Vedanta Ltd
Last year, Vedanta Limited introduced ‘Eureka’, a web-based innovation and technology platform for employees to share their ideas, rate and suggest improvements in an open forum. In the last six months, it has received about 700 new innovations, of which over 250 are under implementation and about 25 have been referred to the R&D team for further analysis.
As an example, it has digitalised the entry of exploration and geological logs at the Black Mountain mine of the Vedanta Zinc business in South Africa. This improved data quality with real time data validation at source enables quicker and more efficient decision making. In another case, at Hindustan Zinc Limited, it has started recovery of silver and lead from anode mud which was earlier being discarded, creating value from waste.
Its chairman, Anil Agarwal, has committed a corpus of Rs 200 crore to fund in-house opportunities for R&D.
The adaptive capabilities of companies is becoming the centre point for sustained growth. Indian companies must be ready to accept change and this is where technology, innovation and quality, together with new business models, will play a critical role in creating additional value for the business and shareholders alike.
Success would lie in making use of the company’s adaptability and utilise its competitive advantage fully and effectively and at the same time meet competitive challenges from companies across the world.
