Vibhav Soni: Steering Meenakshi Polymers Towards Greater Heights

Vibhav Soni: Steering Meenakshi Polymers Towards Greater Heights

Vibhav Soni,CEOThe automotive industry is being forced to adapt drastically to changes in market demographics, consumer preferences, and technological advancements. Focusing on dynamic capability throughout each level of a business, not just R&D and technology, but also developing or acquiring the required talent to lead in this time of transition is much more critical than ever. In an exclusive interview with CEO Insights, VibhavSoni, the CEO of Meenakshi Polymers, enlightened us about his professional journey so far and the challenges faced while establishing himself as a leader.

Kindly enumerate major points/factors about your professional journey so far.
Having completed my MBA in 2014, I joined my family business of manufacturing auto parts accompanying my brothers and my father. My educational background in a boarding school helps me adapt with ease to any new environment and everchanging technologies. Since my childhood, I have been a techsavvy person and having specialized in computers during my BTech, I have brought in major digitization in our company’s operations. I introduced barcoding of products which has made a significant difference in our day-to-day operations. Being a third-generation entrepreneur, my prior experience in this industry had taught me how to be independent and stand strong in a competitive market while never compromising on organizational ethics and quality standards.

Additionally, I witnessed a major flaw in our growing organization regarding the flow of information. In order to streamline this structure, I implemented the concept of collation and evaluation of real-time data, using technologies which has led to precision and accuracy in monitoring and subsequent decision making. This move has been highly appreciated and recognized by my colleagues and team as it eventually helped us in understanding and successfully meeting the needs of every customer.
What are the challenges that you encountered in your initial days at Meenakshi Polymers and how did overcome them?
Although Meenakshi Polymers is owned by my father, I did not commence my professional journey from the top. My father began my training in the production epartment, and I underwent rigorous training at different levels in every department which gave me a thorough understanding of our products, our teams and our company. This experience of working with a vast group of people made me understand their strengths and appreciate their diversity.

This has been a key learning as I can now apprehend their individuality and their thinking and effectively allocate tasks to them. Furthermore, I focus on trying to align them with the goals of the company and motivate all teams to work together as a unit while moving ahead towards accomplishing a common objective. This is one major aspect that I have learnt at Meenakshi Polymers.

Digitization, Modernization and Data Processing are some of the major factors that have been improved at Meenakshi Polymers after I entered, and it has helped us to have a better business

Additionally, in recent years there have been a lot of economic changes with the introduction of the GST and change in laws, which have pushed us to create new strategies to accept, adopt and excel under such circumstances.

In the current day and age, the CEO of a company has to assume various roles such as a leader, visionary, decision-maker, manager, board developer and others. What different roles have you been undertaking at Meenakshi Polymers?
As I mentioned before, I have undertaken multifarious roles, right from being a production supervisor to operation manager. I have also been looking after supply chain management, finance, sales and purchase. I work along with my brothers and we now have specific areas of management in our different plants. And today I am CEO with a wider realm of duties and of
course, an added sense of responsibility.

How does your industry experience help you to chalk-out efficient business modules at Meenakshi Polymers?
Digitization, Modernization and Data Processing are some of the key areas that I have focused on after joining Meenakshi Polymers Pvt Ltd. This has helped show significant results in terms of business. Alongside, we are also working on several upcoming modes of non-conventional finance and transitions for future growth. As a group we attend many training sessions and seminars that are held by other organizations to keep abreast of everchanging trends and developments in our sector.

As a CEO, I am always open to new ideas and concepts as we encourage transparency among our workforce irrespective of the departments. The last few years have seen us instating a larger female workforce who have displayed a high level of proficiency in increasing our time management and productivity levels.

What advice would you like to give to the young entrepreneurs(s) in India and what would tell them to expect in their journey?
While it may look extremely exciting from the outside, every entrepreneur’s journey is initially filled with challenges. An individual may feel lost after some time and a sense of ambiguity creeps in while figuring out their role, their approach and their expectations. But as time goes by everything falls into place. With grit, determination and a clear vision one must continue to work hard with an open mind. The journey will be enriched with ample experience and one will understand the nuances of one’s organization and work culture. One must have patience to tackle failure because there is no short cut to success and failure is the key to learning how to convert your weaknesses into strengths and carve your own destiny.

Vibhav Soni, CEO, Meenakshi Polymers
Analumni of Amity University, Noida, VibhavSoni completed his BTech in Computer Science and then his MBA from Long Island University, New York. In the year of 2014, he joined Meenakshi Polymers accompanying his father and brothers, and currently he is functioning as the CEO of Meenakshi Polymers.

Location: Gurgaon

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