Bajaj Electricals Ltd., India's leading consumer durable and lighting company has been announced today as the recipient of the 2019 Award of Excellence - Corporate Transformation from the Association for Supply Chain Management (ASCM), the global leader in supply chain learning, transformation, innovation, and leadership. On behalf of Bajaj Electricals Limited, Mr. Amit Bhalla, Sr. GM and Head - Strategy received the award at the ASCM 2019 conference in Las Vegas.
Commenting on the recognition Mr. Anuj Poddar, Executive Director, Bajaj Electricals Limited said, "We are delighted to win the coveted award of Excellence - Corporate Transformation at the Association for Supply Chain Management (ASCM) forum. I would like to take this opportunity to congratulate our teams at Bajaj Electricals and our partners in this journey, the Vector Consulting Group team. Our partnership with the Vector Consulting Group is a shared pursuit of creating unique supply chain capabilities that have helped us deliver game-changing solutions."
Bajaj Electricals Limited is the leader in small appliances, lighting, engineering and infrastructure projects. More than half of its revenue comes from its consumer products division, where manufacturing takes place at three different units with components sourced from 60 national and 55 international suppliers. This business model led to several challenges, including price undercutting, cross-market infiltration, and poor product availability.
By following ASCM global standards, Bajaj Electricals was able to analyse, optimize and implement an end-to-end supply chain transformation. In fact, with the help of its partner, Vector Consulting Group, the company configured an entirely new supply chain to reduce replenishment lead times and increase supply reliability.
"It is a great honour to receive this award", said Mr. Puneet Kulraj, Director, Vector Consulting Group. "This award is a testament of our implementation at Bajaj Electricals and our team's passion to deliver unique supply chain capabilities. This prestigious recognition is an acknowledgment of BEL's efforts towards successfully implementing pull-based distribution."
Today, Bajaj Electricals has slashed delivery lead times by 75 percent, achieved a 21 percent growth in sales, while holding 23 percent less inventory. Company leaders also report noteworthy cultural benefits, such as higher-quality relationships among departments, distributors and suppliers. In addition, employees now work with little intervention from senior management and spend more time focusing on continuous improvement initiatives.
The ASCM Award of Excellence - Corporate Transformation recognizes an organization's transformation that elevates its business as a result of leveraging ASCM global standards, products, services and resources; the APICS body of knowledge; or the Supply Chain Operations Reference (SCOR) model.
Together, ASCM and its partners aim to help motivated individuals in the supply chain profession, and those interested in pursuing a career in supply chain, expand their knowledge and capabilities through learning, certification, networking and other professional development opportunities.
Shares of BAJAJ ELECTRICALS LTD. was last trading in BSE at Rs.375.25 as compared to the previous close of Rs. 391.9. The total number of shares traded during the day was 6053 in over 369 trades.
The stock hit an intraday high of Rs. 391.7 and intraday low of 374.2. The net turnover during the day was Rs. 2291195.