Technological adaptation & change management at The Finery Limited

Abstract

This study examines the strategic initiatives and technological advancements undertaken by The Finery Limited, a leading garment manufacturer established in 1990. The company has garnered a strong reputation for its commitment to excellence, innovation, and sustainability, particularly in the production of high-quality shirts for prestigious clients such as LC WAIKIKI, Charterhouse, La-Halle, and Zara. The Finery Limited's adherence to international standards, such as Accord/RSC, BSCI, and ISO 14001-2015, underscores its dedication to ethical practices and compliance. In response to the financial challenges posed by the 2023 Minimum Wages Gazette, which led to a 30% increase in salary expenses, The Finery Limited demonstrated resilience by borrowing funds from the National Bank and initiating a series of strategic adjustments. The company's proactive approach included investing in automation technologies in key areas such as the cutting, sewing, and finishing sections, leading to enhanced production efficiency, reduced material waste, and improved product quality. The report also highlights The Finery Limited's effective change management strategies, which focused on employee engagement, training, and communication. By addressing resistance to change and involving employees in the transition process, the company successfully navigated the challenges of technological adaptation. Key outcomes of these initiatives include a 20% increase in productivity, improved financial performance, and higher levels of employee and customer satisfaction. The Finery Limited's commitment to continuous improvement, stakeholder engagement, and sustainability has positioned it as a leader in the global garment industry. The report concludes with recommendations for future investments in advanced robotics, AI, and sustainable technologies, as well as suggestions for enhancing change management practices and continuous improvement strategies. Through these efforts, The Finery Limited is well-positioned to continue its growth, maintain its competitive edge, and contribute positively to the industry and society.