The Business Standard Smart Business panel discussion on 'Global Benchmarking for Perpetual Growth', organised in association with Federation of Gujarat Industries (FGI), revolved around defining and understanding global benchmarks being followed around the world and how SMEs could learn from them to sustain growth.
Dr. Ajay Ranka, CEO, Zydex Industries, & Member, Technology Development Board, Government of India, exhorted SMEs to watch out for disruptive technologies that could impact their business and sociological changes that could replace their business. SMEs should remain frugal even as they ensure their enterprises remain cash rich, he said.
Dr. Dinesh Awasthi, Advisor, Skill Development & Entrepreneurship, Mahatma Gandhi Labour Institute, defined the benchmarking process to include planning, analysis, integration, actions and maturity. With the shelf life of products coming down, Dr. Awasthi called for SMEs to aim at being first movers.
Sanjeev Shah, Independent Director, Container Corporation of India Ltd., said that benchmarking was the practice of being humble enough to admit that someone else was better at something and of being wise enough to match or surpass the same. Quality orientation, pursuit of a differentiation strategy and recognition of human resources' role in implementing corporate strategy were some of the important steps to be taken in global benchmarking by SMEs, he added. Barriers in benchmarking among SMEs included fear of being seen as copying and fear of losing competitive advantage by sharing information, he said.
Answering a question on incentivising SMEs, Nitin Mankad, Vice President, FGI, said that the same would not work among SMEs. The motivation to seek global benchmarking should come from within, he added.
