MANAGING STRATEGY, OPERATIONS AND PARTNERSHIPS

MANAGING STRATEGY, OPERATIONS AND PARTNERSHIPS

Introduction

The strategic alliances established by the company play a crucial role in the operations of the business process. The strategy of the company is the action plan for the goals and objectives that have been laid out by the management. The strategic directions that utilise the competitive advantage of the company result in the execution of the goals and objectives of the company. The operations management is the strategic utilisation of resources to acquire to develop and deliver goods and services to the clients. The operations manager oversees the management of the processes that are employed for the production and distribution of services. The strategic alliances and the operations of the business together affect the profitability and growth of the company. This study focuses on the strategic options and considerations taken by Thermax Ltd to utilise its competitive advantage in the market.

Company background

Thermax Ltd is an engineering company that provides sustainable solutions through its products for heating, cooling, water and waste management, and speciality chemicals. Thermax Ltd was found as Wanson India Ltd in the year 1966 as a family business by A. S. Bhathena and later renamed as Thermax Ltd in the year 1980. Thermax is currently headquartered in Pune India as a public company with its listings on the Bombay stock exchange (BSE) and the National stock exchange (NSE). The vision of Thermax is to be a leader in utility delivery services by committing the business efforts towards a long term business sustainability. The mission of the company is to integrate innovation and operational excellence to gain a competitive advantage in the market (Thermax Ltd., 2021).

Current operational situation of Thermax Ltd.

The operational environment of Thermax is affected by the internal and external capabilities of the firm. Government policies in India are in favour of sustainable development. To overcome the challenges of solid waste management the government of India has introduced incentives for waste management plants and have provided an appropriate subsidy for the waste to energy plants (Vendrell et al., 2018). The economic benefits given in India for the wastewater harvestinVendrellgVendrell and solid wastewater management plants provide a huge scope for the operations of the company to expand (Borch and Solesvik, 2016). The cost of equipment is reduced for the company increasing the flexibility of the operations and the economic impact of the company. The operational efforts of the company are directed towards the sustainabiloity of the business. The sustainable business environment is ensured by evaluating the economic barriers of the company. Thermax is a company that has provided various employment opportunities to the residents by also developing the socio-cultural relationship and creating a healthy environment for people to work in. Thermax has taken care of their employees by not cutting the salaries of the people sitting on the lower ranks even during the lockdown period (Jha and Manohar, 2020). The fulfilment of the social agenda is possible through assessing the social barriers in the company. The operational development of the company can be successful through strategic implementation of technology. The innovation and automation drivers have led the company to integrate digital technology in its operations. The digital innovations are dedicated towards the employee health and safety and numerous functionalities for the strategic development of the company (Pahuja, 2020).

Identification of contributions made by business partners

Business partners of an organisations are considered as the shareholders as well as the designated bodies that provide their efforts to benefit the business to reach new heights. Considering the organisational environment of Thermax Ltd, the following contributories have been identified who are expected to provide the company with legitimate amount of efforts for their business development in terms of technical and operational units.

Contributor	Field of interest	Description
Operational manager	Controlling and monitoring	The operational mangers of Thermax are responsible to undertake the project activities that are undertaken by the owners for their development purposes. This administrative body contributes towards manipulating the tasks that are executed by the employees aligning their regular goals and objectives for the organisation’s growth. The relationship between the operational manager and the company will determine the operational efficiency of the company.
Government	Authorisation of business permits	The business executives of Thermax are required to gain permits and authorisations from government officials so as to legalize their business operations dealing with the management of waste management and Engineering activities. The compliance factors and legal relationships determine the scope of business in the country.
Creditors	Provide financial support	Mutual support from the creditors are gained in terms of financial perspectives so that tenders and projects that are undertaken by Thermax could be accomplished with pre-established goals and objective. The credit policies of the company regulate the sales of the company. Bad debtors will influence the profitability of Thermax.
Investors	Provide support through resources and monetary expenses	Dealing with project completion activities are indicated towards Engineering and Management requires allocation of resources appropriately so as to meet the desired criterions. On the basis of this perspective the support from the investors are undertaken in terms of monetary compliances to avoid resource package while executing operations. Investor relations determine the profitability of the company and control the flow of cash in the business environment.
Owners	Decision making	The owners of the organisation are required to undertake decisions that are relevant to their business development so as to stabilize their current market position in managing activities and business functionality. The relations of the owner with the employees of the company determine the motivation levels in the company.
Employees	Complete regular tasks within allocated time slots	The employees of Thermax are located with tasks that are relevant to the designated positions that enable them to complete it within given time slots providing the organisation with an opportunity to achieve daily targets specifically. The employee relationships of a company determine the internal business environment of the company. The productivity of the company is regulated by the relations between the employees and the leadership within Thermax.

Summary of opportunities and threats

• Market Rivalry

The market Rivalry in the industry that Thermax chooses to operate is very high in the domestic as well as the international market. The electricity and heat provide a huge market size propagating the players to penetrate deep in the market through the use of renewable resources (Spieth et al., 2020). Thermax competes with GE, Alfa Laval, Forbes Marshall, Viessmann, Babcock & Wilcox, Siemens, Doosan, BHEL, Mitsubishi Hitachi Power Systems, Clayton Industries and Cleaver-Brooks on a global level to acquire the market share in the domestic as well as the global market.

• Bargaining Power of Buyer

The high amount of the suppliers of the product create pressure on the price and hence Thermax has to compete on prices by offering a product at a lower price than its competitors. The domestic companies like BHEL and Suzlon offer products in the market with a very low switching cost. The bargaining power of the buyer increases with increased suppliers.

• Bargaining Power of Supplier

The energy-efficient and eco-friendly products offered by Thermax source raw material. Thermax is a self-sufficient supplier of its products with very low dependency on the procurement of raw materials (Iyer, 2020). The company aims at reducing its raw material consumption further on which makes the bargaining power of the supplier a weak force.

• The threat of new entrants

The operations of the sector require a very high investment of capital to sustain in the market. This poses a threat for the new entrants that wish to make a profit in this industry (Talebi et al., 2016). The high capital requirement and very high competition in the market make the threat of new entrants a weaker force.

• Threat of substitutes

Thermax offers products which have a huge scope for the sustainability of the environment. The products offered by Thermax can always be elevated to serve customers with an advanced product. The technological advancements in the product and equipment can pose a moderate threat for Thermax Ltd.

There has been an increased demand for heating and cooling in the fourth industrial revolution. The steam boiler market growth is supported by the rise in the offshore and onshore exploration activities. The flexibility and reliability are the key market drivers for the survival of the companies in these industries. The increase in the expenses on oil and gas has also driven the growth of energy-efficient products and the steam boiler market which is backed by the government (Arterburn, 2020). The industry employees thousands of resources which create a job opportunity for the area it has set up its operations in. The above-mentioned factors have been the cause of survival and success of the water treatment and steam boiler industry.

Identification of facilitators and challenges to adopting new technologies

Thermax is an engineering company working towards providing sustainable solutions for green energy and the environment. The issues pertinent in the operation of the business process of Thermax Ltd following the survival and success factors discussed in component 1 have been discussed below

• Trimmed need for human capital

The automation of the business process put many jobs at the factory in jeopardy. The integration of artificial intelligence affects the corporate need as well as the need for labour for business operations (Petropoulos, 2018). The rapid technological advancement threatens the unemployment rate. The job creation at various factories established by Thermax has been a survival and success factor for the accomplishments and government support of the company. The company is a fourth industrialist with its digital transformation of processes which fuels the labour market churn to boost the productivity of the company. The wave of innovation has made exorbitant profits, immiserating the proletariat.

• High Capital investment

Thermax has to employ higher capital and resources to conduct its operational activities. The company had been suffering a lower demand due to the pandemic which has led to the disrupted revenues of the company. Thermax had faced 40-50% decline in EBITDA margins in Q4 due to lower sales (Muteshi and Awino, 2018). The capital infusion for then digital transformation as well as the capital required for the operational expenses of the company has resulted in the low margin attained by Thermax. The loss in margins in the capital goods segment has posed as an issue that the company should deal with to acquire clear visibility for the demand forecasting.

• Weak order inflow

The industrial activities have slowed down which has caused the demand for the products offered by Thermax slow down. The industrial slowdown has also resulted in the cost rationalisation by the potential customers of the company. The drying order inflows have resulted in the industries operating at lower utilisation levels. Thermax Ltd.’s order inflows halved in the June quarter to 610 crores and the former orders are small in size to help the company sustain in the gloomy global demand (Jethmalani, 2020). The company remains debt-free but might need a capital infusion if the operational activities do not resume the pace they are required to sustain in the market.

Selection of appropriate technology in favour of Thermax Ltd.

Change in operational segments

The identification of three operational segments and their respective changes that are affecting the growth and sales of Thermax has been discussed in this section. The three issues identified are weak order inflows, trimmed need for human capital and high capital investment. The issues are further prioritised and a strategic proposal for addressing these issue have been provided below. In addition to that, Jethmalani (2020) stated that the multiple shift timings will enable the employees to choose the preferred shift they wish to work in. The company can enhance their operations by increasing their shift timings and retaining the current employees of the company. The multiple shift timings provide flexibility for the employees and also enhance the productivity of the business operations. These solutions helped Thermax to retain the employees and reduce the impact on the national employment rate of the country.

• Trimmed need for human capital

The downsizing of the workforce can harm the national employment figures which will adversely affect the support provided by the government for the operations of the business activities in Thermax Ltd. The strategic options to overcome the fear of unemployment among the workers and to help stabilize the national employment figures have been illustrated in the form of a strategic proposal.

Strategy

Resultant strategic direction

The expansion of the company will allocate the resources by facilitating employment to the existing resources. The firm will be able to retain the skills and talent that has been trained by the company. Introducing multiple shifts will help the employment strategy module to become diverse and accommodating of the needs of the employees (Dhaundiyal and Coughlan, 2020). The company will save costs and time invested in the training of their resources by expanding their operations with their current resources.

The expansion strategy will help the company expand its operations by also retaining its resources. The time required for the new resources to adapt to the work environment will be more than the time required by the existing employees. The resultant strategic direction due to the expansion strategy results in the diverse portfolio of the company as well as the employee (Elia et al., 2019). To reduce the damage due to layoffs and tackle staff reduction the strategic direction for introducing multiple shifts and expanding the operations of the business will ensure the survival and growth of Thermax in the domestic as well as the international market.

• High capital investment

The company is in the fourth phase of the industrial revolution where it is integrating technology in the business processes for efficient output. This has resulted in a lower margin on the products sold by the company. To deal with the high capital investment by Thermax the following strategic proposal provides proposals for reducing the expenditure of the company.

Strategy

Resultant Strategic direction

Use the key performance indicators (KPIs) for the assessment of the performance of processes Integrate the JIT (Just in time) and lean manufacturing to save time and reduce the waste generated by increasing the productivity of the company. Impose cost-cutting measures to survive the cash flow crunch with the utmost discretion (Jeive and Saner, 2019). Thermax operates in the steam boiler and wastewater treatment industry where the industries have to channelize the waste generated efficiently in a sustainable manner. The cash flow crunch of the company can be dealt with by imposing proper cost-cutting measures.

The strategic direction due to the execution of the kaizen method will enable the effective monitoring of the business processes (Carnerud et al., 2018). The key performance indicators will enhance the capabilities of the employees by motivating them to follow the set standards of the company. The Just in time method will optimise the time utilised to assemble or manufacture a product. Lean manufacturing will help with waste reduction and reducing the impact on the environment. The above-mentioned techniques to minimize the operational costs will reduce the expenditure of Thermax and increase the efficiency and profitability of the company.

• Order inflow

The slumped demand is due to the industrial slowdown amidst the pandemic. The availability of lower workforce for the execution of orders in the factories where Thermax is the supplier has directly affected the visibility of the company. The survival and sustainability of the company amidst the weak inflow of orders can be confronted by the following strategic plan.

Strategy

Resultant strategic direction

The customer engagement models like CRM and enquiry management systems enhance the communication between the customer and the company fuelling the sales. The inventory levels in the factories should be reduced until the further order inflows. To manage the inventory levels, the FIFO (First in First out) method should be adopted in the warehouses and factories of Thermax (Suherlan, 2017). The demand forecasting techniques like trend projections and market research will help Thermax manage their input and output with a prime approach.

The customer engagement models help humanize the brand and manage the orders received increasing customer satisfaction. Improved customer relationships help increase the average order value (Dobrosotskiy and Shpakova, 2019). The reduction in the inventory until further order inflow will reduce the idle stock of the company avoiding further losses. The FIFO method is suitable for this time for Thermax where there are lower levels of orders and the company wants to avoid stockpiling. The demand forecasting techniques like trend projections and market research are inclusive of the current trends which will make it easier to forecast the demand of the industry.

Impact over performance

Thermax Ltd is one of the leading companies that provide energy and environment solutions based in India. The critical assessment of the competitive advantage that Thermax has in the water treatment and steam boiler market has been done below.

• Business Automation

The objective of the energy solutions company Thermax is to make their operations easy by integrating a digitised technology and make their business activities paperless which will save cost and time in a long term perspective. The key growth lever for the transformation of Thermax will be their digitisation with their internal benchmarking workshops (Klus et al., 2019). The company has laid out a strategic plan for the span of the next five years to automate their business processes. The strategic plan has been set according to the operational parameters, quality adherence and the improvements in the digital technologies (Pahuja, 2020). This attempt at the automation and digitisation of the business processes and products will enhance the product portfolio and design structure of Thermax.

• Employee Efficiency

The HR department is responsible for the management of the employee lifecycle and makes their process quicker and easier. The attendance, on boarding HR, Payroll, performance appraisals, time management, recruitment and learning management system are aimed to be automated by the company to enhance productivity and efficiency within the business environment. The mobile application that Thermax uses has transformed the paper-heavy process by integrating the artificial intelligence assisted by the AI and ML algorithms to make the process of data management quicker and easier (Saner, 2019). The elimination of the paper-based processes adheres to the policies that support sustainability and also the finances of Thermax.

• Customer Engagement

The Value chain of operations is automated in a step by step approach about the 5-year strategic plan that has been laid out by Thermax to achieve digitisation and automation in its business process. The automation and digitisation are not only for the efficiency of the operations but also for the effectiveness of the output generated. The effectiveness can be evaluated by the CRM systems and the interaction and enquiries for the project management and the entire gamut of services offered by Thermax. Following the digital roadmap, the company is participating in the digital marketing campaigns and employing enquiry management systems and CRM systems to engage the customers (Hernández et al., 2020). The customer engagement provides the customers with a better sense of products and the technology integrated with the systems offered by the company.

Impact over stakeholders

The business functioning of Thermax Ltd. comprises of the employees, customers and investors as stakeholders that might be affected by the strategic decisions that have been proposed in the proposal above. The analysis of the effect of these decisions on the respective stakeholder groups has been performed below.

Stakeholder	Impacts
Employees	The expansion strategy of the company will save the jobs of the employees by reducing the employee shedding within the business but the employees and workers will have to consider relocating if they wish to keep working for Thermax. The impact will be on the culture shock that the employees will have to get accustomed to influencing their employment decisions (Khamseh et al., 2017). The integration of the new technology will require training and development of these employees which will require change management within the business environment.
Investors	The investors of the company look forward to the company valuations that will decide the performance of their investment. The company valuations are depended on the performance of the company. Thermax has reported a weak order inflow which will be an adverse effect on the future valuations and profits of the company (Jethmalani, 2020). The increase in order levels will enhance the reputation of Thermax in front of the investors. The satisfaction of the investors will ensure the fulfilment of the capital requirement when it will be needed.
Customers	The implementation of the customer engagement models will help engage the customers and deliver an appropriate customer service. The customer’s satisfaction levels with the integration of CRM and enquiry management systems will be augmented (Santouridis and Veraki, 2017). The data management with these models will enable the company to manage its order levels. The data analytics in the company can interpret the data collected with the artificial intelligence to forecast the demand and execute the orders.

The need for human capital due to the automation and digitisation of business process has immiserated the working class employed by Thermax. High capital invested in the operations of Thermax has resulted in the increased expenditure of the company. The weak order inflow is one of the many worries of Thermax that have affected the sales of the company. The three issues produced three strategic directions that addressed them with solutions that would tackle them with discretion (Russo and Cesarani, 2017). The first strategic direction used the expansion strategy and multiple shifts option to attend the trimmed need for human capital. The second strategic direction used the Cost-cutting measures, Kaizen, KPIs, JIT and lean manufacturing to deal with the high capital investment. Lastly, the third strategic direction made use of the CRM model, enquiry management system, demand forecasting techniques like trend analysis and market research and the inventory management techniques like FIFO to address the weak order inflows.

Recommendations

Based on the business practices that are evaluated by Thermax Ltd, the following recommendations have been placed prioritizing strategic decision that are made by the busies executives in their favour.

• The first strategic direction focused on creating a dynamic employment structure which will reduce the employee shedding in the company. Business automation and employee efficiency are the competitive advantages that fuelled the unemployment issue for Thermax. The issue of layoffs and employee shedding was prioritised and a strategic proposal was developed to address it. The strategic proposal provided solutions to reduce the employee layoffs from the company. The solutions aimed to reduce employee layoffs by 5%. The solution provided was to employ an expansion strategy to allocate the human capital for the business expansion and retain the talent as well.

• The second strategic direction identified solutions to overcome the problem of high capital investment and expenditure in the business environment. Thermax is becoming a product of the fourth industrial revolution and hence the capital expenditure is increasing for the long term benefits of the company. The business automation had increased the operational expenses of the company which resulted in a lower margin of profits for Thermax Ltd. The high capital investment of Thermax was prioritised and a strategic proposal for the same was developed. The strategic proposal aimed at reducing the expenditure of the company by 10% in the 20-21 Fiscal year. The strategic proposal comprised of solutions that targeted the expenditure of the company.

• The third strategic direction is aimed at increasing the order levels of the company and maintaining the stock levels accordingly. The competitive advantage of customer engagement has been used as a solution for the weak order inflows of the company. The weak order inflows are due to the pandemic and low workforce availability in the industrial slowdown. The weak order inflows have disrupted the visibility for Thermax and to deal with this issue the strategic proposal to increase the order levels using the customer engagement as a competitive advantage has been analysed. Further, the management of the inventory levels and the forecasting of demand will help the company to sustain the production and supply for the customers.

Conclusion

The strategic alliances and managing strategy of the organisation is an essential aspect of the operations and growth of the business. The strategic directions addressing the issues and advantages of Thermax Ltd. have been discussed in this assignment. The analysis of the business environment of Thermax Ltd has been done with the help of the PESTLE analysis tool and the porter's five forces framework. Thermax has an enormous growth potential by utilising the reforms and policies by the government of India that will make the business operations easier. Thermax employees people on a part-time as well as a full-time basis providing an income source for the households on the country.

The communication within the business environment as well as the external communication is enhanced with the use of the digitised mechanisms in the business processes. The competitive advantages and the issues concerning the fourth industrial revolution affecting the business operations of Thermax Ltd were analysed. The digitisation of the processes will enable the employees to be technically and digitally sound to serve their customers and also personally benefit from the reforms that are planned by the company for their 5-year strategic plan. The low margin is the result of the heavy investment in the operational activities of the company. The issues faced by Thermax Ltd were the trimmed need for human capital, weak order inflow and high capital expenditure. The strategic proposal for these issues was further devised in a robust proposal.

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