Priya Bhumkar: A Frontrunner When It Comes To Creating A Unique Business Model That Prioritizes On Quality
Priya Bhumkar
Managing Director
In an exclusive interview with CEO INSIGHTS, Priya talks more about her professional journey and the unique business operations of Soujanya Color.
Give us a brief detail about your educational and professional background? How has it helped you in your journey so far?
Being a Chemistry Graduate and an MBA in Finance, both these qualifications provided the knowledge and background for our business. Our business is in the specialty chemicals space, so the knowledge and familiarity with chemistry were useful. The MBA worked to shape the business thinking and equipped me with the requisite skill sets to build and conduct the business to professional standards. Later, as the scale and scope of the business grew and I felt that I needed more knowledge and skills to take the business through its next phases of growth trajectory, I did the EPGC program at Stanford GSB and the OPM program at HBS.
These have been immensely helpful in shaping business thinking and outcomes. The basic tapestry of education is bordered by the frills of experience and entrepreneurial passion of over three decades. Each day contributes to new learnings making the journey enriching. Overall, the journey has been a very personal inward looking one of
exploration of my capabilities as an individual. The external journey has just happened in the course of this exploration.
What different roles have you been undertaking at Soujanya Color?
Our business is family owned. By the time, I assumed the role of an MD, our company had already received a strong foundation by dint of the efforts of the previous parental generation. My role, therefore came in setting a global vision and footprint for the company and in professionalizing the business. In short, I was obsessed with the idea of taking a local SME business and making it into a global professional enterprise. Some of the specific things I worked upon during my stint have been setting vision and strategy for the business, building a professional team, setting up world-class manufacturing infrastructure, increasing exports, creating a strong innovation culture, building a globally recognized brand, strengthening supply chain capability, making the company agile and flexible and making the business resilient to enable it to withstand competitive forces. My roles in the company have spanned the gamut of visionary, creator, builder, innovator, team leader and a contributor to society.
Having worked in different verticals
of industries and gained experience with the industry trends, how does your experience help you out to chalk out business operation for the company?
The cross-functional experience and exposure to global best practices and standards of management of a company, allow me to bring to the fore several data-points in the decision-making process. These allow for a balanced decision making while at the same time give you the conviction to take big and bold decisions which can be large in their impact on the business to move it forward rapidly. I would say that this has been the biggest
What different roles have you been undertaking at Soujanya Color?
Our business is family owned. By the time, I assumed the role of an MD, our company had already received a strong foundation by dint of the efforts of the previous parental generation. My role, therefore came in setting a global vision and footprint for the company and in professionalizing the business. In short, I was obsessed with the idea of taking a local SME business and making it into a global professional enterprise. Some of the specific things I worked upon during my stint have been setting vision and strategy for the business, building a professional team, setting up world-class manufacturing infrastructure, increasing exports, creating a strong innovation culture, building a globally recognized brand, strengthening supply chain capability, making the company agile and flexible and making the business resilient to enable it to withstand competitive forces. My roles in the company have spanned the gamut of visionary, creator, builder, innovator, team leader and a contributor to society.
The cross-functional experience and exposure to global best practices and standards of management of a company, allow me to bring to the fore several data-points in the decision-making process
Having worked in different verticals
of industries and gained experience with the industry trends, how does your experience help you out to chalk out business operation for the company?
The cross-functional experience and exposure to global best practices and standards of management of a company, allow me to bring to the fore several data-points in the decision-making process. These allow for a balanced decision making while at the same time give you the conviction to take big and bold decisions which can be large in their impact on the business to move it forward rapidly. I would say that this has been the biggest
influence of the experience on our business.
As the MD of Soujanya Color, what are the key drivers that you deploy to ensure that the company’s operations are used appropriately to meet its short/long-term needs?
Key drivers deployed for meeting the company’s short term and long-term needs would be as follows growth as a key objective of the company; profitability; ensuring intimate customer connect; innovativeness in every aspect of the business; technology focus; financial strength; being people-focused; retaining cutting edge operating standards; timely decision making; setting clear goals and agendas; nurturing the culture of the organization to build a unique brand.
In your professional journey so far, which are the milestones that bestowed your utmost satisfaction - both as an individual and a MD?
As MD it would be - making Soujanya Color a globally recognized and renowned brand which stands for hallmarks of technology, quality and customer service. As an Individual it would be my development as a ‘Leader’. This had been my penchant since the time I started my journey.
How do you update yourself with the latest technologies and trends in the paint and coating industry of India?
As mentioned before, we share a deep customer connection. This allows us to see emerging trends in the industry. At a personal level, I am an avid reader and follower of business trends, so my curiosity keeps me engaged and in pursuit of trends and technologies. Within our company, the technology crucible is always on the burner and it is bubbling with new product ideas and newproduct developments. Research, debate and discussions on technology occupy centerpiece in our day and keep us all merrily active and energized. Our travels and dialogue with customers, suppliers, academia and conference/seminar participations help keep us abreast with the latest developments and trends.
Priya Bhumkar, MD, Soujanya Color
An innovative business leader and a great family person, she believes in living a large life full of activity, balance, harmony, compassion and grace. Under her guidance, Soujanya Color has received The Tata Innovista Award for Most Innovative Partner to Tata Company and Zee Business Award as Company of the Year 2019 in the Specialty Chemicals field.
As the MD of Soujanya Color, what are the key drivers that you deploy to ensure that the company’s operations are used appropriately to meet its short/long-term needs?
Key drivers deployed for meeting the company’s short term and long-term needs would be as follows growth as a key objective of the company; profitability; ensuring intimate customer connect; innovativeness in every aspect of the business; technology focus; financial strength; being people-focused; retaining cutting edge operating standards; timely decision making; setting clear goals and agendas; nurturing the culture of the organization to build a unique brand.
In your professional journey so far, which are the milestones that bestowed your utmost satisfaction - both as an individual and a MD?
As MD it would be - making Soujanya Color a globally recognized and renowned brand which stands for hallmarks of technology, quality and customer service. As an Individual it would be my development as a ‘Leader’. This had been my penchant since the time I started my journey.
How do you update yourself with the latest technologies and trends in the paint and coating industry of India?
As mentioned before, we share a deep customer connection. This allows us to see emerging trends in the industry. At a personal level, I am an avid reader and follower of business trends, so my curiosity keeps me engaged and in pursuit of trends and technologies. Within our company, the technology crucible is always on the burner and it is bubbling with new product ideas and newproduct developments. Research, debate and discussions on technology occupy centerpiece in our day and keep us all merrily active and energized. Our travels and dialogue with customers, suppliers, academia and conference/seminar participations help keep us abreast with the latest developments and trends.
Priya Bhumkar, MD, Soujanya Color
An innovative business leader and a great family person, she believes in living a large life full of activity, balance, harmony, compassion and grace. Under her guidance, Soujanya Color has received The Tata Innovista Award for Most Innovative Partner to Tata Company and Zee Business Award as Company of the Year 2019 in the Specialty Chemicals field.