As the CFO for Indian subsidiaries of German companies like FIBRO India and Rose Plastics, Yogini Medadkar skillfully steers manufacturing units with turnovers that soar from INR 500 million to a robust INR 2.5 billion. Her acumen stretches across strategic business planning, managing rigorous statutory and internal audits, and providing outsourced finance and accounting services to more than twenty companies, in addition to numerous domestic clients. Yogini’s accomplishments and resilience can serve as an inspiration for aspiring women professionals and a blueprint for companies striving towards inclusivity and diversity in their workforces.
Yogini Medadkar’s journey is rooted in Pune, where she has grown and thrived alongside her loving family. Her academic achievements shine brightly, with notable distinctions from BMCC Pune and a master’s degree that paved the way for her to become a respected chartered accountant. Over 20 years of hard work have led her to carve out a decade-long career as an entrepreneur, where she now leads a 12-person team from her office on Pune’s bustling JM Road. Yogini is a strategic thinker and a business professional who wears many hats, including that of a Virtual CFO and an Independent Director, advising businesses on growth and strategy. Despite facing and overcoming physical challenges, she has never lost her drive, pushing forward with a combination of strong will and a passion for success.
At the recent Die and Mould India 2024 exhibition, hosted by TAGMA India at the Bombay Exhibition Centre, I had the opportunity to meet Yogini Medadkar. She attended the event with a keen interest to grasp the evolving trends in the manufacturing landscape. Serving as the CFO of Fibro India, among other manufacturing entities, Yogini’s career is intimately intertwined with the manufacturing sector. Her involvement in the industry is not just about numbers and balance sheets, but also about understanding the pulse of manufacturing advancements and integrating this knowledge into her financial leadership.
From CA Setbacks to Manufacturing Leadership
Yogini Medadkar’s journey to becoming a Chartered Accountant had its challenges. She didn’t pass her CA exams on her first try, but she didn’t let that stop her. Instead, it taught her to be patient and stay optimistic, even when things didn’t go as planned. “Each time I missed the mark by just a little, but I kept my eye on the goal and kept trying,” she says. This persistence paid off, and she learned valuable lessons along the way. Her career started with a job as a finance manager at a small manufacturing company. This experience was her first step into the manufacturing sector and sparked a lasting interest. In this role, she learned about the deep connections in the manufacturing process and saw how every detail was important, from the workshop to the top management level. Everything needed careful financial planning and tracking.
In 2014, due to health reasons, Yogini had to leave her job and start anew. With her doctor’s advice, she began working as a consultant, which led her to become an entrepreneur. This was a big change, starting from scratch, but it turned out to be a good move. Soon, she found herself in high-demand roles like a virtual CFO for various companies, where she could really show what she was capable of in the manufacturing world. “It was a fresh start for me, and looking back, I realize it was a chance to really shine in the field I’d grown to love,” she shares, looking back on how her early job influenced her career path and gave her opportunities to learn and grow in manufacturing.
Bridging Finance and Manufacturing: Crafting a Cohesive Workplace
Yogini Medadkar’s journey is a fascinating deviation from the norm we often see celebrated on the walls of Machine Maker, where tales of engineers steering the manufacturing sector are commonplace. As Yogini herself puts it, “I’m the finance lady in the manufacturing sector.” This self-introduction comes from someone who, after a decade of working with a Fortune 500 software company, took the entrepreneurial leap in 2014. Her expertise and dedication soon saw her stepping into the role of a Virtual CFO for multinational companies, predominantly in manufacturing and trade.
Leading finance in an industry dominated by technical experts and engineers was no small feat. Yogini found herself needing to bridge the gap between finance and the intricate details of the manufacturing process. “I practically had to become half an engineer,” she says, reflecting on the challenge of gaining the technical understanding necessary to ask the right questions and understand the nuances of manufacturing costs. Navigating this complex environment required not just knowledge but also authority. “To command over the subject and to ask the right questions was a task in itself,” she admits. Yet, she managed to not just ask, but also to find the answers, proving her ability to adapt and thrive in an industry far removed from the spreadsheets and fiscal reports of her training.
“To lead at such a company,” she explains, “I needed to understand the intricacies of the manufacturing processes deeply.” Yogini took on the task of providing clarity on how investments could yield returns or how they might influence the company’s profitability. This included approving expenditures; ensuring that every financial commitment aligned with the strategic vision of growth and profitability for the company.
Yogini’s expertise in finance is complemented by her strategic involvement in human resources and industrial relations at FIBRO India. She played a key role in negotiating labor union agreements, crafting deals that promote a cooperative and healthy workplace for all. “Creating such peaceful agreements was crucial in establishing strong, productive relationships with our direct labor,” Yogini states, highlighting her comprehensive approach to leadership. Understanding the diverse life perspectives of production workers is vital in her role. Yogini believes that a woman, if well-versed and authoritative in her domain, is bound to succeed and overcome the barriers of gender inequality.
In her role at FIBRO India, Yogini encountered a kaleidoscope of life experiences among the production workers, each with their unique outlook on life and work. “In our urban lives, we have a different perspective. We often overlook the thought processes of workers who are working to earn their daily bread,” she shares. Yogini took it upon herself to educate her colleagues, emphasizing the long-term benefits of their labor. “It’s not just about earning for today but building a sustainable future for retirement,” she explains. Her involvement went beyond finance to shaping a constructive dialogue between the company and its workers. Through this process, she struck a balance, ensuring that the company’s costs were not compromised while also safeguarding the workers’ earnings. “Fostering healthy and peaceful industrial relations was essential,” Yogini reflects, proud of the harmonious work environment she helped create at FIBRO India.
Manufacturing Sector is Ripe with Opportunities: Yogini Medadkar
Yogini Medadkar’s insights into the financial aspect of the manufacturing industry highlight the unique opportunities it presents for women. With her broad expertise, she emphasizes the comprehensive nature of finance in this sector, where one’s involvement spans the entire lifecycle of product costing and compliance. Yogini cherishes her time at FIBRO, where she leveraged the opportunity to refine her leadership skills, working collaboratively with skilled male colleagues who appreciated her distinct perspective. “They recognize that a woman brings a level of compassion to decisions, offering a fresh viewpoint,” Yogini notes. This acknowledgment has integrated her into decision-making processes, illustrating the evolving industry landscape. Her advice to other women is clear: “The manufacturing sector is ripe with opportunities for those willing to discover and utilize their capabilities to the fullest.”
Yogini observes a positive shift towards gender equality in her professional realm, notably within FIBRO India, Rose Plastics and other companies where she serves as a virtual CFO. She highlights the inclusive environment that fosters equal opportunities, “At FIBRO, gender equality isn’t just a policy; it’s our practice. We have women leading in quality control and spearheading our sales and marketing teams, including digital marketing.” This progressive stance reflects a broader trend of increasing awareness and adoption of gender equality in the industry.
Despite these advances, Yogini acknowledges challenges remain, particularly on the production floor, where cultural and educational backgrounds might contribute to a less secure environment for women during night shifts. She believes in the necessity of a cultural shift at this foundational level to truly empower women across all facets of manufacturing. “Empowerment and success in administrative functions are evident. The next frontier is ensuring women feel just as secure and valued on the production floor,” she asserts, underscoring the importance of comprehensive inclusivity for genuine gender equality in manufacturing.
Yogini strongly advocates for more women in leadership roles, particularly at the supervisory level on the production floor, as a means to shift workplace culture towards inclusivity. “By positioning women as team leads or shift leaders, we can significantly transform the dynamics and culture of the production floor,” she suggests, emphasizing the potential impact of female leadership in traditionally male-dominated environments.
Building Resilience and Openness: Nurturing a Safe Environment for Women
Addressing the challenges faced by women in manufacturing, Yogini highlights the importance of security measures and committees dedicated to women’s safety. “We have mechanisms like women’s security committees and open forums in place. It’s crucial for women to feel empowered to voice any concerns or issues they encounter,” she points out. Such platforms not only facilitate dialogue but also ensure that necessary actions are taken to maintain a safe and respectful working environment. Yogini believes that with these measures, and a culture that encourages open communication, the manufacturing sector can become a more welcoming and secure place for women at all levels.
Yogini shares her insights on the emotional challenges women might face in the workplace, emphasizing the importance of developing a high emotional quotient. “It’s natural for emotions to sometimes cloud our professional decisions, particularly due to various physical or emotional conditions,” she acknowledges. Yogini highlights the need for women in manufacturing to cultivate resilience and emotional intelligence to navigate through such challenges effectively.
Casual remarks or team discussions can sometimes unintentionally affect women more profoundly, leading to feelings of discouragement. “Being part of a team means sometimes getting caught up in discussions that, while seemingly trivial, can be directed negatively towards a woman, making her take things to heart,” she explains. Yogini urges women to build inner strength and not be swayed by others’ opinions. “Focusing on our path and knowing our actions are correct can help us remain unaffected by external chatter,” she advises. This approach, according to Yogini, is essential for women to thrive and sustain their careers in the manufacturing industry, where emotional resilience can be as crucial as technical skills.
Yogini Medadkar’s experiences and views call for an urgent need for cultural and structural changes within the industry to create environments where women can thrive without reservation. In her own words, “There’s a significant need for change,” highlighting the necessity for manufacturing spaces where women feel secure and valued. This call to action not only aims to foster gender equality but also to harness the unique perspectives and skills women bring to the table, enhancing innovation and productivity in the manufacturing sector.
