Companies today are facing an overwhelming competition, demands from customers and society and many more .... and meeting all of these demands can be overwhelming, leaving little time for the purpose of being in business – generating wealth.
Companies to need to look beyond current 'best practice' to the 'next practice' that is essential to surviving and prospering in the global economy.
While globalization opens new markets and opportunities for businesses, it also brings new competition from often unforeseen places. These competitors conduct business in different ways, some of which better meet the needs of the global market or even a company’s local market. In addition, new markets bring new requirements, some mandatory and others based on consumer demand. Regardless of their source, meeting these requirements and providing substantiated proof of this accomplishment can be a daunting task.
In today’s business environment, four areas stand out as critical: Innovation, Value Generation, Cost Reduction, and Requirements.
(Image source: Mwace.org)
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