Companies urged to benchmark

If India Inc has to survive in this era of cut throat competition from MNCs, companies have to transform all its management executives into knowledge workers who will work primarily towards upgrading knowledge.

"These corporate executives need to work on developing brands and products for tomorrow and not concentrate on the short run, this however does not mean that they would not service their current clients," explained A K Banerjee of IIM Calcutta at a seminar on 'International benchmarking'.

"Indian companies need to work on a model of Quality, Service, Value Addition and Cost Leadership (QSVC) if they need to retain their leadership tomorrow," he added.

"Gone are the days of customer satisfaction, in order to retain customers, specially for fast moving consumer durables companies need to work on strategies of customer delight and regularly get feed back from customers so that they are able to constantly develop and change their product to suit customers requirement," Banerjee said.

"Management executives need to transform themselves into knowledge workers and work on developing brands for tomorrow," he concluded.