This feature is a CFO’s take on the underlying factors that bring value to supply chains. Bhavesh Shah highlights factors such as supplier loyalty, interconnected ecosystems, balancing costs, guiding principles, and versatility that is required to build and run a robust supply chain.
Change and communication have been one of your focus areas. How have you been able to manage relationships and yet have regular communication with the customer in the virtual world?
“COVID-19 has taught us many things that we had not envisaged in the past few decades. The virtual world has opened up a lot of avenues in the digital space, and we must capitalize on the same. One of the things that we have today is a connection through technology, the way we are connecting today without having physical contact. We must ensure our ecosystem is well connected. Customers can connect to us via phone, email, websites, or log in to our webinars…” said Bhavesh.
He also emphasized how grabbing every opportunity to meet the client in person is important and mentioned that one should not merely depend upon virtual interactions.
If you had a chance to travel back in time to January 2020, what would you have done differently?
“I have thought about it a couple of times! At Convatec, we had embarked on a major transformation, and for that purpose, we aligned ourselves to a few key principles. We call those principles FISBE – F as in Focus, so focus on a few things. I as in, Innovate – people think innovation is only left to R&D, but one can innovate in the supply chain, marketing, and even in finance. S – Continue to Simplify. B – Build capabilities and finally, E – Execute excellence. Lastly, keep a keen eye on talent. Motivating associates and connecting with them by trying to find a common sense of purpose would be something I would have done differently.”