In this Q&A session, Mr. Manoj Kumar, explained the business practices of Toyota Financial Services which has its presence in 36 countries worldwide. He continued that Toyota as a company, has a practice of asking why. For instance, when the company started their operations in India, they confronted the problem of receiving car loan which used to take about 24 hours in private banks and about a week in PSUs. They tied up with banks to work with them to address & reduce this turnaround time to about 8 hours and they needed innovation for this.
Further, he shared the long term approach of the company by 2021 is to have a goal about the target market share, earnings, etc to achieve this. Also, he shared some interesting principles followed by the company like Just-in-time process (3 principles) & JIDOKA (automatic stopping of a machine in the event of an error) in its production system. Under J-I-T, the company follows visual communication called KANBAN. The company also follows Kaizen and believes that if the process of doing something is right, one cannot make a mistake. The company places a lot of emphasis on its employees and hence, the attrition is the lowest in the world. The employees believe in constant improvisation and strive to look for issues to work upon.