Published on October 15, 2021
Apart from being a reputed player in consumer cooling appliances, Voltas also markets and distributes heavy manufacturing equipment in the B2B space and offers project cooling solutions.
The company follows a robust planning process, which was the subject of a stimulating EDGE webinar on October 13 titled 'Two-tiered Strategic Planning Process'. A team from Voltas gave insights on the cooling solutions giant's strategic planning process.
Voltas' planning process is divided into two components — a long-term plan called 'Strategic Business Plan' (SBP) for a time horizon of five years, and a short-term plan called 'Annual Operating Plan' (AOP) for the fiscal year. The group from Voltas explained the key activities involved in the planning process:
- Macro-economic scan - To identify vital macro-economic indicators, risks, opportunities, and strategic growth drivers.
- Environmental scan - To analyse the socio-economic situation, competition review and industry trends.
- Resource planning - To evaluate the top risks and devise mitigation strategies.
- Risk analysis - To firm up the capital expenditure budgets and draw up the staffing and resource allocation map.
- Review and improvement - To crystallise the plan and its implementation roadmap, including the progress monitoring framework.
The Voltas team gave a detailed explanation of all the constituents of the above activities during the webinar.
The description of Voltas' planning process by its team elicited some stimulating questions from the webinar's attendees.