Indore (Madhya Pradesh): “To sustain success in business, one should understand the emerging context of business. A successful businessman must identify competitors present in the global and local market. They must develop business strategy for denting, defending, or even disrupting through innovative solutions,” said Subir Verma, director, Institute of Management, Nirma University, Ahmedabad, while addressing a tete-a-tete at a CEOs’ dinner meet.
The topic of the talk was ‘Building Sustainable Competitive Edge in the Emerging Context of Business’. The session was organised by the Indore Managment Association. All the CEOs and directors from different organizations, such as TCS, HDFC, Shri Ram Life Insurance, Shark Certification, Umang Engineering and so forth were present at the session.
Verma started the session with the contemporary landscape of business globalisation. He said that the ICT revolution had compressed time and space and disruptive innovations have killed the Old Order. He said innovation was the key to the longevity of an organisation. Those who aligned innovation with business strategy outperformed their peers. Continuous innovation was the strategy of survival and for growth and excellence. What mattered was business innovation, he added.
The real strategic differentiation is to create true value and look forward, not backwards. He said that it was not organization, but people who fought and won wars.
Major takeaways
1. Purpose: Wealth creation through growth based upon continuous innovation
2. People: Develop entrepreneurial culture—Empower, engage, enhance people power
3. Period: Achieve time-to-market through digitisation, agile work process, distributed manufacturing, global-local delivery mechanism
4. Partners: Create an ecosystem to erect value chain network to co-create solutions and innovations
5. Process: Ensure cost and quality leadership through global and digitally enabled and integrated value chain, AMP (Industry 4.0) system and operational innovations
6. Organisation Design: Boundaryless, networked, augmented and ambidextrous PMS through venture capital-based planning and funding, strategic guidance, cascading OKR, metrics and its balanced score card
7. Planet: Do business with least harm to community, ecology, energy and climate to ensure sustainability
8. Perceptions and cognitions: Display strategic vision—at once looking behind and looking ahead, managing for the present and preparing for the future
Published on: Tuesday, May 17, 2022, 01:13 AM IST