Timely feedback helps people to know how well they are performing in their roles and how much they were able to align themselves to the goals and purpose of the organisation. An open and honest feedback culture will help in identifying a business’s key strengths and weaknesses and this will lead to continuous improvement.
Inditex is one of the world’s largest fashion retailers with eight brands which includes Zara. Inditex has a unique business model which is based on their responsiveness to evolving customer needs. At the heart of their sales system is the Inditex Open Platform (IOP) which enables all areas of the company to adapt their processes for customer demands in real time and react to their preferences, through constant interaction and feedback. Thanks to this strategy, Inditex exceeded € 1.1 billion net profit even in the Pandemic struck FY20.
by Dr. Deepika Prabhu, ITF