STRATEGIC PRIORITIES Transforming by executing
our strategy
The sharp focus on our strategic priorities contributed to our strong financial and operational performance for the year. We remain focussed on driving business transformation by delivering against this multi-year strategy.
We defined a practical framework of six strategic priorities in FY 2022 for business fortification and identified the key performance indicators to measure progress against these goals. Our priorities are also aligned with our growth and ESG commitments. Significant progress was made against these priorities in the past year. As we move ahead on this transformation, Neuland is well-positioned for creating sustained value for its customers, employees, shareholders and society at large.
Strategic Priority 1
Build deep competency (through organic and inorganic means) in complementary new technologies like bio-catalysis, flow chemistry, and physical properties, which are valued by our target customers and differentiated from competitors.
Why
Enables us to meet shifting customer expectations and build new revenue streams.
Progress
- Expanded Process Engineering (PE) Lab
- Single fluid Heat & Cool (H&C) systems both in R&D and Plant
- Installed High Shear (HS) Homogenizer – Bulk Density/ Tapped Density
- Introduced Electronic Microscope; PSD equipment, parallel reactors; focussed beam reflectance measurement (FBRM) etc.
- Products designed and developed with specific focus on crystal morphology, which includes – Co Crystals, non-hygroscopic polymorphs etc.
- 2 USDMFs filed for the products developed using differentiated technologies
Strategic Priority 2
Optimize manufacturing capacity for agility, including flexible response to customer needs, multi-product production, and reserve capacity to respond quickly to customer needs.
Why
Increases organizational agility, scale and speed to deliver.
Progress in FY 2023
- 20% buffer capacity created for select top products
- Flexibility to manufacture in multiple lines for 11 products
- 10 manufacturing lines were multi-purposed
- Plant automation and modernisation under implementation in a phased manner
Strategic Priority 3
Building project and customer management capabilities which are transparent, flexible, focussed on collaboration and constant customer feedback.
Why
Drives customer delight, satisfaction and loyalty beyond expectations.
Progress in FY 2023
- Digitized project management systems and ways of working using an integrated software solution to improve planning, risks and issues management, and knowledge management
- Enhanced robustness of stage-gating mechanisms through internal governance processes to achieve targeted project KPIs
- Strengthened cross-functional team efficiency via focussed leadership and soft-skills training
- Foundation laid for more frequent touchpoints to better understand and serve customer needs via project-specific surveys
Strategic Priority 4
Digitise processes across the organization and build Company-wide dashboards providing shared, real-time, granular data and analytics to create shared context across functions and improve the quality and speed of decision.
Why
Facilitates information transparency and drives faster and better decision-making at every level.
Progress in FY 2023
- As part of digitization order to Cash process, project “NIO” was initiated with an aim to digitize Planning for Delivery processes like Rolling Plan & Inventory
- The major processes digitized/automated through NIO project are Master Data Cleansing & updating in SAP including recipes & BOM, Costing, Documenting SOPs at Functional Level, Validating SAP system, Implementing workflow-based system to capture the Forecast, Planning and Approval Trail
- As part of digitization of Financial processes and Improvement of operational efficiency, we have automated Accounts Receivable Review process through Base camp & Payables through Host to Host and vendor invoice automation
Strategic Priority 5
Enable employee readiness to deliver on strategic business priorities.
Why
Ensures a ready pool of talent in line with business aspirations.
Progress in FY 2023
- Leadership competencies defined for strengthening the leadership pipeline
- Identified behavioural competencies for R&D, Manufacturing and Quality for making better talent decisions
- Gender diversity enhanced to 10.1% vs 8.4% in FY 2022
- Plans underway to have a common induction plan for Senior Manager and above, effective April 2023
- 360-degree appraisals introduced in R&D for gaining broader perspective on employees and enhancing their performance
- Assessment centre conducted for project leaders
- Critical roles identified across the organization for prioritising succession and workforce planning
- Enhanced performance management process for increasing employee morale and talent retention
Strategic Priority 6
GDS business focussed on quality-conscious customers and pipeline products differentiated on technology.
Why
Differentiated products bring tangible value to customers and drive sustainability of the GDS business.
Progress in FY 2023
- Targets set for differentiated products to be filed every year for the next three years
- Identified a set of technologically differentiated products and regulatory market-focussed
- Designed feedback mechanism for quality-conscious customers
- Revenue generation from quality-conscious customers surpassed the targets set for the year
- The number of products that command a significant price premium to competition stands higher than the target set for the year
Value Creation Model
