In a recent survey by Gartner, Inc., 62% of CEOs identified growth as their top priority for 2024, with AI emerging as a key focus. In this article, Lahiru Wijerathna, CEO of Modern Pack Lanka Pvt Ltd., shares his insights on driving growth, leveraging AI, and sustaining momentum in an evolving business landscape.
According to a recent survey by Gartner, Inc., 62% of CEOs have identified growth as their top business priority for 2024.
AI is emerging as a significant theme in business transformation, with 34% of CEOs considering it the next major focus. The article is published in this magazine. We contacted a few CEOs to share their insights with our readership.
Here are the views presented by Lahiru Wijerathna, the CEO of Modern Pack Lanka Pvt Ltd, an affiliated company of the CBL Group, Sri Lanka.
Q. What strategies and initiatives are you implementing to drive growth in your organisation, and how do you plan to sustain this momentum in the long-term?
At Modern Pack Lanka, growth is a core objective, and our 2024 strategies focus on market expansion, innovation, and sustainability. We are heavily investing in research and development to introduce new, high-quality products that meet the evolving needs of our customers. One of our key initiatives is to expand our presence in emerging markets, which we believe hold tremendous potential for growth.
To sustain this momentum, we are committed to building a robust talent pipeline. By fostering a culture of continuous learning and development, we ensure our team remains agile and responsive to market changes. Additionally, we are leveraging strategic partnerships and collaborations to enhance our capabilities and expand our reach. For example, our recent collaboration with the Sri Lanka Institute of Nanotechnology (SLINTEC) has opened new avenues for innovation and market penetration. This partnership enables us to incorporate advanced nanotechnology into our packaging solutions, offering superior performance and sustainability.
Q. What specific factors have contributed to your renewed confidence in pursuing aggressive growth strategies?
David Furlonger from Gartner highlighted a phase of rising business leader confidence, which resonates with our experience. The past few years have indeed presented significant economic challenges, but they have also been a period of introspection and strategic realignment for us.
Our renewed confidence stems from several factors. Firstly, we have observed a strong recovery in consumer demand across various sectors, which is a positive indicator of economic stability. This resurgence in demand has been particularly noticeable in our key markets, providing a solid foundation for growth.
Secondly, our internal restructuring and efficiency improvement measures have yielded substantial cost savings, allowing us to reinvest in growth-oriented initiatives. These measures have streamlined our operations, reduced waste, and improved productivity, making us more competitive in the market.
Lastly, the acceleration of digital transformation has provided us with new tools and platforms to better serve our customers and optimise our operations. By embracing digital technologies, we have enhanced our supply chain management, improved customer engagement, and introduced innovative products more efficiently.
Overall, our strategic focus on market expansion, innovation, sustainability, and digital transformation positions us well for continued growth and long-term success.
Q. How is your organisation leveraging AI to enhance operational efficiency and drive innovation?
AI is undoubtedly a game-changer in today’s business landscape, and we are proactively integrating AI-driven solutions to enhance our operational efficiency and drive innovation. Our AI strategy focuses on three primary areas: customer experience, supply chain optimisation, and product development.
In terms of customer experience, we are utilizing AI to analyse customer data and deliver personalised recommendations. This not only enhances customer satisfaction but also drives repeat business.
Q. Can you share specific examples of AI applications that have had a significant impact on your business processes and outcomes?
AI has significantly optimised our supply chain, improving demand forecasting and reducing stockouts and overstock situations. This has enhanced our operational efficiency and cost savings.
In product development, AI analyses market trends and consumer preferences, enabling faster, data-driven decisions and shorter product development cycles.
A notable example is the AI-powered quality control system we are working on for our manufacturing, which detects defects in real-time, reducing defect rates and increasing customer satisfaction.
Our focus on growth and strategic AI adoption positions us well for 2024. We remain committed to driving innovation, efficiency, and sustainability across our business.
