CA Sri Lanka Summit redefines corporate strategy | Daily News

CA Sri Lanka Summit redefines corporate strategy

Dr. Sunil Erevelles addressing the event.

CA Sri Lanka's 2016 Strategy Summit that began yesterday at the Mount Lavinia Hotel brought together three internationally recognized business consultants to address corporate leaders regarding how companies should move forward and the innovations necessary to be on the map.

Dr. Sunil Erevelles, Martin Roll, Sam Dias and Omid Ghamami shared their expertise and insights to help corporate leaders in Sri Lanka redefine the strategy of their organisations to achieve long term success and sustenance.


Some participants at the event. Pictures by Siripala Halwala  

The conference highlighted the importance of pre adaptations. Erevelles said it is a misconception that large companies die because they do not take risks. However many of these companies take risks on a daily basis but the reason for their failure is simply because most of these companies follow the same business models. He stated that 70% of the companies that was once regarded stable are no longer existent.

He said that it is the company’s decision to lose and that it is also the company’s decision to grow while many consultants and advisors believe that there is no such thing as ‘ Sustainable competitive advantage’ Erevellas believes otherwise.

“There is such a thing as ‘ Sustainable Competitive advantage’, it is defined by the organizations capacity of reinventing themselves before circumstances force them to do so,” he stated. It was his belief that change should not come when there is no other choice.

It was made evident that innovation is the key to development. However it was stressed upon that innovation does not happen by simply giving what the customer wants, Quoting George Coloney he stated that the customer is only a rear view mirror and not a guide to the future, the future is when you react to what the world offers. He mentioned four important points to notice if the companies decide to see the future: Pace of change, Commoditization of knowledge, Hyper-competition, and shrinking markets.

It was also stated that we in an age of imaginative transformation where change happens faster than what was anticipated a few years ago. In this age where the market is run by the imagination one cannot simply manage it, it should be provided with the environment to grow.

The participant profile for the summit comprised of chairmen, managing directors, CEOs, directors, general managers and senior officials representing leading companies in the country. 


 

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