The Entrepreneurship Development Cell at Poornaprajna Institute of Management orchestrated a program that delved into the entrepreneurial nuances of ITW BISS. Dr. Bharath V, the Director of PIM, graced the occasion with his presence, while Dr. Bharathi Karanth coordinated the program.
During the event, second-year MBA students engaged in insightful interactions with Mr. Ramakrishna Hebbar, General Manager at ITW-BISS. The students actively sought clarification on various aspects, fostering a dynamic exchange of ideas and knowledge.
This initiative by the Entrepreneurship Development Cell further underscores PIM’s commitment to providing students with practical insights from industry experts, contributing to their entrepreneurial acumen and overall professional development. This program was held on 3rd December 2022
ITW Business Model Overview:
Source: https://www.itw.com/about-itw/itw-business-model/
ITW-BISS’s business model revolves around three key elements:
- 80/20 Front-to-Back Process: Maximizing Value
ITW employs a proprietary 80/20 Front-to-Back Process, a set of exclusive tools and methodologies. This process enables divisions to structure and operate efficiently, catering to large, profitable customers while minimizing costs and complexities associated with smaller clients. The outcome is best-in-class customer-facing execution, high-quality organic growth, and superior profitability.
2. Customer-Back Innovation: Creative Problem-Solving
The company focuses on innovation driven by customer needs, collaborating closely with key clients to develop unique solutions addressing technical challenges and enhancing business performance. With a portfolio boasting approximately 19,200 patents, including over 1,700 filed in 2022, ITW showcases its commitment to creative problem-solving.
3. Decentralized, Entrepreneurial Culture: Empowering Ownership
ITW’s culture empowers employees to think and act as owners. Clear expectations regarding the business model, strategy, and values guide their actions. Within this framework, business teams are empowered to make decisions, customize approaches, and maximize the relevance and impact of the ITW Business Model for specific customers and markets. This approach fosters a culture of accountability and entrepreneurship.
In conclusion, the Industry-Academia Interface provided valuable insights into ITW-BISS’s business model and the strategic elements contributing to its competitive advantage. The emphasis on operational efficiency, customer-centric innovation, and a decentralized, entrepreneurial culture collectively form the pillars of ITW’s success in the industry.
Please note: Information courtesy : https://www.itw.com/about-itw/itw-business-model/
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