Technology breaks through economic barriers

But it would be survival of the fastestFor Web-Gloabl expert-Dr Jebamalai Vinanchiarachi

Dr Jebamalai Vinanchiarachi

In an increasingly competitive environment, it is not the question of the survival of the biggest or the smallest, but the fastest.

Only those who keep pace with the rapidly changing facets of the frontiers of best practice survive, and others fall apart.

In a heightened competitive environment, when a businessman reaches the goalpost to make his inning, the goalpost is changed.

As the frontiers of best practice in processing, design and marketing change rapidly, the 21st century businessperson needs to use knowledge as a source and innovation as a force.

The task of reducing the distance to the technological and scientific frontiers calls for determined to efforts to be relevant in the current transformative shift from quantitative increase to qualitative improvement, wherein Research and Development and innovation play a crucial role in fostering fast growing, job creating green industries.

Development stages

The industrial world passed through several stages of development, namely, stone-age, iron-age, carbon age, green age and Nano carbon age.

Carbon was a dirty word yesterday.

Nano carbon is a potential source of wealth creation today thanks to R&D and innovation.

In the past, countries converted their resource based comparative advantages into competitiveness.

Today, countries are enhancing competitiveness without comparative advantages, using human ingenuity as the infinite source of wealth creation.

Prosperity is essentially a matter of policy choice.

With apt policy interventions, several countries develop the required human ingenuity for fostering sustainable industrial development.

With enhanced capabilities to use modern technology and commercialise new knowledge, they continue to thrive in a fierce competitive environment.

Innovation emphasis

Innovation is imperative.

The first industrial revolution stemmed from small changes that took place in households and small workshops.

Today, the new sources of dynamic growth are stemming from ideas generated in classrooms.

In an ideal national industrial innovation system, new knowledge is generated by institutions, exploited by laboratories and commercialised by dynamic firms.

Such an ideal national innovation system exits in a few countries (for example, Singapore).

In the absence of an ideal national innovation system, incremental innovation plays a key role.

Incremental innovation entails identifying the right technology and knowhow, assimilating   the right technology, adopting it, adapting it and learning to invent something new which befits the country specific context.

Intervention Policy

Sequencing the required policy interventions to facilitate the effective transfer of technology for incremental innovation is critical.

It is important for each businessman to position his firm or business activity in the context of new business realities.

One school of thought presents compelling reasons and convincing arguments about the future business operations will be triggered largely by renewable sources of energy in the next 30 to 50 years.

Another school of thought attaches top priority to technological marvels and innovation systems as dynamic sources of growth.

The third school of thought talks a great deal about all business operations being carried out in the virtual world.

The future of business operations will be underpinned by a blend of such emerging ideas, which the business community cannot afford to ignore.

The bottom line

Whether business is online or offline, the bottom line is profit with a pragmatic accent on ecological compliance and social inclusion.

Ushering in a high degree of compatibility between enhanced competiveness, environmental protection and social inclusion is indeed a formidable challenge.

In business, each challenge is an opportunity, and each opportunity is a challenge.

Modern businessman’s response to convert challenges into opportunities and opportunities into sustainable sources of wealth creation is a discovery process.

A dynamic businessman discovers the process with proper inspirations and aspirations amidst perspirations and thereby proof that the fastest survives in an enabling business environment characterized by policy response and institutional direction to render technical assistance and business support services.

Together, the government and business community can make a difference in rekindling new and dynamic sources of growth on the fast track to enhanced prosperity.

About Dr Jebamalai Vinanchiarachi

Dr Jebamalai Vinanchiarachi, a former Principal Adviser to the Director General of United Nations Industrial Development Organisation (UNIDO), is currently the Chairman of ‘Experience Foundation.’ His previous assignments were at University of Malaya (Senior Research Fellow) and Cardinal Sleemis School of Management, Trivandrum, Kerala (Director). He continues to be a lead consultant for various UN Agencies and teaches ‘Business Futurology’ at various Business schools.

Dr Jebamalai has written a number of books and has contributed articles to several journals.

His recent books include ‘Myths and Realities of East Asian Model of Development,’ ‘India’s Time,’ ‘Demand Analysis,’ ‘Rethinking Development Realities,’ ‘Intervene to Industrialise’ and ‘In Joy and Sorrow.’  His forthcoming book is titled ‘The Poverty of Economic Thinking.’

Dr Jebamalai has won several distinctions and Awards, including the coveted ‘Raja Sir Annamalai Chettiar Gold Medal’ from St. Joseph’s College, Trichy, India, for being the Best Outgoing Student of MA Economics’ in 1969. He was awarded twice UNIDO Director General’s Award for outstanding performance and professional excellence. At the first World Tamil Economic Conference, he was given the ‘Tamil Crown Jewel of the World Award.’  The Vienna-based Kerala Community gave him a Life-Time Achievement Award as a great scholar and gentle helper. He received a similar Award from the management of Pioneer Kumarasamy College, Nagercoil, where he started his career as a Lecturer in 1970, for Professional Excellence. He is also the recipient of the Global Excellence Award given by the Global Indian Association.

Dr Jebamalai will be a Guest of Honour at the Indian Newslink Indian Business Awards Presentation Ceremony scheduled to be held on Monday, November 23, 2015 at Sky City Convention Centre. Tickets to the event, priced at $150 plus GST (tables seating ten persons at $1500 plus GST per table) are available. Please contact Editor on (09) 5336377 or (09) 3910203 Email: editor@indiannewslink.co.nz

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