Author
Dr. Shashank Shah has been Visiting Scholar, Harvard Business School and Copenhagen Business School; and a Fellow and Project Director at the Harvard University South Asia Institute. Between 2013 and 2018, he authored three books ‘Soulful Corporations’, ‘Win-Win Corporations’, and ‘The Tata Group’.
The board and senior leadership were continuously monitoring the implementation and provided the much-needed support. The collaborative efforts with BPCL helped the Company and SAP to jointly design, devise and document many India-specific processes that were later useful in other projects that SAP executed in the oil industry and elsewhere within India.
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The financial burden of this entire remediation process, and the costs incurred on ensuring the welfare of diverse stakeholders was far more than the money made from that business in 18 years. By happenstance, Greenpeace’s operations in India were suspended in 2015, due to financial fraud. The organisation at the forefront of vigilantism against HUL, itself became a victim of internal malfunction.
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Key learning from Tata Steel’s decade-long strategy to reduce its excess manpower is that solutions to such crises come at huge institutional costs. Such outcomes may not emerge with a focus on short-term financial benefits.
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A key learning from this episode is that a food and beverage company’s responsibility of product quality and safety does not end with the product leaving its factory.
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Tanishq is a fine example of transforming crisis into opportunity. When expertise from around its own corporate ecosystem, and some of the most eminent consulting companies were recommending closure of the jewellery business, the leadership decided to use the crisis as an opportunity to innovate, which over a decade of consistent commitment gave phenomenal financial returns too.
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