Growing your Business and Remaining Competitive in Turbulent Times

Services to businessesThe Strathclyde Institute for Operations Management (SIOM) provides a forum for industry, academics and policy makers to collaborate with a view to addressing key operations management challenges to deliver real impact. In this blog, SIOM highlights three key themes to help businesses compete and grow. 

How can businesses grow in competitiveness and value rather than being daunted by the current turbulent business environment?

Competing on low cost alone is becoming less feasible. Markets around the world have political, social and environmental conditions that strengthen their ability to deliver on low-cost relative to the UK, therefore in the long term, competing on low-cost alone isn’t sustainable.

In order to remain competitive and to grow, businesses must adjust their focus to a high-value offering. Essentially, this means finding ways to enhance the value they can offer to the customer, leveraging unique assets (for example: technology, knowledge or the supply chain) for relatively higher levels of value. Good operations management is a key aspect of the low-cost to high-value transition.

SIOM provides a forum for industry, academics and policy makers to collaborate with a view to addressing key operations management challenges to deliver real impact.

SIOM is interested in working with a full spectrum of industry partners: from businesses who are operating with a low cost offering and aren’t sure about how to go about strengthening their position; to companies who have mastered competing with a high-value proposition.

SIOM is a collaborative partnership between the University of Strathclyde’s Engineering Faculty and Strathclyde Business School, offering a uniquely diverse range of specialist capability in technology and operations management.

SIOM has identified three themes to help businesses compete and grow:

Sustainable business models

Whether driven by brand, social responsibility, diminishing resources, or a need to survive in a turbulent environment, thinking about sustainability in terms of your business model can help identify new opportunities for growth and productivity improvements. SIOM is interested in understanding what sustainability means to you. Do you associate sustainability with environmental issues, or does sustainability evoke concepts like superficial brand image? What are the main challenges you face? We’d like to help you reflect on how considering sustainability can drive growth.

Driving Productivity through Innovation, Investment and Operational Excellence

Research has shown that investment in new technology; improved supply chain efficiency; better management; collaboration between firms, universities and government can lead to increased productivity. Instead of squeezing the same old targets for more, a more effective approach to increasing productivity can involve leveraging intellectual assets, investment in a highly skilled workforce and careful consideration of how we manage and use inimitable resources such as information and knowledge. What are the productivity challenges you face? The SIOM Venturefest session will discuss key challenges and mechanisms for overcoming them through collaboration.

Leadership & Change Capability

Raising productivity, improving sustainability and shifting from low cost to high value, or any other entrepreneurial initiative requires change. Being innovative demands that you are organised for change. Our research in leadership and strategic management recognises that change is the only certainty. Therefore, continuous success requires an understanding of how to develop and maintain change capability. This puts specific demands on the way in which organisations are managed, how strategies are developed, and how entrepreneurial initiatives are realized. Our research is at the forefront of understanding how processes of entrepreneurship, innovation and strategic change play out and how leadership can make a difference. SIOM will use this wealth of experience to reflect on the points raised by the audience during our interactive Venturefest session.

The SIOM Venturefest session will be interactive. Through reflection on your own challenges, examples of industrial challenges SIOM has helped overcome, and discussion of appropriate collaboration mechanisms, we are sure you, and your business will benefit from attending our workshop. Many collaboration mechanisms are geared specifically at SMEs and micro-businesses.  We look forward to some lively debate and hope to see you there.

Tweet us some questions @strath_siom or drop us an email highlighting your particular interests and challenges in advance of the event and we’ll address them on the day. We look forward to seeing you at Venturefest!

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