Why do we change?

Recently, a very close friend of mine expressed to me that I had changed. For the past few days, I have been thinking deeply about this statement. Why do we change?

I met a girl at the airport while traveling to catch my flight. She was in her mid-20s, a highly introverted individual, and worked as a librarian in some small city/town in some eastern state. As a librarian and as someone preparing for library information services, she is expected to be meticulous in keeping things in order at the library and helping people get what they’re looking for by way of rummaging through the bookshelves to find their true purpose in life! I learned she hadn’t traveled much, and this was her second flight so far. And of course, flights are scary. Right? Who wants to be strapped in seats in a compact claustrophobic aircraft that’s going to be thousands of feet above the ground, racing through turbulence, and the lack of breaks for passenger driving? And yet despite all her fears she was there. She was waiting on her flight. She was flying to Arkansas to be with her friends to experience the solar eclipse in totality. To share this joy of the wonders of our universe! She was willing to break out of her comfort zone to experience something new, something different.

Throughout my career so far, I have constantly adapted, learned new skills, and new things, and gotten into new areas. Change is nothing but inevitable, and necessary. If we are not changing, not adapting, what are we doing?

Small changes can lead to a bigger impact!

A great story of ‘change’ that comes to my mind is about the TTK group of companies in India (the group behind major brands coming to the Indian market pre- and post-independence). Those unaware of this brand, this was not even remotely close to a brand when taken over as a small business by T.T. Krishnamachari (referred to as TTK) in 1928 in Chennai as the T.T. Krishnamachari & Co. Although, his idea of a brand or a company was never the highlight of where the company has made it today. Under the innovative guidance of TTK, TTK & Co. initially found success in the retail sector, specializing in the sale of soaps and oils before transitioning to become the exclusive indenting agent for prominent British firms such as Lever Brothers and Beecham in southern India. Krishnamachari's innovative approach, such as pioneering redistribution through setting up warehouses in different towns and distributing calendars adorned with images of deities alongside product logos, ensured widespread brand presence. However, Krishnamachari's foray into politics (friendship with Nehru and becoming the minister of commerce and trade) brought challenges, including disruptions caused by foreign exchange shortages and missed opportunities such as the Amul distributorship due to perceived conflicts of interest.

In the 1950s-60s, T.T. Narasimhan (TTN, son of TTK), took over the company in an ambitious spurt to expand the business into manufacturing. From introducing products like condoms (they were the first ones to introduce this in the country way back in 1948, soon after Independence!) and gripe water to venturing into printing and pharmaceuticals, TTK demonstrated a pioneering spirit and a keen understanding of market needs. However, despite their innovative endeavors, many of these ventures faced financial challenges and incurred significant losses, contributing to the group's accumulated debt of Rs 10 crore by 1970 (~1,30,000 USD, which was a lot at that time). TTK's attempts to sell the business proved futile, compelling Narasimhan to initiate a successful turnaround strategy. The goal was to restructure and aim for profitability. Narasimhan prioritized reviving the worst-performing companies, such as Maps and Atlases, through pragmatic decision-making and strategic shifts, such as transitioning from map production to printing, leading to improved operational efficiency and cost savings. Established in 1965 in collaboration with Bertelsmann of Germany, Maps and Atlases Publications Pvt. Ltd. was formed with Bertelsmann owning a majority stake. Bertelsmann anticipated high demand for maps and atlases in India, projecting a need for 60 million atlases and 300 million maps annually, considering the country's population of 800 million, including 300 million children. However, actual sales of atlases in India remain surprisingly low, with less than one million sold annually. Sales fell drastically short of the projected amount, pushing the company into bankruptcy.

And so, leaving his education at Cornell, TT Jagannathan (TTJ), took over the reins from his father TTN to save the dying conglomeration of companies under the TTK and co. The solution was simple. All he had to do was make more money than the losses. Using the weakest companies, Maps and Atlases, they started printing pretty much anything and everything (books, pamphlets, posters you name it). But it wasn’t enough to generate profits.

TTJ came up with another solution. He proposed replacing the labels on Woodward’s Gripe Water, a popular baby digestive product introduced by TTK in India in 1928 and manufactured under license since 1959. The previous packaging comprised a large piece of folded paper wrapped around the bottle leading to significant paper wastage and labor costs including time inefficiency exacerbated by frequent labor strikes at the site of paper production. To address these issues, the size of the paper was reduced to use 1/6th of the previous requirement, printing the blue color on white paper, and directly printing the label on the package. Although the factory staff expressed concerns about potential customer resistance due to changes in the product's appearance, TTJ insisted and fought to implement the change, resulting in substantial cost savings in paper procurement. Despite initial apprehensions, the transition to the new labeling system proved successful. TTK Pharma, overseeing Woodward’s Gripe Water business, continues to utilize this labeling approach, sourcing paper from an alternative printer following the cessation of Maps and Atlases' printing operations.

Coming from an engineering background, TTK further went on to revolutionize the pressure cooker technology (today the famous “Prestige” brand) with innovations like the weight-modified safety valve, ensuring safe pressure release and preventing accidents. Their focus on design, durability, and convenience, including improved sealing mechanisms and modern features, have made their pressure cookers indispensable in kitchens worldwide. And thus, despite initial resistance to “change”, TTJ’s bold initiatives, like optimizing packaging for Woodward's Gripe Water, redesigning the pressure cooker, crafty marketing tactics (they held India’s first condom fashion show, where all the clothes were made of condoms!!!!) yielded tangible results, underscoring his leadership and determination to revive TTK & Co.'s fortunes.

Today the market cap of this group is ~96 billion INR (you can do the math).

So, the question shouldn’t be why we change but rather “Am I aware to bring about necessary changes?”