Improving industrial underperformance conundrum in a complex world
In a changing world adapting change never before
World Economic Forum in its article "The world is changing.Here's how companies must adapt" writes -
Although we have only seen the beginning, one thing is already clear: the Fourth Industrial Revolution is the greatest transformation human civilization has ever known. As far-reaching as the previous industrial revolutions were, they never set free such enormous transformative power.
The Fourth Industrial Revolution is transforming practically every human activity: the way we make things; the way we use the resources of our planet; the way we communicate and interact with each other as humans; the way we learn; the way we work; the way we govern; and the way we do business. Its scope, speed and reach are unprecedented.
We humans define the algorithms that govern machines and not the other way around. And make no mistake about it: we are now writing the code that will shape our collective future.
Adopting new measures of prosperity that look beyond economic growth to social progress, and, fostering beneficial for technology in our society will create new industries and unforseen type of new jobs- jobs that will be more creative and fulfilling is set to replace all skills.
Artificial intelligence expands technology’s potential for both good and ill. There is the clear risks that it may displace more and more of the human workforce and contribute further to social isolation and the disruption of communities. But this need not be the whole truth. Emerging technologies can also help meet human needs in new and profound ways.
CEOs globally have to face many tough questions enduring economic growth. While CEOs across globe are divided over whether economic growth will benefit many or the few, considering opposing political, economic and trade trends, 68% of Asia Pacific CEOs believes later to be true, whereas, every region believes we are headed towards "Measuring prosperity through multifaceted metrics".
Although we have only seen the beginning, one thing is already clear: the Fourth Industrial Revolution is the greatest transformation human civilization has ever known. As far-reaching as the previous industrial revolutions were, they never set free such enormous transformative power.
The Fourth Industrial Revolution is transforming practically every human activity: the way we make things; the way we use the resources of our planet; the way we communicate and interact with each other as humans; the way we learn; the way we work; the way we govern; and the way we do business. Its scope, speed and reach are unprecedented.
We humans define the algorithms that govern machines and not the other way around. And make no mistake about it: we are now writing the code that will shape our collective future.
Adopting new measures of prosperity that look beyond economic growth to social progress, and, fostering beneficial for technology in our society will create new industries and unforseen type of new jobs- jobs that will be more creative and fulfilling is set to replace all skills.
Artificial intelligence expands technology’s potential for both good and ill. There is the clear risks that it may displace more and more of the human workforce and contribute further to social isolation and the disruption of communities. But this need not be the whole truth. Emerging technologies can also help meet human needs in new and profound ways.
CEOs globally have to face many tough questions enduring economic growth. While CEOs across globe are divided over whether economic growth will benefit many or the few, considering opposing political, economic and trade trends, 68% of Asia Pacific CEOs believes later to be true, whereas, every region believes we are headed towards "Measuring prosperity through multifaceted metrics".
Leading CEOs are already actively exploring alternative metrics for measuring the long term health of their companies and the communities they serve, beyond just earnings or stock price, and boards are facilitating that shift by asking more qualitative questions: What are we doing on talent? What is our pipeline of innovation? How do our actions align with our mission statement? Are our customers satisfied? Are we contributing to our community and society as a whole?
While celebrating the prospects for global economic growth – at least in the short term – CEOs in every region report heightened levels of anxiety about their own organisation’s longer-term prospects for revenue growth as they confront growing stakeholder expectations and unprecedented threats that are not of the market’s making.
Industrial underprerformance conundrum continues to haunt #CEOs & #BusinessLeaders either through less or no return. 77% of CEO's says, availability of right skill is a major threat to business in days to come, but, fall short of defining the right skill.
CEOs globally should look forward, point out both the opportunities and risks of the Fourth Industrial Revolution, and then roll up our sleeves and create answers that really work for us and future generations.
Identifying the right skill
Future of skills as recomended by #WorldEconomicForum stems from from
the 1990 article titled “The Core Competence of the Corporation” authored by C.
K. Prahalad and Gary Hamel published in Harvard Business Review that calls for
empowering individual business to adapt quickly to changing opportunities.
Through decades, organizations have focussed on developing Personal and Inter-personal skills, while no effort has been made to develop or update #BusinessSkills, Economics in particular. Economics keep on changing both at macro and micro level. Ever shifting global economy has changed the way we do business. Business is no more governed by #Linear and #IPO Models.Devloping core competency economic model, inter-alia, reading operational economic fine prints with mathematics and statistics is the future business building block.
Business Leaders worldwide
expect their organization to capture competitive advantage. Globalization and
intense competition has pushed organizations to a direction that represents new
organizational model. Sustainability is rapidly
becoming strategic priority for businesses.
We are living in a world of known-knowns, known-unknowns and unkown-unknowns and the growth of the last category presents #BusinessLeaders with a new and little charted management challenge. Changing business world looks beyond profit in the age of disruption where growing business complexity are the biggest organisational dilemma that calls for economic business model canvas to sustain for the purpose.
Because the Fourth Industrial Revolution runs on knowledge, we need a concurrent revolution in training and education.We must encourage innovation and the ability to adapt sharing the economy. It challenges one of the fundamental precepts of our economic order: the prominent role of property. Whether you consider this good or bad, it’s reality.
Because Industry 4.0 is set to create enough space for business development analysing huge data, it is important to have the capability to capture real time data, economic analysis and quick decision making enduring economic growth of organisations, this require economic reasoning skill. 21st Century Business perspective under Industry 4.0 ambience require additional skills to the advantage ■ Abstract & Simplify, ■ Analyse & reasoning, ■ Think critically and ■ Decision making. Industry 4.0 is set to replace all skill, be it technical or commercial. Talents with such skill will be at premium.
Shunning traditional role and business practice educate your team with contemporary business skill for innovation, creativity and economic value addition across operation through rational thinking at margin developing core competency economic business model canvas.
Economic Engineering and Econometrics
Economic Engineering is a subset of Economics for exploration of Business Economics and its practical application across microeconomics to read the operational fine prints which keeps on changing on daily, weekly, monthly and yearly basis. Variable costs and total manufacturing cost cannot be the same through period and has its intangible impact over profitablility.
- Huge amount of savings made across board, clocks-off, leaving #BusinessLeaders wonder, where all the money gone?
- The reason why profit does not commensurate change in sales even though each unit produced carries equal amount of profit?
- What are the factors that determines average manufacturing total cost?
and many such questions remain unexplored that haunts #BusinessLeaders to resolve Industrial underperformance conundrum.
Organizations have preferred to shy away from practical application of Business Economic principles with business main stream of operation exploring and developing Econometrics to draw logical framework adding analytical power with mathematics and statistics to add economic value across operation creating global competiveness. Organizations could no more afford supportive functions like HR, Admin, Accounts etc.
Econometrics is a tool leveraging optimum cost to weigh decisions against real time cost for productivity analysis and efficiency is worth exploring enduring growth.Every employee and functions should have to proactively engage with business mainstream contributing tangibly through economic value addition across operation and measure prosperity using multifaceted matrix.
About Business Mentor
Manoj Kumar Trivedi's business profile may be accessed using the link
( https://www.linkedin.com/in/manoj-trivedi-business-mentor-65421316/) . He has pioneered the Econometrics formulating and startegizing across 38 years of his industrial exposure through practical application of economic principles with business main stream of operation derving econometrics enduring growth. His services has been retained by Ministry of MSME, Govt of India, Wadhwani Foundation, London based incubator Innovitas, Value based organisation of Netherland etc.
What he offers
Why hire costly talents when your existing talents can be guided through most relevant Business Skill beating competition with competitive edge !!!
Manoj Kumar Trivedi empowers Business Leaders, CEO's, SME's, Start-up's and their Employees with most relevant business skill in complex world and offers two days highly specialized discourse on Economic Engineering and Econometrics. His dicourse has otherwise been included off late by premium technical institute of Asia's and BRICS Countries, Indian Institute of Technology in their curriculum, though theoretically. Exploring through practical application deriving Econometrics makes him second to none.
Looking beyond general desrcriptive discourse, he takes to the realm of realistic economic reasoning preparing for the future using econometrics with applied research across business segments. The hallmark of his two days workshop is that every segment of business is set on economic principles and strategic discourse, a rare skill, that is immediately followed by real time and practical execution.
Manoj Kumar Trivedi empowers Business Leaders, CEO's, SME's, Start-up's and their Employees with most relevant business skill in complex world and offers two days highly specialized discourse on Economic Engineering and Econometrics. His dicourse has otherwise been included off late by premium technical institute of Asia's and BRICS Countries, Indian Institute of Technology in their curriculum, though theoretically. Exploring through practical application deriving Econometrics makes him second to none.
Looking beyond general desrcriptive discourse, he takes to the realm of realistic economic reasoning preparing for the future using econometrics with applied research across business segments. The hallmark of his two days workshop is that every segment of business is set on economic principles and strategic discourse, a rare skill, that is immediately followed by real time and practical execution.
Contact
Please write to him at trivedi.k.manoj@gmail.com. He may also be contacted at Skype - manojkumar.trivedi1 and at (91) 9433013863.
His location
He is located at Kolkata, West Bengal, India at P-61, Niva Park Extn., Brahmapur, Kolkata-700096, West Bengal, India.
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