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Monday Nov 25, 2024
Friday, 29 August 2014 01:19 - - {{hitsCtrl.values.hits}}
By Shabiya Ali Ahlam
Q: What is your simple definition for 3M?
A: Quite simply, we are ‘the’ Innovation company that never stops inventing. A company that has been around for more than a century, with $30.8 billion in global sales, 3M employs about 88,000 people worldwide and has operations in more than 70 countries.
3M Sri Lanka, a fully-owned subsidiary of 3M USA, began operations in 1994 and this year we are celebrating a significant milestone of marking 20 years of successful operations in Sri Lanka. We find solutions and develop products that enable customer success and improve lives. We enable customer success through our five market-leading business groups, namely Healthcare, Industrial, Safety & Graphics, Electronics & Energy, and Consumer business groups, where we turn our ideas into ingenious products and solutions that make life better for our customers and end-users every day.
In Sri Lanka, 3M has introduced products along most of its 46 technology platforms, the bedrock of our innovative process, and has since established itself in diverse industries such as Healthcare, Electro & Communication, Infrastructure, Construction, Apparel, Woodworking, Automotive Aftermarkets, Personal Safety & Security and Retail. It has certainly been a challenging and rewarding journey for us.
Q: What are the elements that have helped 3M maintain its position in the global market?
A: One of the success stories for 3M is innovation. We don’t just manufacture products, we bring in solutions; solution in terms of technology development and advancement and that has been a growth story for us.
Innovation at 3M is about making a difference. We impact every day in infinite ways to help make life better. The field of health care for example is just one area in which 3M innovation is able to touch life by bringing a broad array of solutions that promote health and improve the quality, cost and outcomes of care. New advances in areas such as wound care, dentistry and food safety are just some of the areas where our technology is making an impact. 30% of the business each year comes from new products introduced. Very few companies do that but we have done that successfully. We take the trust that we’ve earned from patients and clinicians over the years very seriously. With innovation, we bring hope for a better tomorrow with improved care.
With innovation being the cornerstone of 3M’s success, the company invests generously in research and development to foster organic growth by inventing new products and creating new industries. In order to nurture such growth, 3M allocates approximately 6% of its yearly revenue on new innovation.
Another attribute to the company’s success has been its extraordinary talent pool of employees. Abiding by the McKnight Principle, coined after the principles of former CEO, William L. McKnight, who believed in the importance of hiring the right people, tolerating mistakes and giving employees the freedom to explore has been the key to the 3M culture of innovation.
Q: Would you able to list the 3M’s top three inventions, the products that stand out?
A: It will be difficult to pinpoint three particular innovations since all of our products stand out in their own unique way and make a difference to whosoever is in need for that product or solution. The point to note here is that 3M never stops innovating and harnessing that innovation for the benefit of people. It’s been called the ‘3M effect’ and to the outside world, what we do looks a little like magic.
A unique fact that no other company can probably boast of the number of patents we earn on a yearly basis. 3M owns 671 US patents of a total 3,330 awarded in 2013. 3M recently celebrated a milestone of surpassing 100,000 patents earned by 3M scientists. Amongst the numerous innovations and milestones along the 3M journey is one to the moon. In 1969, 3M products were used in the first moon walk when Astronaut Neil Armstrong left a footprint in the lunar dust in boots made from Fluorel, a synthetic rubber from 3M.
Q: 3M will be celebrating 20 years of operations in Sri Lanka; could you outline its progress since its inception here?
A: 3M Lanka is celebrating 20 years of business in Sri Lanka. The company struggled through tough times and withstood hard knocks during much of its initial years but we were never inclined to leave. We saw long-term prospects and business opportunities in a country that was destined to develop. Along with that confidence, we had the support and loyalty of our people, our customers and our resources.
We have recorded double digit and healthy growths in the past four years and our business is only just taking off. The challenge has been to give solutions that are suitable for the Sri Lankan market and Sri Lankan Consumer and we have been successful in doing so by creating connections with our global operations in order to provide the exact solution needed in our market.
Further, in Sri Lanka, we have been able to create presence and visibility in various sectors including apparel, healthcare, and transportation after markets, telecommunications, construction, renewable energy, manufacture and infrastructure development. From adhesives to abrasives, interior and exterior vehicle maintenance products, connectors and cables, sun control film, personal safety equipment like helmets, safety goggles and face masks, to reflective signage and the glowing raised pavement markers, to name a few.
Q: Will 3M be looking to manufacturing exclusively to the local market?
A: The market as it stands now is relatively small for us, so we are not planning for any manufacturing in Sri Lanka at this point of time, but we are making good use of manufacturing that is taking place in the region. We are also making good use of the Free Trade Agreements Sri Lanka has with other countries.
Another point to note is that although 3M does not have its own manufacturing facility in Sri Lanka, 3M globally has third party manufacturing arrangements with Sri Lankan based and owned manufacturing facilities that cater to 3M’s global demand for certain product lines.
Q: What are the opportunities you see for 3M to expand further in Sri Lanka? How would you justify your view?
A: The country is on a growth platform. There is a lot of infrastructure development taking place in the country and when infrastructure develops, the country develops, and the private sector is clearly set to gain from this development. 3M’s opportunity expands in every phase of a countries economic development. As indicators such as GDP rise and given the types of industries coming to the fore, 3M has solutions for basically all of them. We are looking forward to working with our partner to offer solutions to the country.
Q: What improvements in the local biz environment would 3M like to see and why?
A: In the local market we want to strengthen our distribution channel; it is an area which we want to improve so we can extend our reach even further. We are also looking at developing the talent in our organisation and we are looking to invest in that sphere and take it to the next level and help the company grow. We are developing the talent for the future so our company continues to grow in the coming years.
Q: How has 3M contributed to the national economy?
A: Our contribution may not be very visible and out there, however we play a significant role in providing many solutions and products to various industries and national level development projects. Many of our products are used inside other products and/or to enhance the appearance, performance of another solution and going up to protecting the people who so vitally contribute towards the national economy. You can say we are a silent player in the country’s development.
Q: How has the performance been over the years? Could you give a comparison with progress before and after 2009, the year the conflict ended in Sri Lanka and global economic downturn took place?
A: 3M has good financial discipline and we have several policies in place. It was one of the companies that stood firm during the financial crisis because of our good control systems and we conduct our business processes and operations in an ethical manner. We follow all the rules and regulations so we never went wrong.
Q: What is the outlook you have for the company in Sri Lanka in the short term, medium term and long term?
A: The future is looking bright and good for 3M. We are positive that we can improve significantly in this region because 3M is showing double digit growth in the Asian region, about 25% on average. We are part of the growth story. There are so many positives happening in the region, especially in Sri Lanka.
– Pix by Shehan Gunasekara
