About time we adopted new biz models: Pawan Munjal

New Delhi: Organisations need to adapt to new models and unconventional thinking going ahead as a volatile and uncertain environment has undermined the effectiveness of traditional ways of operating businesses, Hero MotoCorp Chairman and CEO Pawan Munjal said on Monday.

Munjal, who is the recipient of this year's AIMA JRD Tata Corporate Leadership Award, noted that the Covid-19 pandemic and the resultant unprecedented challenges and uncertainties in the supply chain call for sea changes in operating procedures.

"In the recent past, the incredibly volatile and uncertain environment has undermined the effectiveness of long-term forecasting and traditional strategic planning. The change in the world ecosystem has been disruptive, pushing people, organisations and economies to the brink. Thus, achieving goals now requires a sea change in our models of operations," Munjal stated in his keynote address.

The veteran industry leader noted the ability to thrive in uncertain times requires unconventional thinking and calculated risks, including delivering difficult or unpopular decisions. "In the current scenario, where uncertainty characterizes ties, economic and social structures, it is a race for organisations to move away from the traditional approaches of strategy and adopt evolved models," Munjal said. He noted that global political unease, commodity and supply chain disruptions, health concerns and innovations were adding to all the global uncertainty.