Value Management: It is defined as the part of the transformational cycle in a business in which occurs at all stages in business, and focuses on gaining maximum outcome of value during the process of change or transformation (Uhl & Gollenia, 2016). It does not only include financial gain but also includes other benefits and improvements through the organization's external as well as internal stakeholders. Value Management encompasses establishing an equilibrium between the wants and the needs of various stakeholders and the resources which are required to meet the needs of the stakeholders. It can be seen that recently RIL (Reliance Industry Limited) signalled a tectonic shift in its business model by extending the partnership with Amarco, which is a global giant in oil.
The venture will permit the Amarco company in Saudi to a 20 per cent economic interest in RIL’s oil to chemical division for the initial five years of the partnership but will have a direct equity stake in the division after five years. This type of transformation, as well as value management, will also be seen in the telecom as well as retail businesses of RIL. This transformation is governed by the aim of RIL, which is focusing primarily on becoming a zero net debt company in near future. By implementing value management such as these divestments done via establishing partnerships with various global giants RIL is aiming to reach the zero-debt target in the coming eighteen months. This will also help the company to recover from its liabilities caused by the shares of the company which took a bad hit in the last week. Value Management, along with the strategy and risk management provides a foundation for businesses to transform and attain success (Vidgen et al., 2017).
Strategy Management: It is defined as that phase of the business transformation which focuses on “envisioning” the change (Uhl & Gollenia, 2016). It gives direction to the goal of transformation employing planning and organizing such as the development of teams, analysis of the data, implementation of the change process, designing the new business model to drive change (Modern, 2016). Robust business strategies fuel the engine of transformation in the right direction. The company RIL, has the main goal to become a zero-debt company in the upcoming two years. Thus, developing a strategy for transforming and implementing new partnerships will help RIL to achieve that. It will also help various stakeholders and small businesses as the debt concerns many companies in India as well in the global market.
This is because of the current global issues and economic slowdown which is incurring huge losses to companies and delays in repayment. The strategic management decision by RIL also includes step by step transformation. After the first partnership with the global giant Amarco, RIL is also open to foster partnerships in retail as well as telecom industries, and also optimizing the potential of those ventures to form into a new subsidiary of RIL. The strategic management also encompasses the selection of the right stakeholders for transformation and growth in the business, therefore, RIL has also announced, that they are receiving interest from many global investors for their businesses and that the organization shall come up with listing and more partnerships or joint ventures in the next five years.
Morden, T. (2016). Principles of strategic management. Singapore. Routledge.
Nickols, F. (2016). Strategy, strategic management, strategic planning and strategic thinking. Management Journal, 1(1), 4-7.
Uhl, A., & Gollenia, L. A. (Eds.). (2016). A handbook of business transformation management methodology. Singapore. Routledge.
Vidgen, R., Shaw, S., & Grant, D. B. (2017). Management challenges in creating value from business analytics. European Journal of Operational Research, 261(2), 626-639.
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