to those changes. Few ways of maintaining flexibility are: measure and
monitor decision outcomes, stimulate decision-making processes by incorporating a Devil’s Advocate
Approach [6], avoiding narrow focus on one decision, and consider decision portfolios.

The process of innovation, restructuring and cultural change are inseparable and needs to be transformed
continuously to cope up with the evolving market needs.

Manage Ongoing transformation – A life Sustaining Chore

Transformation literally means going beyond your form. The precondition to be at par in successful
transformation is to close the gap between top level management and bottom level management and
management’s perception of present reality and the truth[20]. Thus a company needs overall and
continuous transformation with respect to its goal.

Take the Initiative – A Work Well Started is Half Done

In general the kinds of initiatives the transforming companies [21] take are: Delayering – the creation
of ‘flat’ organization is accomplished by removing the middle-management roles, decentralizing
authority, and dramatically increasing the span of control. Coordination – The new managerial logic
emphasizes close coordination between units, sharing of information and resources, and the use of cross
functional teams to solve the problem. Speed – Stress on speed and quality has to be bore in minds of the
organizations. Empowerment - Moving from hierarchical to mutual-adjustment modes of coordination
and problem solving requires empowering employees. Leveraging – Benchmarking and leveraging
efficient internal capabilities are specific areas of coordination and resource sharing that deal with
intellectual capital – the firm’s capabilities.

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Ask the Right Question Again and Again

One way of qualitatively adapt to the ‘happening’ transformation is to ask the right questions [22].
The questions should be pondered over:

1. The most likely future scenarios: What overall structure should the organization aim for? Are
there structural changes we should make regardless of the future? How night the overall
economy and our industry evolve? What risk must we guard against? Would specific events
trigger structural moves? If so what? And scenarios in which capability will be crucial for future
success?

2. Understanding the trade-offs and opportunities of potential moves: Are there timing or
sequencing considerations? How does restructuring and capability-building fit into overall
structure? Are there overlaps or inconsistencies? Final step is to set priorities and launch plan:
Are there any immediate steps to capture value? How to prioritize the initiative list? What will it
take to launch each initiative? What other current initiatives will be affected by these new
initiatives and how?

Thus ongoing transformation, now days, has become a necessity rather than an option. The success of a
firm lies in how efficiently the management assesses the need for ongoing transformation and prioritizes
it for sustainable development.

To sum it all, the road ahead for India Inc is clear. An extremely focused approach, with the up
gradation of its internal systems and processes would be the key to progress. Indian corporate
will have to lend a sound understanding to multi-cultural, multi-location operations with the
ability to attract and retain talent being the biggest concern. The thought processes are required
to undergo transformations to enable them to conform to international regulations and legal
framework, with multi-dimensional corporate governance. India Inc will have to be on the run to
take care of customer expectations in a global environment and overstep any marks established.
Another valuable though would be to ensure fairness to all stakeholders. These transformations
mark the characteristics of making India an economic superpower.

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