There are some key recommendations for entrepreneurs and managers and executives of various departments of an MNC planning to operate or currently operating in Indian business markets. These recommendations as discussed below will help the entrepreneur and the staff members to take specific actions so as to achieve sustainability and a competitive advantage in India:
- While operating in India, the country should be considered as a key area of focus. This is important for directing appropriate to Indian and ensuring decisions that are speedy and favorable.
- There is a need of formulating targets for long term that are bold in nature so as to drive the decision making in Indian operations. This will assist in alignment of the organization behind exhibited market potential helping the MNC to circumvent the hurdles faced in short term. This will further help MNCs to translate the plans for Indian operations to long term measurable goals by adding a visionary lens to various decisions related with products, markets and investments to be made in future.
- It is further recommended that MNCs should create the processes focused on accelerating the integration as well as localization of their organizations in order to be successful in Indian operations. This will help in finding a perfect balance of autonomy allotted to the local teams and alignment of objectives of the organization in India.
- Further MNCs are required to change the rules related with global metrics and standards for meeting the challenges in Indian markets. This will allow the organization in fine-tuning the metrics for fitting with the market realities of India and will set the MNC to take full advantage of Indian opportunity. MNCs are required to work on the unique characteristic of Indian environment so as to set the efficient targets.
- Then it is recommended that MNCs should build for operating in long term while conducting business in India related with people, HR practices and external stakeholders of the organization. This is important for the organization to be cost effective and enhancing the continuity and leveraging the understanding of local environment.
- 6. Then it is required that a value added role is defined for the country management. This will motivate local team for performing and will facilitate transfer of responsibility.
- 7. Establishing a local team is not enough but is also required to establish the credibility of the local team. This is necessary for ensuring transfer of decision making authority and provides them the flexibility in business operations and smoothen the process of strategic decision making.
- 8. Indian opportunities should be leveraged beyond the product or market level. It will help n drawing the attention of global players towards the Indian organization which will in turn derive value for global organization and gaining a competitive advantage.
- 9. Further the parts of value chain should be localized for obtaining Indian cost and capability benefits. This will result in building a competitive advantage through achievement of cost structure in an effective manner, maintaining standards of quality and leveraging the effects of scale.
- 10. Finally it is advised that India specific business model strategies should be formulated by MNCs so as to deliver right product at the right price with right positioning for Indian markets.