Ernst & Young’s report “Competing for Growth – Winning in the new Economy” summarizes a survey of over 1400 executives from around the world between September and October 2010. The report presents various strategies companies could adopt or follow to thrive in the New Economy.
The most dominant fear as countries, and companies, emerge from one of the worst global recession since 1930, is competition. While other fears run along familiar lines – attracting and retaining talent, volatile markets, and pressure on margins – increased competition due to a wide range of factors seem to weigh down players in the new economy.
So what is the new economy? The new economy will be characterized by extreme competition, increased customer fickleness and disloyalty, and nimble innovation. “Today’s market is demanding, over supplied and increasingly price sensitive. Most growth will have to be won from competitors. There will be very clear winners, and equally, very clear losers.”
Groan! And you thought the worst was over. According to E&Y, success in the new economy depends on a company’s ability to juggle and balance “Customer Reach (determines opportunity), Operational Agility (determines growth), Cost Competitiveness (determines profit), and Stakeholder Confidence (determines value).” To sum it all up, the new economy will focus on management effectiveness – how well a company delivers value to its internal and external stakeholders while ensuring profitable operations in new markets and/or new situations.
How can Suyati’s Dedicated Global Team help you in the new economy? Whether you are planning for new markets, new products and services, or even new customer segments, your ability to be flexible and agile is critical. Suyati can help to quickly ramp up your Product Development Team, reduce your capital investment, spread your risk, and increase stakeholder value. We can help you win in the new economy.
Wishing you all health, hope and happiness in the New Year. And in the New Economy.