Economic Insights From 2011 For 2012

02/05/2012

By Prof Dominic Swords, Business Economist at Henley Business School and NBA Co-Chair of Judging

The twelve months since last year’s National Business Awards have been full of uncertainty and change. We have been experiencing a gradual and at times fragile climb out of a prolonged recession – a cyclical recovery – while at the same time witnessing major shifts in the global economy; some fundamental and structural changes in global growth drivers.

In this period of upheaval, there will have been many challenges yet also areas of opportunity for innovative and agile businesses to exploit. And in my opinion this...

...environment of change and competition will provide some distinctive and dynamic examples of successful business in this year’s National Business Awards.

Many industries are having to look for new ways to reduce costs in their supply chains: not simply to do things more cheaply but to do things differently. This creates opportunities for businesses that are ‘process improvers’; companies that can produce products and services to enhance supply chain costs, speed and quality. That might be through the use of technology or through novel business models. They might be businesses already in supply chains or new entrants bringing new ideas. In either case I can expect to see examples of these trends evidenced by the entrants to the awards.

Opportunities to win

The market is creating opportunities for agile and well positioned businesses that meet a very clearly defined need. In low growth periods competition intensifies. Organisations – in both the public and private sectors - that engage effectively and imaginatively with their customers will be the winners in such times. And, just as last year, I would expect to see examples amongst entrants that dramatically out-compete existing players through simple yet highly effective new approaches to customer engagement and... continued on page two >

 

 

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