NBCC Forum: Why Value Chain Resilience Is Important For Businesses

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Friday, February 19, 2021 / 6.30PM / Ottoabasi Abasiekong for WebTV/ Header Image Credit: NBCC

 

Value Chain resilience is one of the key components that distinguish businesses that are strategic, innovative, and sustainable. The CEO/Group Managing Director of Flour Mills Nigeria Group, Mr. Omoboyede Olusanya, said this as a keynote speaker at a recent webinar hosted by the Nigeria-British Chamber of Commerce (NBCC).

 

Speaking on "Strategic Business Transformation: Playing to Win" he emphasized the need for businesses to link the value-chain of their operations to their value proposition. According to him, this is the approach that Flour Mills Nigeria has taken in the Agric sector, connecting its strategies with the entire value chain and ecosystem of the industry.

 

He stressed the fact that Business Transformation must always tie into the conviction and belief of companies and the environment they operate in. Speaking further he said Flour Mills had invested in backward integration, which was vital to manufacturing and industrialization for any nation; developing a robust value-chain for its business operations.

 

The business leader highlighted the following strategic areas that organizations should consider as a top priority;

  • High Value for Corporate Governance
  • Integrating the Sustainability Component in their Business Operations
  • Investing in skill sets and talents
  • Broad-based engagement with stakeholders

 

Olusanya also emphasized the need for companies to be innovative, technologically inclined, leveraging data, and having a strong distribution network.

 

He said Flour Mills Nigeria had led a legacy of impact, job creation, and social development in the country through the following areas;

  • Focusing on the upside; while finding innovative ways to overcome systemic challenges
  • Forging a close relationship with communities and all stakeholders
  • Having the "Can-do" attitude, to overcome supply chain constraints (experience of BagCo, GTC)
  • Emphasizing manufacturing excellence and strong distribution

 

In terms of a few common strategy mistakes that businesses make, Olusanya noted some issues that should be addressed urgently;

  •  Lack of a clear strategy and plan
  • Underestimating the challenges associated with entering new industries or undertaking major new initiatives
  • Failing to differentiate sufficiently from competition or finding blue oceans in an attempt to be a "better" version of the competition (e.g Tesla )

 

Giving the opening remarks the President of the NBCC, Mr. Kayode Falowo, said the choice of the theme for the webinar, was influenced by the need to emphasize strategic transformation as an imperative for business leadership.

 

Mr. Falowo said the webinar was in alignment with the goals of the chamber, which was to empower its over 350 members that comprise companies, organizations, and institutions.


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