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Implementing strategic initiatives: a framework of best practices!
HIGHLIGHT THE IMPORTANCE TO EVOLVE BEYOND OUR CAPACITY: Implementing strategic initiatives: a framework of best practices... INSIDE THIS ISSUE:
Competing technologies and industry evolution: How technology is changing the face of manufacturing?
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Creating business opportunities through knowledge development...
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Unlocking the potential of creative industries: Play ah mass: The business side...!!
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TIC sees the rush of registrations.
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Expression of interest: OAS online course. Contact JA-T&T Trade Facilitation Desk NOW!!!
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How do managers implement effective strategic initiatives in an organisational excellence environment? From a strategic and operations management point of view, adopting and implementing the right practices in a business is fundamental to achieving “world-class” performance. Thus, from inception, companies should be committed to strive for “organisational excellence”. What does this mean? Simply that those enterprises must use a recognised business excellence model with which they will assess carefully and improve their own performance. Many businesses were created first and foremost with the understanding that the secret to success was mainly in providing great customer service. However, time taught us that success cannot simply have been defined as customer services and therefore requires a news definition in the 21st century. This is what we will call: Best Practices.
For the truly successful enterprises in the '90s, each transaction must build on creating the aura of great satisfaction, or the customer will not return. Simple attention such as remembering their clients by name, greeting them at the door as if they were the most important person that had ever arrived at the location, and ensure that they were served in the tradition of their business are invaluable. But these companies also need to be careful! While customer service can be spectacular, if their fail to anticipate the changing needs of the clients in selection and value, they will be gone! Never forget to realize that businesses are competing against each other for the same client.
For all the reasons above, it is indeed necessary to recognize that while customer satisfaction is the key, customer service is still a very important factor. Great businesses service their customers by moving their staff onto the floor, instead of building a staff that serves the main office. They recognize that it is the staff taking care of the customer that drives the business and makes the money, and not the back office staff and management. Best practices require that entrepreneurs go beyond the basic way of doing business, by breaking the cocoon and learn to look around cautiously. They need to see who in their industry is doing "it" well whatever "it" is - and steal "it" quickly. There is no better way to improve than to look at the competiManagers need to broaden their area of focus and look tion, learn from their mistakes and avoid them. elsewhere and everywhere - be inside their businesses Most businesses today receive extensive informa- visiting their direct competition - be outside of their tion from their management systems and stakeindustry, to truly understand and implement a sustain- holders; however, it is essential that this informaable "Best Practices" strategy. tion be analyzed on a regular basis to prevent any There are several reasons why certain companies have problem that may surface. Again, reviewing the become what we describe as "Category Killers" in trend analysis of any enterprise on a regular time their market segment. And, it is obvious that it is more basis can react favorably to its results. Albert Einthan a broad smile and good product that have allowed stein once said that: “the definition of insanity is brands such as Nestle, Coca-Cola, Unilever, Nike, doing the same thing over and over again and exMcDonald, Yves Saint-Laurent, Mercedes Benz, UPS, pecting different results”. So let‟s not be insane, Sony, and regionally, Angostura, Blue Waters, D&G/ and monitor our industry, understand its market Red Stripe, Wisynco Group, Digicel, and others to trends and do something - anything - but never stand still. Success is about anticipating the mardominate their market segment. ket and changing so that businesses have what In fact, there is such a huge difference between Cus- their customers want, and most importantly tomer Satisfaction and Customer Service, and it is a when they want it. tremendous mistake for any business to fail to make Article written by Mrs. Naika Pichi-Ayers– TTMA the correct distinction. Jamaica Trade Facilitator Officer.
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How technology is changing the face of manufacturing…
Technology has changed and continues to change the manufacturing sector. Some refer to this change as the new industrial revolution. Change is underway in the manufacturing world and digital technology is the driving force behind it. Most notably, technology has changed the manufacturing sectors‟ reliance on the human labour force, manufacturing companies‟ ability to be competitive and the manufacturing industry‟s innovation processes. The advent of machinery and technology has decreased the need for and cost of human labour. On the other hand, manufacturers are claiming that they are unable to find workers who have the necessary technological skills for modern manufacturing. Therefore, while technology has impacted the manufacturing industry significantly there is still a void which exists in the labour market. Investment in technologically advanced machinery and equipment has affected the cost of labour for modern day manufacturers. Highly adaptive, low-cost machinery now allows for manufacturing operations to be less sensitive to the cost of human labour. Thus, technology allows for the manufacturer to retain a low-cost labour-intensive work force without depending on the human labour force. Even as advanced economies develop more automation capabilities, the practice of importing labour for the purposes of accessing cheap labour is becoming less and less viable. The negative impact technology has had on manufacturing relates to the issue of skilled labour. . The most obvious impact of industrial mechanization is that it eliminates many unskilled job positions. However, manufacturers have expressed the difficulty faced with sourcing workers who have the necessary technological skills for modern manufacturing. Industrial robots are mere automatons which humans program to perform simple tasks. Those said tasks require decision-making, creativity and adaptation for which human perception is necessary. The outputs of machines are in no way comparable to that of the human labour force. However, machines are not without limitations. But when a task is done right by robotics, productivity tends to increase dramatically.
The global competitive landscape of manufacturing has been transformed by the impact of technology. Increased productivity and high outputs at a rapid speed illustrate the positive way in which technology has affected the manufacturing sector. Consequently, bigger manufacturers are earmarked as competitive because of their ability to speedily produce high quality goods. On the contrary, some Small and Micro Enterprises (SME‟s) are unable to afford expensive technologically advanced production lines which deters their productivity and so those cottage type manufacturers are sometimes unable to afford the required technology and to be labelled as competitive. In order to attain a competitive edge in the marketplace, manufacturing companies must produce highquality products at a low cost. To achieve this, many companies have noticed that technology plays a vital role. As such, many manufacturers make long term mechanization investments especially those who are able to afford the required technology which allows manufacturers to produce high-quality, low-cost goods at a competitive rate. Per contra, the chance to produce at a competitive rate may not always be given to all manufacturers. High technology costs such as the implementation of an expensive production line is sometimes beyond the reach of an average SME. Thus, not only will such manufacturing companies depend heavily on the human labour force but the speed of outputs may be slower consequently affecting the manufacturer‟s ability to perform in a competitive environment. Technology is transforming innovation at its core. Companies are testing new ideas at speeds and prices which were once unimaginable. Technology is offering manufacturers the ability to innovate more efficiently and inexpensively. Innovative manufacturing companies are shifting away from traditional research-anddevelopment methods. Manufacturers are now able to explore and test new ideas, because the price of failure is so much lower. This brings changes for corporate culture, forcing managers to give more employees a say in the innovation process. With testing so cheap, easy and accessible, there's less need to ration it as they have in the past. As more people get involved in experimentation, manufacturers will also need to change their focus in education and training efforts for innovation. Contribution from Mrs. Sarika Redoy– Bedeau, TTMA Executive Assistant to the CEO. Mrs. Redoy– Bedeau can be reached at (868) 675-8862 Ext. 232 or via email at: info@ttma.com
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Creating business opportunities through knowledge development! across the globe rapidly through the use of modern technology.
The time has come for Jamaica and Trinidad & Tobago to sophisticate the arrangements for the movement of physical resources and creatively intertwine this with powerful ICT infrastructure in our countries for the robust movement of information. It is perhaps the latter part of this two-tiered imperative that bears the most relevance to the Jamaica and T&T of the future, whose economic fortunes could hinge on their capacity to develop and export knowledge! The empirics will quite possibly support the assertion here that information is transported around the world much faster than physical resources can ever move in this age. If this is true, intuition would suggest that there is potential for vast revenue streams to flow into our islands from becoming net exporters of knowledge to the globe. This knowledge is yet to be fully defined, and deliberately so, since knowledge management in the 21st century is akin to shooting at a moving target. At the bare minimum, however, we can examine some of the intangible strengths that are latent within the soul of Jamaica and T&T. Our chain of islands offers a rich tapestry of original music, world renowned sportsmen, Carnival shows, laureates in the arts (particularly literature), and fashion designers. The argument can be made that the world is filled with all of those just described; while this may be true, much can be said about our regionâ€&#x;s capacity to produce such quality against the odds of debilitating colonialism and monoresource economic structures. What must be unearthed, and packaged, is the technology that has driven such world class recognition in the past and present, as well as the vision of what we can become and offer to the world with the right mix of import and internal/external support. It then becomes necessary to re-orient the tertiary education sectors in our island states, imbuing them with a mandate to create new knowledge that is then transported
As an illustration, the world of athletics is now captivated by the phenomenon that is Usain Bolt. Many years earlier, a similar fascination was found in the spectacle that was Brian Lara, a cricketing genius. Sons of Jamaica and T&T respectively, these sporting icons have created ripples across the globe that have manifested in countless ways. Putting this into context, a possible endeavour would be to find ways to support the emergence of many more athletes of the highest caliber, and convert this into athletic development technology through our tertiary education machinery. One way in which this can be rapidly exported is through new online schools, effectively making us gateways or portals for sport science (the same applies for all the other areas mentioned). In the physical realm this can lead to establishment of tertiary level Schools of Literature and Journalism, Sport, Music, Fashion and many others of international repute. Assuming that we are successful in capturing the attention of the world with our intellectual products, it stands to reason that more foreigners may wish to visit the islands, primarily to attend our schools and secondarily, to learn more about our societies. This brings us to the other side of the equation, which is sophisticating the arrangements for the movement of physical resources (in this case, the movement of people); that is, bringing our air and sea ports, along with our transportation systems as close to parity with the rest of the world. We must capitalize on any influx of non nationals entering our countries by making it as painless as possible to commute to and between our islands. Transportation should be affordable and reliable, and entry into each country ought to be hassle free. Our present arrangements leave much to be desired, and we must take a deeper look at how our region as a whole can tackle the transport constraints that continue to beset us. It then becomes distinctly possible that manufacturing and tourism would benefit with the increase in consumers transiting our countries. What we would have effectively accomplished is the uncovering of a different way to reaching the consumer and stimulating interest in all that our economies have to offer. As we uncover new „productsâ€&#x; for use by the world at large, they will provide new opportunities for the revolution of our business paradigms and economic development. An article written by Mr. Marc Sandy TTMA Research Economist, Business Development Unit. Mr. Sandy can be reached at (868) 675-8862 ext. 241 or via email : research@ttma.com.
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Play ah mass… The business side!! Greatest Show on Earth. Despite some successes, these MSME‟s have not been able to fully hone their craft and gain the requisite skills to advance their businesses in becoming and remaining competitive on the global stage. A study conducted in 2011 showed many are still functioning in a traditional way – usually as seasonal, family-operated entities - and do not appreciate the potential benefits of using ICT and collaborative measures. Moreover, business management skills were one of the biggest downfalls among the MSMEs.
Carnival is arguably the most anticipated event on 2014 T&T‟s calendar. This magnificent showcase of our local creativity, warmth and bliss has become Trinidad‟s most important cultural export. The report “The Economics of Bacchanal: The Economic Impact of Trinidad and Tobago Carnival”, produced by Economist Dr. Keith Nurse, revealed Carnival visitor arrivals had grown by 60 per cent since the late 1990s and in 2007, there were over 40,000 visitors who spent approximately US$28 million, over 10 per cent of the annual visitor expenditures. Most recent data from the Central Statistics office (CSO), coupled with University of West Indies (UWI) research show that three weeks of revenue from Trinidad and Tobago‟s carnival exceeds US$100 million. Carnival therefore has grown over the years into a viable and economic industry. In spite of this, the more than 450 Micro, Small and Medium Entrepreneurs (MSMEs) involved in the masquerade industry, have traditionally not gained financially from the
As part of its sector development initiatives, the Trinidad and Tobago Coalition of Services Industries (TTCSI) responded to the call from the Inter American Development Bank for the project “ICT Innovation for the Development of the Masquerade Industry in Trinidad and Tobago” (I3M). The TTCSI, together with key partners from several key local state and NGOs such as the National Carnival Development Foundation, The Ministry of Trade, Industry and Investment, Blink Broadband Data Service, National Entrepreneurial Development Company and ExporTT, have been strengthening and promoting economic growth in the sector through business management and export training, provision of the needed ICT hardware, software and internet connectivity and most importantly the development of the Trinidad and Tobago Carnival Hub, soon to be launched as the “The Carnival Gateway.” This Trinidad and Tobago Carnival HUB will act as a tool to provide substantial support and services to improve MSMEs productivity and efficiency levels through specific online functionalities addressed to reduce raw materials costs, market their products and services individually, nationally, regionally and internationally as well as support vertical and horizontal integration within the sector while innovating their business practices. It is envisioned to be the one stop shop for Carnival and at the same time seek to preserve Trinidad and Tobago‟s cultural heritage and promote MSMEs in the masquerade industry. ________________________ ¹The Economics Of Bacchanal: The Economic Impact Of Trinidad And Tobago Carnival; Dr. Keith Nurse (Sunday Guardian, March 2007).
An article written by Ms. Patti Mohan, TTCSI Project Assistant. Ms. Mohan can be reached at (868) 622- 9229 or via email : pmohan@ttcsi.org
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Trade & Investment Convention 2014 sees rush of registrations‌!
The Trade and Investment Convention is the flagship business to business event among regional Manufacturers. This year marks the 15th anniversary of the Trinidad and Tobago Manufacturersâ€&#x; Association annual convention which will be held from July 2 - 5, 2014 at the Centre of Excellence, Macoya, Trinidad and Tobago. The convention will be sponsored this year by the Ministry of Trade Industry and Investment, Telecommunications Services of Trinidad and Tobago and First Citizens. Located in the midst of the booming Trincity Industrial Estate, the Centre of Excellence will open its doors to display over 210 booths and 10 Pavilions. Exhibitors from the United Kingdom, Brazil, Canada, Dominican Republic, Barbados, St Lucia and the United States have already registered and are looking forward to promoting their products and services to local, regional and international buyers. International Buyers have also expressed their interest and have begun registering. These early registrants have been benefitting from discounted rates, early Business to Business matching and are also accessing advertising opportunities. There has been great interest expressed in sourcing regional distributors and retailers who are interested in private labeling and exclusive distribution rights.
The TIC will also have a different look to better meet the needs of participants this year, as the floor plan has been redesigned to locate companies in sectors. Take a look at the floor plan, identify which sector your business will be located then contact the TIC secretariat. If you are really interested in coming as a buyer, this is the best time to register, for further information send the TIC secretariat an email at ticbuyers@ttma.com or telephone (868) 675 8862 Ext 247.
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New market opportunities for MSMEs using internet and social media! The OAS Department of Economic and Social Development of the OAS Executive Secretariat for Integral Development is launching the second edition of the online course “New Market Opportunities for Micro, Small and Medium Enterprises (MSMEs) Using Internet and Social Media,” to be held from April 10th to June 5th, 2014 through the OAS Educational Portal of the Americas. Registration deadline is March 28th, 2014. The course was adapted by the Cave Hill School of Business (CHSB) of the University of the West Indies and the objective is to train participants, mainly from the Caribbean region, and raise awareness about how Information and Communication Technology (ICT), such as the Internet and Social Media, can be used by MSMEs to enhance their business potential and facilitate entry into markets. Target Group: Directors and representatives of public and private support institutions of micro, small and medium enterprises (MSMEs) in the hemisphere.
Entrepreneurs and their employees who are interested in exploring the potential of the Internet and Social Media for their businesses.
Study Venue: The course will be delivered entirely online (Internet) through the Educational Portal of the Americas Virtual Classroom and requires a minimum weekly commitment of 10 hours as well as basic computer skills such as handling e-mail, word processing and internet skills. The Virtual Classroom has a user manual and a help tool. Throughout the course an expert tutor will support and guide participants and will facilitate all levels of learning. Language: English Start and End Dates: From April 10 to June 5, 2014 Duration: Eight (8) weeks If you require any further information on this course, or if you wish to register, please contact Ms. Marisa Garcia via email at MGarciaL@oas.org
Is anyone interested in exporting its products/services to T&T? The Jamaica– T&T Trade Facilitation Desk can assist you with the following:
Inform Jamaican businesses (among others) about import regulations & entry requirements into the Trinidad and Tobago‟s market, as well as representing their interests; Assist Jamaican companies with regulatory agencies‟ relations in complying with TT regulatory standards, and offer strategic input and technical guidance on requirements; Assess Jamaican firms‟ potential in the local market, provides market intelligence and value added advice on the opportunities and challenges of doing business in TT; Advice on upcoming events such as trade fairs, conferences, workshops, seminars and trade missions; Encourage networking and facilitating business match-making with T&T companies to boost investment and trade; Undertake consultations with prospective exporters, business support organizations and representatives of the public sector institutions that play key roles in the export process in TT and Jamaica; Address main areas of concern and key issues to the relevant trade institutions & regulatory agencies in T&T and Jamaica (intermediating with such arms as customs, the standards authorities, and helping with negotiating the bureaucracy) and offering support solutions; Assist in the coordination of visits and trade missions to T&T (planning, ground support and follow up). Proactively build networks and alliance between parties to facilitate trade relations and foster partnerships between Jamaican institutions and local counterparts. If you have additional questions or if we can be of any assistance, please feel free to contact: Mrs. Naika Pichi-Ayers, Jamaica-T&T Trade Desk Officer and Editor of the Newsletter at: