Last 20 months I spent huge amount of time studying two specific area of Business Which attract me like a magnet. If I were not here in Canada probably I wouldn’t experienced, and COVID gave a chance to study about it. I think both this area can help our RMG industry. I was more on Marketing side whole life and finance was not cup of tea until I came here leaving the RMG industry. These two area is Investment (Portfolio management, Hedging a fund or investment) and Business transformation (Change management, Project management and finally ERP solutions, which includes data science, IOT and AI in future).
Present and future of the RMG Industry of Bangladesh
I worked for a fortune 100 company for a while before COVID layoff. I had three months of training on CRM software, Business analytics software. Had to learn advance excel, BI tools, SAP. I saw their process and fascinated. From that day I thought I wish our juniors and seniors who are working in the RMG industry have all of this tools which will make their life easy and make RMG industry productive. I am studying finance, How to handle a hedge fund portfolio. How to decide to buy or sell a company, analyze it. paid a huge amount of money for all these and hours after hours of time.
Imagine for a while. Western country has less population with huge land but their country is top of the world in terms of creating great business, Innovation and technology. Their road, supply chain, everything is awesome. What makes them great? Education, Process, Innovation and research, Freedom of speech. Imagine if we can transform our population like them what we can do. Close example is China. Look what China did in last 20 years and India is doing. They are transforming there work force and scaling up everything.
You cant simply produce as many kids you want or buy them. In western countries they need more people that’s why take immigrant. They are taking best of the best of all over the world. It means if we can transform our population with a long-term plan then in 20-30 years we can be top 30 country in the world. It is very much doable. Roads and bridges are improving already which is good sign.
What we are doing? In RMG industry we made photocopy of each other in last 10 years. It has a critical point. After that we will kill each other. Only way out from here is:
- Bring new sector or new knowledge.
- Improve the existing one with better process in the RMG industry.
What hedging fund teach you? diversify your portfolio. don’t put all eggs in one basket. what Project management, risk management, change management do, bring everything in a system. what ERP does connect everything to make a ecosystem which can be controlled from a Centre point. Transformation is very difficult. Unless you are in top position or have an MBA from good institution or you master MBA then hard for you to understand. Few of us did it without MBA but it took them a long time. Time is limited now.
How many of us aware of this, How many of are thinking about it. How many of us brave enough to transform our RMG industry with a mission. Or we are happy with our money without family. Unless business is digitally transformed we will never have mental piece and family life, it will take all our time. I believe change will come here soon. very soon. This is a existential threat. Our competitors are not sleeping, they are working hard to improve their process.
Who will do it. us, each of us, improving ourselves each day with a open mind. I will give my best. earning money cant be a mission of life. transforming life can be. Money will come as by product.
From now on try to think from the perspective of your boss, Owner, or a brand who is importing. Put yourself in their shoes then ask yourself what you expect from you. More you are with top management more change to influence them with your knowledge.
I have the intention to do many things but I cant do it alone. I need a team. I am not attracted much in making buying office or selling chemicals or simple machines or any other business in RMG industry. Did a lot already. Those are easy things to start, but full of competition. Best thing to do where no competition, you create your own market.
Please pray for me so Allah give me a lot of patience and stamina and execution skill so I can contribute. At my age it is not easy to take new initiative. If I have a tribe full of CEO, Engineer + MBA holder then it will be easy to transform. Transformation doesn’t happen if you cant convince your CEO or owner. To convince them you need to start thinking like them. Proper MBA gives you that edge. Don’t waste time. Shut down your Facebook. Leave cricket or movie for a while. Take preparation for MBA.
Engr. Mr Monowar Hossain Palash
B.Sc. in Textile Engineering (BUTEX)
MBA, IBA (DU)