Abstract for: Impact of Flexibility on Risk Management in an Indian Pharmaceutical Manufacturer – A system dynamics approach
Flexibility is a multi dimensional perspective built over the concept of dynamic interplay between thesis and anti-thesis, which facilitates options, freedom of choice and change management mechanism. The freedom of choice is leveraged best when it is backed up with the continuous learning environment. Flexibility is about dealing with diametrically opposite business situations with processes and actors who have the options, change management mechanism and freedom of choice backed up with knowledge, synthesizes and comes up with Learning, Action and Performance (SAPLAP, Sushil 2000). The challenge of today’s business world is to transform traditional organizations and their systems so that they can become more flexible. Development of dualistic behavior of business environment has created immense tensions. The environment can be best described by Flowing Stream Strategy (Sushil, 2012) by managing change with continuity. The monolithic either/ or concept has paved ways for multidimensional inclusiveness. It’s about dealing with Centralization with decentralization, Continuity with change and Integrity with diversity. The concept of value for money has become a cliché. Customer wants more value with lesser cost. Flexibility, Controllability and Risk sensitivity is gaining increasing importance as organizations strive for competitiveness through enhancing capabilities in three paradigms – people, process and technology.