Competitive horizons

Citation

(2016), "Competitive horizons", Strategic Direction, Vol. 32 No. 6, pp. 43-43. https://doi.org/10.1108/SD-04-2016-0045

Manufacturers urged to focus on key areas to exploit innovation

The rapid pace of technological advancement increases the challenge to manufacturer hopes of remaining competitive, a report published by www.industryweek.com warns. Companies are recommended to adopt a more holistic approach to innovation and likewise to operating models and capacity for their products and services to meet customer requirements. Greater understanding of product innovation is seen as critical. A strong emphasis on specific areas will better position firms to adopt a sustainable approach, which, the report points out, is essential. For a start, speed and flexibility are essential if new technologies are to be adopted and developed according to business needs. Leaders must also possess the ability to perceive when an incremental change is transformed into a significant breakthrough. Another critical aspect is developing an innovative culture that is more pervasive. Encouraging experimentation and rewarding success are important characteristics of such a culture. Advancements in technology additionally demand that organizations are able to modify their business models as necessary and craft and articulate a clear vision of innovation’s role with regard to longer-term business objectives.

Indian media and entertainment business set for strong growth

According to a report jointly published by FICCI-KPMG, the media and entertainment (M&E) industry in India will virtually double in value by 2020 with a compound annual growth rate (CAGR) of 14.3 per cent. Increase in advertising revenue is predicted to be a key driver of this growth. Total advertising revenue rose by 14.7 per cent from 2014 to 2015 to reach around Rs. 47,500 crores. Growth across the whole sector during the same period was 12.8 per cent. The report, as published by www.businessworld.in, anticipates that digital advertising will play an increasingly significant role in industry expansion. At 33.5 per cent, digital formats are forecast to post the strongest growth between 2015 and 2020. This will be followed by radio and television advertising where revenues are set to rise by 16.9 and 15.1 per cent, respectively. Films are forecast to post growth of 10.5 per cent, whereas government initiatives and increasing rural demand are cited as reasons to expect print media to expand by 7.8 per cent in the same five-year period.

Workplace bullying on the rise in the UK

Bullying behavior appears to be increasing within UK workplaces, an article published by www.prw.com reports. This is based on the annual rise in the number of calls to the employment conciliation service Acas. The organization claims that firms lack knowledge of the issue and should be aware that harassment can take many different forms. Bullying in the workplace damages morale and typically results in a negative impact on both performance and output. As a result, absenteeism and staff turnover are both higher, thus adding to the damaging effects. According to the report, the economy-wide cost to businesses of these bullying-related issues is £13.8bn each year. Bullying is recognized as a difficult problem to address, but firms are advised of the need to demonstrate good practice. Acas recommends taking any allegation seriously and conducting interviews with all concerned. It is also important to keep the bullied individual informed of the developments and give reassurances that support will be provided. Disciplinary action and training should be implemented as appropriate to establish the behavioral standards expected. Taking swift action might also help avoid further potential damage in the shape of costly employment tribunal claims for such as discrimination or constructive dismissal.

Mutual benefit

Smaller businesses can profit from supporting local causes or making charitable donations, a report published by www.news.com.au suggests. Backing local communities helps to raise a company’s profile and generate positive publicity. However, choosing causes which most closely align with the core business is seen as the way to obtain the best results. Firms adopting this approach are less likely to be perceived as opportunistic. The report recommends that businesses check the benefits received and to remain aware of the possible implications pertaining to the type of support provided to their chosen cause. For example, it is important to know what type of donations can be offset against tax or included as operational expenditure.