Business Transformation Summit 2023: Lacoste India CEO unveils essential biz pillars, strategies

In today's rapidly evolving technological landscape, digital transformation has emerged as a vital component for businesses aiming to maintain a competitive edge. This shift towards embracing new technologies to streamline operations and boost profitability has been evident in the corporate world in recent years. 

At the Business Transformation Summit 2023, organized by TechCircle, Rajesh Jain, MD & CEO of Lacoste-India, shed light on strategies for adapting to the ever-changing business environment during the Fireside Chat: “Being resilient when and where it matters (Risk + Agility + Trust).” He highlighted the “3-C's” and outlined five critical pillars for enterprises to consider. 

In this ever-changing world, resilience is a hot topic, and organisations must adapt. However, the real question is whether leadership truly understands resilience and how to turn it into a guiding principle for their organisations. 

Jain emphasized the need for resilience in navigating the dynamic business landscape, stating, "When it comes to risks, it's an inherent part of our lives. Whether it was the global recession in 2008 or the more recent Covid-19 pandemic, the market is always susceptible to risks. Collaboration is essential; businesses must engage with stakeholders, including customers, employees, shareholders, suppliers, developers, and landlords. Effective collaboration can significantly ease the challenges, particularly from an industry perspective.”

Discussing the evolving customer landscape, Jain stressed the significance of what he referred to as the "three C's": collection, convenience, and innovation. He stated, "Collection represents the diversity of products offered to customers. Regularly introducing fresh and innovative products is crucial to cater to the ever-changing preferences of consumers." 

When asked about guiding principles for organisations, Jain emphasized the complexity of business operations, saying, "There are no specific mantras in business. Each business venture demands time, money, and energy. Wise allocation of these resources, considering their limitations, is essential. Technology, although crucial for the future, should align with the ultimate goal of customer satisfaction."
 
Jain further elaborated on his five foundational pillars for success, which he believed could propel businesses forward. These pillars include top-line growth, bottom-line efficiency, expansion and growth, human resource development, and customer delight. He suggested that these five pillars serve as the cornerstone of business success, with each one having its detailed strategy and operation. 

In conclusion, Jain emphasized that by focusing on these five pillars, businesses could attain long-term success, making it clear that they formed the core of his approach to business transformation.