Published on August 02, 2024
Tata AutoComp has been on a steady growth path over the past few years by diversifying its business beyond auto components into adjoining areas like railways, aerospace, power, EVs, and other mobility solutions. Based on the evolving profile of the business, and with the support of Tata Business Excellence Group (TBExG), the company also recrafted its vision statement recently. This statement reflects Tata AutoComp’s changing profile and future aspirations.
The company also engaged with TBExG to facilitate the creation of a measurement system that can parameterise the vision statement and create an enterprise level strategy map. Along with the Balanced Scorecard (BSC), Tata AutoComp wanted guidance in cascading the same across its 18 business units and 5 group level functions for 2024-25 and beyond.
The strategy map was developed through a consultative process, involving key stakeholders like Chairman Arvind Goel; CEO Ravi Chidambar; and the Tata AutoComp leadership team. Inputs were solicited from these leaders, combining their insights with a thorough literature review of Tata AutoComp’s existing strategy.
The resulting strategy map and BSC integrated various components:
- New vision statement: A clear articulation of Tata AutoComp’s long-term aspirations.
- Clarion calls: Key strategic imperatives that would shape the organisation’s actions.
- Strategy and leadership reflections: Specific initiatives and focus areas
- 16 key strategic objectives have been identified across these four perspectives:
- Finance: Cost optimisation for higher profitability (EBITDA improvement) | Capex utilisation | Achieve industry leading revenue growth | Diversify business verticals | Harness group synergy
- Customer: Higher customer centricity | Industry leading customer retention | Global expansion and presence
- Internal operations: Delivering world class quality products | Operations excellence | Technology powered operations | ESG
- Learning and growth: Building future ready human capital | Creating digital enterprise | Drive organisational values and culture
The Tata AutoComp enterprise level strategy map was disseminated to the BU heads and group-level functions through a day-long workshop at TMTC on May 28, 2024. During the workshop, these leaders got a firsthand opportunity to understand and absorb the new strategy map and BSC for Tata AutoComp with an aim to design the strategy map and BSC for their respective BUs and functions to ensure alignment with enterprise vision and BSC in the value continuum.
The strategy map is expected to serve as a compass, guiding Tata AutoComp toward its desired future state. By integrating vision, strategy, and performance metrics, the company is well-positioned to achieve its strategic objectives going forward.
Participant Speak
I would like to extend my appreciation to the TBExG team for their excellent work in integrating our strategy map, Balanced Scorecard, and strategic initiatives. This holistic approach has established a solid foundation for our future growth as we aim to transcend our traditional automotive boundaries.
— Arvind Goel, Chairman, Tata AutoCompMy appreciation for the exceptional work detailing by the entire TBExG team during the recent strategy map engagement for TACO. Their thorough and meticulous approach at every stage, from planning to execution, was commendable. The in-depth work, comprehensive analysis and insightful facilitation laid a strong foundation for our strategic initiatives as we aspire to grow beyond automotive.
— Sudipta Marjit, CHRO, Head - Office of Strategy & Business Excellence, Tata AutoComp