Global Expansion and Sustainability
Insights from SKP Bearing Industries’ Managing Director
Insights from SKP Bearing Industries’ Managing Director
In a recent episode of the Motion Masters podcast, recorded at the Bearing and Power Transmission World Meetings 2024 in Istanbul, I sat down with Mr. Shrinand Palshikar, Managing Director of SKP Bearing Industries Limited, India. The conversation offered valuable insights into the evolving landscape of the bearing industry, with a focus on global expansion, sustainability, and innovation.
Global Expansion: A Strategic Necessity
Mr. Palshikar emphasized the importance of going global in today’s market.
“We are becoming a global partner or you can say a global supplier to global customers,” he stated.
This strategy isn’t just about market expansion; it’s about risk mitigation and providing comprehensive solutions to customers.
SKP’s recent acquisition of VALETTE ET GAURAND in France exemplifies this approach.
As Palshikar explained, “Now we are European manufacturers. So, we have a presence in Europe as well as in India.”
This dual presence allows SKP to offer unique solutions by combining advantages from different locations, such as raw material sourcing from one country and technological expertise from another.
Customer-Centric Approach
At the core of SKP’s philosophy is a strong commitment to customer satisfaction.
“We are very customer-centric,” Mr. Palshikar emphasized.
This approach involves working closely with customers to identify their needs, whether related to cost, quality, delivery, or even packaging and logistics. The goal is to provide solutions that make customers happy and foster long-standing relationships.
Sustainability: Beyond Carbon Neutrality
One of the most striking revelations from the interview was SKP’s commitment to sustainability. While many companies are still working towards carbon neutrality, SKP has already surpassed this goal.
“We are not carbon neutral, we are positive. We generate more green energy than what we consume,” Mr. Palshikar proudly stated.
This achievement is the result of a long-term commitment to sustainability. SKP entered into the green initiatives about 15 years ago, investing in wind, solar, and hybrid energy solutions. The company also practices zero liquid discharge, ensuring no liquid waste is released into the environment.
Mr. Palshikar stressed that sustainability is not about technology or resources, but about commitment. “It’s not a question of money, it’s a question of commitment,” he said, adding that this commitment extends to every employee in the company, from management to staff.
Embracing AI and Future Trends
When asked about the role of Artificial Intelligence (AI) in the industry, Mr. Palshikar expressed a positive outlook. “AI is a requirement,” he stated, emphasizing the need to adapt to and leverage new technologies rather than fear them. He encouraged businesses to develop AI solutions tailored to their specific needs to gain a competitive advantage.
Challenges and Opportunities in the Global Market
Mr. Palshikar identified several key trends and challenges in the power transmission industry. The shift towards global markets means that companies can no longer rely solely on local clusters. Post-COVID, customers are prioritizing risk mitigation and global sourcing, seeking reliable partners from multiple locations.
While this global shift presents challenges in terms of increased competition, Mr. Palshikar sees it as an opportunity for quality-focused companies. He emphasized the importance of considering the overall life cycle and performance of products, not just the upfront cost. “You cannot compromise on quality and the requirements,” he stated, adding that investments in technology and innovation need to be recouped through product pricing.
Looking Ahead
As the interview concluded, Mr. Palshikar left listeners with a powerful message about the future of the industry. “The global customers are looking for global solutions,” he said, emphasizing the need for companies to be competitive, reasonable, and performance-oriented.
The conversation with Shrinand Palshikar provides valuable insights into how traditional industries like bearing manufacturing are adapting to a rapidly changing global landscape. By focusing on global expansion, sustainability, customer-centric solutions, and embracing new technologies, companies like SKP Bearing Industries are not just surviving but thriving in this new era.
As the bearing and power transmission industry continues to evolve, the strategies and insights shared by Mr. Palshikar serve as a blueprint for companies looking to stay ahead of the curve in an increasingly competitive and globally interconnected market.
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