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Technology has Opened Challenges and Opportunities
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Technology has Opened Challenges and Opportunities
For corporates to venture into co-creation, they have to have deep understanding of the product technology and the IT architecture. "The company`s managers should be able to anticipate and respond proactively."
Agreeing that managers may not initially accept co-creation options, Prahalad said companies should train managers on the creation of new skills, develop suitable performance metrics to enable co-creation, and inculcate customer-centric focus.
A professor at the University of Michigan and author of several books, Prahalad was in Chennai for an IIT alumni meet. He calls himself a serial entrepreneur and said his reputation is his risk capital.
He referred to the current global economic meltdown, saying, "Crisis is the time for nations and corporates to make fundamental change. In 1991-92, India faced the balance of payments crisis, which in turn resulted in the opening up of the economy."
Though free market preaching countries are busy nationalising failed corporates, Prahalad said one ought not to `draw wrong conclusions` on the free market economy. "We need to strengthen the regulatory framework," he said.
Prahalad also does not foresee foreign investors shying away from investing in Indian companies following the aborted attempt by software major Satyam to buy two companies run by sons of the promoter.
"Global investors are of the opinion that there is a reasonable level of corporate governance and one or two wrong incidents will not deter them," said Prahalad.Increased connectivity, convergence of technologies, digitisation, creation of social networks and `Googlisation` of the world have thrown up an important challenge as well as opportunity for corporates across the globe, C.K. Prahalad, the US-based management guru said.
For corporates to venture into co-creation, they have to have deep understanding of the product technology and the IT architecture. "The company`s managers should be able to anticipate and respond proactively."
Agreeing that managers may not initially accept co-creation options, Prahalad said companies should train managers on the creation of new skills, develop suitable performance metrics to enable co-creation, and inculcate customer-centric focus.
A professor at the University of Michigan and author of several books, Prahalad was in Chennai for an IIT alumni meet. He calls himself a serial entrepreneur and said his reputation is his risk capital.
He referred to the current global economic meltdown, saying, "Crisis is the time for nations and corporates to make fundamental change. In 1991-92, India faced the balance of payments crisis, which in turn resulted in the opening up of the economy."
Though free market preaching countries are busy nationalising failed corporates, Prahalad said one ought not to `draw wrong conclusions` on the free market economy. "We need to strengthen the regulatory framework," he said.
Prahalad also does not foresee foreign investors shying away from investing in Indian companies following the aborted attempt by software major Satyam to buy two companies run by sons of the promoter.
"Global investors are of the opinion that there is a reasonable level of corporate governance and one or two wrong incidents will not deter them," said Prahalad.
Source:
http://www.cxotoday.com/India/News/Technology_has_Opened_Challenges_and_Opportun
