In order to stay relevant in the market not just the retail-stock should be updated but also so should be the human resource of a shop floor. Mr. Srikant Gokhale, former group CEO, Landmark Group, Dubai and lecturer of marketing, University of California, Berkeley taught the participants from various Reliance outfits and brands that today’s fundamental for the progress of a business is positive cashflow as against profits. He explained how today’s business economy runs on the concept of a positive cash flow from lenders, and investors while the concept of mandatory profits to survive is turning obsolete.
Further Mr. Gokhale cited how it is important to manage vendors, well negotiate the contracts and maintaining their performance in regards with quality and pace. Further he explained that it is necessary to anticipate risk and mitigate it with apt measures. Mr. Gokhale as well advised to include diligent offboarding procedures to ensure a smooth end of vendor relationship.
The participants who hailed from various verticals and subsidiaries of Reliance across Mumbai presented, discussed and resolved their key problems and had multifaceted interactions in the sessions.
A key takeaway from Mr. Gokhale’s exegesis was that a rigid SOP could ruin the success of a project. While citing “What got you here, wouldn’t get you there”, Mr. Gokhale iterated that having a stricture of a formula many a time is a deterrent to molding into the requirements of a new market or customer requirements. Fresh environments require fresh perspectives.
On the second day of the session, Dr. Dipak Jain, Vice-Chancellor talked about developing a winning mindset. He asked the participants to imbibe in them leadership traits like the ability to anticipate, the courage to deal with ambiguity and the power to develop adaptability.
Dr Jain explained while knowledge comes from analysis, wisdom arrives from connecting the dots. He further mentioned that a retail personnel should follow the new trends or organic food, slow food and slow fashion to be adept in consumer wellness and cater to the populace with earning power.
Further Mr. Srikant Gokhale explicated case studies on Star Bucks and Luckin Coffee and explained how Star Bucks lost to Luckin Coffee in China due to negligence over competition. He then quoted the author Philip Kotler and advised all to have a vision catering to five years in future.
The sessions that were meant to answer the participants’ questions on various issues around retail and other streams, concluded in an overall satiating experience for all.