Choose between adapting to change or surviving until next disruption hits: Harit Nagpal

Mumbai: The Managing Director and CEO of Tata Play, Harit Nagpal, delivered the opening keynote address at Goafest 2024. Titled "Adapt: To Thrive, Not Just Survive," his speech focused on the importance of adaptability for businesses in today's dynamic environment. He highlighted the ever-present nature of disruption, using historical examples to illustrate his point. 

A key concept introduced by Nagpal was "customer segments as shifting sands." He stressed the need for businesses to adjust their strategies to keep pace with constantly changing customer preferences and needs. "Very rarely do you see market leaders disrupting as they are afraid of losing their own volumes," he observed.  He punctuated this point with a compelling statistic: "Shampoo penetration in India has risen from a mere 2% to a staggering 95%," showcasing the emergence of entirely new customer segments that businesses must be prepared to serve. 

"Disruption can be caused by anything or anyone, but it becomes our responsibility to survive and thrive," Nagpal declared, highlighting the constant need for businesses to evolve. Nagpal advocated for a culture that rewards effort alongside achievement. He argued that recognising the ongoing pursuit of excellence can lead to the development of robust processes that ultimately contribute to greater success.

The speech incorporated relatable anecdotes from Nagpal's own experiences.  One anecdote detailed his grandfather's successful business model adaptation in the face of disruption. Another highlighted a European company's turnaround achieved through a focus on process differentiation.

 "The best time to disrupt is when you feel most comfortable," he declared, urging businesses to be proactive in their adaptation strategies.  He argued that by recognising effort, companies can build robust processes that pave the way for lasting success: "It's about recognising the journey, not just the destination." 

Nagpal concluded his address by recounting the story of a leader who revitalised a failing school. Her emphasis on core human values like trust and integrity served as a reminder of the importance of fostering a positive work culture based on strong ethics. 

Leaving the audience with a question to ponder, Nagpal concluded by asking: "Are you prepared to adapt and thrive in the face of constant change, or simply survive until the next disruption hits?" 

Nagpal's ideas on navigating disruption and fostering adaptability are further explored in his book, 'Adapt: To Thrive, Not Just Survive.' This publication delves deeper into these concepts, offering practical frameworks and case studies for businesses seeking to thrive in a changing world.