Tata Sons Chairman N Chandrasekaran urges group to prepare for more disruption and volatility in 2024

In his year-end address to employees, Tata Sons Chairman Natarajan Chandrasekaran on Thursday (December 28) emphasised the need for the group to brace itself for more disruption and volatility in the global landscape while underlining the crucial role of technology shaping and making the cornerstone of the Tata Group's strategy.

In a comprehensive review of the year that was, Chandrasekaran acknowledged the challenging global environment marked by geopolitical tensions, the proliferation of generative AI, and an accelerating drive toward sustainability.

"Looking ahead to 2024, we must be prepared for more disruption and volatility. The complexity of global governance will reach new heights as the world finds new rules to protect data privacy, curb inflation, reduce carbon emissions and perceptions of Al risk. Geopolitics is also a potential source of volatility. 2024 is a year of elections, with 40 nations heading to the polls," he said.

Despite these challenges, he commended the Tata Group's performance in 2023, highlighting the successful implementation of the transformative principles of simplification, synergy, scale, sustainability, supply chain, and AI across the group's companies.

Chandrasekaran pointed out notable achievements, including Tata Technologies' historic IPO and the announcement of new gigafactories, projecting resilient growth for the decades ahead.

Further, he spotlighted the launch of the Tata Transformation Prize, an initiative to celebrate ground-breaking research and development aimed at addressing India's unique challenges.

Financially, the Tata Group demonstrated its prowess with a combined market capitalisation increase of 32%, nearly double the rate of the Sensex, reflecting the adaptability, resilience, and dedication of its workforce. Chandra expressed gratitude to the employees for their hard work, declaring pride in the accomplishments of the year.

As the Tata Group gears up for 2024, Chandra outlined three key priorities: Execution, customer satisfaction, and technology. Emphasising flawless execution and speed, he urged a customer-centric approach across all consumer businesses, with the goal of making 'Brand Tata' recognisable across companies.

Most notably, Chandrasekaran called for the group to not just adopt or adapt to technology but to actively shape and make it. He urged each company to appoint an AI champion to pursue the benefits of AI economically, operationally, and socially.

Chandrasekaran concluded his address by expressing optimism for India's future amidst global uncertainties, citing the nation's thriving economy and the potential benefits from transformative shifts in the world.

He drew inspiration from India's achievements, including the ground-breaking lunar mission and the Indian cricket team's stellar performance in the World Cup.