As the business landscape rapidly evolves to meet the challenges of new generations, especially in the aftermath of economic crises, such as the COVID-19 pandemic, companies are compelled to keep pace with these transformations.
Aloke Lohia, Founder and Group CEO at Indorama Ventures Public Company Limited (SET: IVL), voiced his views at the 22nd Forbes Global CEO Conference on this transitional phase, expressing the necessity for companies to adapt for survival and success.
Lohia states that historical strategies for economic success may not hold the same efficacy in the upcoming years. Headwinds aren’t lacking for companies like IVL, which grapple with intense industry competition and shrinking demand from key markets such as China. The past few years have also presented the world with high inflation rates while businesses found themselves straddled with low capital.
Like many of its contemporaries, IVL has undertaken strategic adjustments and restructuring initiatives to meet future demands more effectively. Tough decisions, such as factory closures, aren’t dismissed. Yet, the company continues to strive to mitigate negative impacts on its customers while conserving cash flow.
The Group CEO emphasized the paramount importance of human resources, referring to it as the company’s core strength. Despite the contrasts between the management styles of past and present generations, Lohia believes he has been able to attune himself to the new management norms. The key challenge lies in aptly aligning these different management approaches, a task he is pleased to see IVL manage effectively.
Additionally, Lohia underscores the importance of nurturing the new generation into well-equipped professionals capable of steering his company towards continued success.
