The Transformation of Business to Spur Economic Growth
Nowadays, to develop a successful business you need to be a progressive company driving growth or establishing an ecosystem. Companies in traditional industries have proven that they can do this, having undergone radical transformation and become national or even global leaders in their sectors. Initiatives to raise the efficiency and productivity of large companies can bring them billion-dollar profits. This can be a source of long-term investment and can increase earnings for individuals as well as fiscal revenue for the government. To undergo successful transformation, companies need to not only change their operational processes and technologies but also rethink their approach to work, internal culture and the management practices that they have established over the previous decade. Crunch periods and the development of new technologies are creating substantial opportunities to transform business, and these are often accompanied by processes of consolidation within sectors. What is driving the reforms in business and what challenges and opportunities are Russian businesses facing in the transformation process? What challenges does the future hold? How is international experience and best practice helping companies to overcome difficulties?
