Chandigarh Industrial and Tourism Development Corporation (CITCO) has resorted to desperate measures to put a check on its falling revenue. With an aim to inject a new lease of life by restructuring its business system, CITCO has decided to hire a strategic consultant.
In both industrial and tourism sectors, CITCO has witnessed a dip in its earning in recent years. Till December 31, 2012, CITCO registered a turnover of around Rs. 222 crore, which was around Rs. 2.76 crore in the corresponding period last year, thus registering a fall of about 20% in the revenue.
Accused in the past of inaction on revenue generation front, the CITCO management is keen to readdress the situation at the earliest and have fixed a time period of six months for the agency to complete its work, which has been divided into three phases, and submit its findings.
The consultant would be required to study the existing systems and propose business system requiring restructuring. Besides, strengths, weakness, opportunities and threats (SWOT) analysis of CITCO would be carried out in context of increasing the competitive environment.
The other elements of scope of work of the agency include suggesting new parameters/ideas to be developed with the focus on improving quality of service and to study, report and suggest the current market trends, latest marketing techniques and sales strategies, including general customer trend and identifying new market avenues and to provide assistance.
The agency would also have to come up with suggestion for emerging themes, social changes, customer behaviour, social networking and human resources development, including incentive/bonus scheme for the employees and marketing tool kits with focus on cost and benefit analysis.
According to senior officials, the management was forced to consider the option to brace itself for the competition and overcome the losses. Despite repeated attempts, CITCO director was not available for comment.
A sub-committee of the board will be constituted to consider the bids received for the assignment and decision to this regard would be taken during the board meeting scheduled to be held on January 29.