The ferrochrome manufacturing industry is evolving with advancements in technology and sustainability, while also navigating challenges related to raw material supply and environmental regulations. Balasore Alloys focuses on increasing the agility of its current systems, rapidly adapting to change, increasing transparency, and preparing for future disruption to better prepare for the challenges to come. The focus of the supply chain is to rely on ERPs to manage data and core processes and effective collaboration with suppliers can bring about real-time visibility into inventory, material quality, and costs to easily understand and report on supplier performance. It further focuses on the importance of sourcing balance, saving small suppliers, managing inflationary times, and digitizing procurement given the growing complexity and raw material variability.
Mission and Vision
“To be an organization that continuously achieves value creation by optimizing resources through operational excellence, enabled by technology, and driven by innovation, to meet customer satisfaction and to maximize the value for all stakeholders. To be amongst the world’s top five new generation Ferrochrome manufacturing companies in our products, in the way we service our clients, in our work ethics, and in our culture of societal integration.”
Client-Oriented Services
“The company has a special grade of chrome ore mine and Ferro Chrome product, which is quite rarely available worldwide, and this is presently being used by stainless steel producers. The company is expanding the Chrome mining by going with underground mining operations of Chrome ore (the first time in India). As this product is not available in China & other North-Asian Countries, it is leading to a spike in demand for such raw material. After discussions with various stainless companies, it has been found that there is a lot of scope to work together for both short and long terms and this prompted the company to start exporting into the market and signing long-term agreements with large stainless-steel companies.”
The Initial Challenges
The company was always growing, it had to move around different locations to explore and help as needed. “During my new assignment in China in year 2003, I came across many hurdles including language barrier, different corporate culture with different mindset in business dealing. During those years it was quite difficult to work on long term basis with both buyers and sellers as they keep changing their commitment and executing project on time. To understand their business ethics & past performance for selecting the right vendor and buyers a thorough assessment with vendor rating, by visiting their processing plant, manufacturing unit and by meeting their team leaders to develop a mutual trust and confidence for ensuring they will not back out on execution of orders in case of any kind of market up & down which was quite regular practice at that time,” says Vijay K Singh, CEO, Balasore Alloys.
The Differentiating Factor
•Business expansion in area of Ferro Chrome export worldwide by 21%. This was achieved with leadership competencies & strategy by well-defined roadmaps & commercial performance.
•First time in India started project of underground mining of Chrome ore at Balasore Chrome mine after due diligence study and underground design work has already started in early 2020. This will increase the production output as well as export by next year.
•One of the lowest cost producers globally due to their fully integrated business model.
•Globally preferred supplier to Stainless Steel producers and allied industries
The Art of Balancing Work and Life
Time management plays a significant role in everyone’s lives. One can only spend more time with friends and family if they are well-balanced and efficient. However, it is essential to know where to draw the line, one part of your life should not take over other aspects of life and living. This way Vijay enjoys life without any stress or inconvenience. Smart delegation is essential for yourself and your team as it benefits all involved parties. This can only be done through smart interactions and effective communication with team members and understanding the prerequisites of work.
For better management of time, he uses two fundamental strategies: flexible scheduling as allowed by the company and prioritizing responsibilities. Setting priorities and creating a schedule is the most helpful to integrate all aspects of life: work, family, classes, fitness, and social activities with other one-time events. He maps out his responsibilities and timelines daily in a to-do list of tasks that needs to be completed.
Regardless of how hard one tries, there will be sometimes when one or the other becomes more demanding in life. Learn to be creative and think of possible ways to meet the urgent priority while still attending to others. Without a clear separation between home and office, it may be hard to transition from work life to personal life. To counteract this issue, one needs a distinctive work zone.
Awards and Recognitions
•Balasore alloys of ISPAT Group was awarded the Top Exporter Silver Award for the year 2017-18 in the Three Star Export House (Non-MSME) category by FIEO Eastern Region. The Award was handed by Bharat Ratna Shri Pranab Mukherjee, Hon’ble Former President of India in presence of Mr. Bruce Bucknell, British Deputy High Commission Kolkata.
•Balasore alloy limited has been awarded by CII (Confederation of Indian Industry) with the “Excellence Award in Energy Conservation in the 9th ENCON” award ceremony organized by CII eastern region for initiating and implementing different energy-saving measures/ techniques in the plant.
•The award which was instituted by the Engineering Exports Promotion Council (EEPC), Union Ministry of Commerce and Industry was handed at the 49th EEPC National Award Presentation Function 2016-17 by Mr. C.R. Chaudhary, Honorable Minister of State for Commerce and Industry, Government of India in the presence of Ms. Rita Teaotia, Secretary, Department of Commerce, Ministry of Commerce and Industry and Mr. B.S. Bhalla, Jt Secretary, Department of Commerce, Ministry of Commerce and Industry.
•Balasore alloys of ISPAT Group recognized as a good neighbour through its Corporate Social Responsibility activities has been appreciated again. The Institute of Quality & Environment Management Services (IQEMS) backed by support from South Africa High Commission, CREDAI Odisha, Rotary International organized a competition-cum-seminar on ”CSR Initiatives-Value Driven Social Change” on 21st May 2016.
The Future Roadmap “Seamless integration of all business processes for greater efficiency is essential for future practice, alongside the implementation of SAP and cloud-based CRM module will certainly help growth. This, however, does not prevent cybercrime. With that in mind, more organizations create and appoint Chief Security Officer and CCO who would be responsible for ensuring that an organization is cyber-ready, would bear the responsibility for preventing breaches, take the lead if a breach does occur, and provide a robust connection between the board and the rest of the company,” concludes Vijay.
- Visit Vijay K Singh – LinkedIn Profile
- Visit Balasore Alloys Limited – Company Website
