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Tata Steel plans to monetise its in-house intellectual property (IP) developed over the years through a new consultancy arm.
The company has set up Tata Steel Consulting as part of its efforts to become more knowledge-driven. For example, the experience gathered while setting up its digital platform is being offered as a service to other companies.
TV Narendran, Managing Director, Tata Steel, told BusinessLine that it’s digital journey has been seen as a benchmark, and many people from the industry are seeking advice in their respective digital transformation journeys.
Several consultants advise on this kind of project, but as a practitioner, he added that the company will bring a lot of value to the table.
Training
Training is another area in which Tata Steel is offering its services.
“We work with a company in the Middle East which wanted us to train their people. We have a strong vocational training system and we have been doing it for many years,” Narendran said.
Geological surveys
Tata Steel has huge capability in conducting geological surveys and has a well-trained mining team, including geologists. The company's Business Excellence Model is well known, and many manufacturing companies want Tata Steel to share its knowledge on TQM (total quality management), said Narendran.
Tata Steel also has one of the largest research and development centres, and some of the customers are willing to pay for getting their material tested in the company’s lab.
“If we go beyond the product and look at the value it is substantial. The company has set a target to recover all the administration cost by monetising the IPs,” he said.
Tata Steel is looking to monetise these services without compromising the service rendered to the parent company.
The company has many internal talents and, instead of sending somebody free for few days to render training Tata Steel is looking to develop a business model around it, said Narendran.
This is part of Tata Steel's overall objective to enter new business areas to create additional revenue streams.
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