Bhagwan Gaikwad
Director, Accupack Engineering Pvt. Ltd.
Member since: 2018
‘TAB has enabled me to think like an investor in my business’
While working together at an MNC specializing in providing machinery for blister packaging to the pharmaceutical industry Bhagwan Gaikwad and Anil Kumar realized that there was an urgent requirement for change parts (the parts that give shape and structure to pharmaceutical products) to be supplied in the market. The Original Equipment Manufacturers were not able to provide the required quality as desired by the pharmaceutical companies and the blister machine manufacturers. Thus Accupack Engineering Pvt. Ltd. was born in 2001 with another partner Shehul Sheth joining in with two main USPs:
- Provide a flexible and customized approach to the customers with shorter lead times.
- Adhere to the highest quality of after sales service.
“Be Flexible, Focus on the Customer”
This has been the biggest lesson learned at Accupack over the past 18 years in a dynamic pharmaceutical industry. Also, Accupack’s position in the value chain i.e. change parts is the last step in a long process without which the product cannot be produced or delivered. The ability to take risks and deliver on time has enabled Accupack to become preferred growth partners to most companies in the pharmaceutical industry.
In a huge and ever changing industry, growth is of paramount importance but it comes with its own set of challenges. There was no one for Accupack to lean on for advice nor anyone to hold them accountable for performance. To combat these challenges and continue to grow Accupack turned to TAB in 2018.
Says Gaikwad, “My first question was, How can people from other industries help our business?” However, TAB has not only improved me as a leader where I am able to build my confidence and communication skills but also fundamentally improved our business. Previously, we were always in fire-fighting mode leading to inefficiencies. Interacting with other board members at TAB has taught us to empower employees to come up with solutions and put in effective change management practices both at the employee and department level.”
In a competitive industry where lead times are a genuine and sustainable source of competitive advantage, setting and meeting targets effectively can propel growth and brand value. Here TAB has helped Accupack definitively – 85% (31cr) of the top-line target (35cr) met for 2018 with focus on the Order Booking Cycle. Another key learning from TAB was that the owner must act as an investor and understand why planning is required to achieve growth, profitability and sustainability.
Recently Accupack launched a new machine tools division providing blister and carton packing machines drawing on years of expertise in servicing domestic and foreign makers of blister machines further integrating their value chain and positioning themselves as a holistic solution provider to the pharmaceutical industry.
Although it is a little early to comment on the impact of TAB on the machine tools division, Gaikwad says, “From the TAB meetings I have attended we have learned to understand other industries with the conclusion that although products among companies are different the challenges and solutions are similar and TAB has helped us in addressing these issues.”
Going forward, whether for change parts or machine tools, the directors of Accupack see TAB playing a crucial role in the growth of their company.
