Empowering performance productivity implies elevating the physical, mental and intellectual capability of the key personnel. Targets of performance are not fixed but dynamic; always moving upwards. Process of reaching goals needs updating caused due to changes in technology, innovations, approach of robotics and artificial Intelligence (AI). AI is a collection of emerging technologies that enable machines to sense, understand, learn and act. Many jobs will become redundant at the lower level where repeatable operations are performed. Humans will continue to carry out jobs requiring teaching, creativity, empathy, higher content of emotions and so on. Healthcare sector is already using AI in a significant way for diagnostic decisions. Civil courts for land registry can employ AI.
Demand for new skills is ever increasing. Present-day external environment around the business organizations is vibrant with the behavior of companies remaining active in cut-throat competition. It complicates the working of companies for survival. In this context, some strategic critical factors for taking action are : innovation, working smart not hard, boosting brainpower, improved thinking process and stress relieving, given in order as under.
Innovation can find a solution to the situation of intense competition. In fact, innovation is the outcome of an idea and has become the strategy for survival and sustained competitive advantage. Incoming new technology has overtaken the existing technology and it continues at a fast pace. Entrepreneurs innovate and create wealth or add to the existing assets; it enhances value of old assets and can generate opportunities of employment. In other words, growth is a result of innovation or growth feeds innovation.
Research findings suggest creation of a bypass strategy to defeat a competitive network. It creates a market space where there is no competition by overtaking the conventional method of competition. Following a strategy of low cost for its buyers who had stayed away due to higher cost of the service/product in the past, a new and redesigned system is put in place.
This strategy is innovation - based. It does not use competition as its benchmark; it uses a value innovation approach for that market space. It gives priority to adding value with innovation rather than creating value by introducing improvements. Value innovation occurs when companies align innovation with utility (Use value), price and cost status. For example, Air Asia conceived to offer low cost air travel to the customers. Conventional belief is that companies can either create a greater value at higher cost or create a reasonable value at a lower cost. Some of the IT companies in India have pursued this concept for value innovation in the race to perform better. Some of the alternatives of value creation and corresponding cost are listed.
- Higher value higher cost : Since more value is created at the expense of more consumption of resources hence cost is increased.
- Higher value lower cost : Higher value is created using better technology or by innovating the product/services, which resulted in less consumption of resources hence lower cost.
- Lower value lower cost : Lower cost is created after careful study of customer requirements resulting in lower cost.
When things are easy we do not grow, because we do not want to leave our comfort zone; we grow when we face challenges by innovating our strategy of doing business. Under pressure of competition we leave the comfort zone and move out to hunt for an innovative solution.
Success does not mean to work hard but to work smart. The entry of artificial intelligence (AI) and robotics in the business environment will increase workload on the higher levels of management hierarchy by reducing it at the lower level. We are working long hours under mounting pressure to produce more with less i.e. less money, less people and less time. Question arises how to produce more with less time; the solution lies in working smarter. Application of superior technology, creative thinking and critical thinking are becoming essential skills for the business leaders. They have to be faster in the decision making process; as it is not the big that eat the small; it is the fast that eat the slow.
Working smarter requires boosting the brainpower. Simple and easy solutions are outlined as follows.
- Eat well to prevent diet related illnesses and weight control. Eating an unhealthy food can drop the productive capacity by 65%- this is the finding of healthcare experts.
- Take work break/rest break; because we are at our best during this rest interval as creative ideas come to the mind.
- Sleep well; because sleep deprivation reduces the brain functions for organizing the work, logical reasoning and problem solving.
- Physical exercise e.g. aerobics, Yoga and mental exercise e.g. playing chess, Sudoku etc. enhance brain function.
- Avoid multi-tasking; it adversely affects the decision making function; it reduces productivity and increases stress. It has been found that multi-tasking can even damage the IQ (Intelligence Quotient) and EI (Emotional Intelligence).
- One of the primary fuels our brain needs is glucose, which is converted into energy. Our brain actually manufactures its own insulin to convert glucose in our bloodstream into the food it needs to survive.
- If the brain's production of insulin decreases, brain literally begins to starve, as it's deprived of the glucose - converted energy it needs to function normally. This is what happens to Alzheimer's patients - portions of their brain start to atrophy, or starve, leading to impaired functioning and eventual loss of memory, speech, movement and personality.
- In effect, our brain can begin to atrophy (weaken) from starvation if it becomes insulin resistant and loses its ability to convert glucose into energy. Fortunately, the brain is able to run on more than one type of energy supply, and this is where coconut oil enters the picture. It can be taken with food by starting with one spoon rising to 3 spoons daily.
Appropriate sun exposure is all it takes to keep the levels where they need to be for healthy brain function. If this is not an option, a safe tanning bed is the next best alternative, followed by a vitamin D3 supplement. This concludes that one should change his ways of working to keep pace with the changing business environment.