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Sustaining Business Excellence in a Volatile, Complex and Ambiguous Economic Environment

Sustaining Business Excellence in a Volatile, Complex and Ambiguous Economic Environment

Coulson-Thomas, Colin (2018) Sustaining Business Excellence in a Volatile, Complex and Ambiguous Economic Environment. India CSR, India CSR [indiacsr.in].

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Abstract

Much effort is devoted to improving areas that are not critical success factors or a source of competitive advantage or differentiation. The pursuit of improvement and/or innovation regardless of cost and relevance can be unnecessary, wasteful and unsustainable.

Many changes are motivated by a desire for cost savings. They are for the convenience of a supplier, rather than to benefit a customer. Excellence, improvement and innovation should be relevant and value adding to customers and users. The focus should also be on changes that are a source of competitive advantage.

The requirements and views of important stakeholders should be taken into account. Collaboration and co-creation with customers and business partners can enable a collective search for ideas, options and solutions that go beyond the limits of the imagination of a few people and the capabilities of a single organisation.

Boards should make sure their strategic direction is still valid. They should regularly review their aspirations to ensure they reflect new possibilities and still inspire. Standard business excellence and governance models should be replaced by bespoke approaches that are right for a company's aspirations, situation and stage of development.

Some boards need a broader perspective and a more inclusive approach to excellence, innovation and entrepreneurship to ensure they address the aspirations of a wider range of stakeholders. More consultation, a social purpose and greater attention to sustainability might help to ensure that excellence and innovation are relevant, appropriate and acceptable and also restore public trust in companies, markets and capitalism.

Item Type: Other
Additional Information: Plenary special address on Tuesday 17th April to 2018 Dubai Global Convention and 28th World Congress on Leadership for Business Excellence and Innovation on in the Astor Ballroom, Hotel St. Regis, Al Habtoor City, Sheikh Zayed Road, Dubai, UAE.
Uncontrolled Keywords: Business Excellence, Innovation, Relevance, Excellence, Creativity, Entrepreneurship, Change, Improvement, Transformation, Co-creation, Stakeholders, Governance, Collaboration, Trust, CEOs, Corporate Boards, Disruptive technologies, Continuity
Subjects: H Social Sciences > HB Economic Theory
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of Human Resources & Organisational Behaviour
Faculty of Business > Leadership & Organisational Behaviour Research Group (LOB)
Faculty of Business > Centre for Work and Employment Research (CREW) > Leadership & Organisational Behaviour Research Group (LOB)
Related URLs:
Last Modified: 06 Jul 2018 12:13
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/20251

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