| |March 20209Process Re-engineering) eliminated many NVAs (Nonvalue add-ing activities). It is important to realise VA-VE the essence of BPR is a continuous process as market and technology evolve. TQM & TPM were introduced and became differentiators. Productivity and consumption per capita grew manifold times in this era. Even Agro economy started leveraging IT for its advantages.INNOVATION ERA Further leveraging IT, using tools like concurrent engineering and PLM (product life cycle management) time to market duration re-duced to one fourth. As aspirations of consumers with affordabil-ity grew alongside, product and service offerings were quick and different. Feature based differentiation gave way to solution-based differentiations. Tastes and preferences changed, and sustaining change became eminent.Speed of change determined the success rates. Volumes gave way to varieties.Product and services premi-ums depended on individualisation. Inducing change became the best option to overcome changes.Traditional 4Ps (Product, Price, Place & Promotion) got refined to SAVE (Solution, Accessibility, Value for Money and Engage-ment). PLCs (Product life cycles) got shortened, replenishment be-coming the core of consumerism. Ideas mattered more than money, newcomers challenging established players through technolog-ical, product and services innovations. Thanks to data analytics, it is possible to create better niches and acute segmentation with specific and targeted product / services offerings. Terminologies like Mass Customisation came into vogue. Such developments and strategies did not spare political strategists too.IOT AND INDUSTRY 4.O Further advancements in technology paved way for integrated communication. Hand phones becoming a tool for management than mere communications. To begin with, choices and preferences of society in developed economies accelerated adoption of IOT and Industry 4.0. For industries which are hazardous in nature, IOT was a boon, which helped eliminate human interventions in hazardous work. Appropriate adoptions ensured IOT supplementing Human efforts. Usual errors due to fatigue and concentration were elim-inated, improving product and services consistency. Collaborative commerce induced e-commerce made customers and supply chain partners part of business processes. Mutually beneficial long-term, continuous engagements came into existence. Cost containment through near accurate data capturing at points of consumption is a reality today, helping eliminate process wastes.SOCIAL SHIFTSSociety evolved into an inverted triangle ­ education patterns be-coming skewed. Thanks to liberal availability of higher education, work force became educated ­ both at entry levels and post entry through on-line and part time courses. Traditional supervisory model and ratios of staff to workmen were un-necessitated, paving way for emergence of self-managed work force, containing overheads. Management of People shifted from Industrial Disputes (era of conflicts) to Human Capital Man-agement (participatory era). Intrapreneurship and employee share-holding practices became common. Liberal HR practices like flexi hours, part time/ assignment specific engagements and working from home options favoured dual career families, bringing in fur-ther social upheavals. Parent ­ Adult ­ Child relationships assumed new dimensions and continue to evolve. Social Branding of organisations in the interest of public through CSRs complimented product/ services branding. Funding new businesses are at higher risks, defying logics ­ good money chasing bad businesses. Definition of wealth creation is more eu-phoric than reality. World over Financial scams surfaced. Line be-tween Greed and Business is yet to be recognised.Real wealth accumulators like Manufacturing are given sec-ondary preference ­ at all levels. Despite knowing well that Man-ufacturing GDP is key to Nation Building, its yet to attract the desired attention from across. However, given the technology up-grades in Manufacturing, distinction between blue collar and white collar diminished.SAVE TO PACE With education and financial safety of dual incomes, risk taking ability of significant sections of society enhanced. Businesses took notice of this change.Modern Business adopted cannibalisation strategies strongly. Rapid Innovation is the new normal, aided by technologies like 3D printing and Laser Manufacturing. Product life cycles further shortened, as consumer preferences changed fast. Disruptive era emerged.Future belongs to Businesses those are able to PACE (Predict ­ Act ­ Consolidate ­ Establish) more than SAVE (Solutions ­ Acces-sibility ­ Value for Money ­ Engagement). Exit strategies are as im-portant as entry strategies, given the pace of business evolutions. Rapid Innovation is the new normal, aided by technologies like 3D printing and Laser Manufacturing
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