CORPORATE DYNAMISM
Culture of innovation
Mahesha Amarasuriya
In today’s rapidly evolving business landscape, being a dynamic corporate is essential for survival and success, asserts Mahesha Amarasuriya. To be dynamic means being agile, adaptable and innovative – i.e. by constantly staying ahead of industry trends, embracing change, and continuously evolving strategies and processes to maintain a competitive edge, she asserts.
Adding to this, she affirms that dynamic corporations are proactive in identifying opportunities and risks, and prioritising flexibility and creativity in their approach to business operations and decision making.
CHARACTERISTICS Amarasuriya believes that a dynamic organisation is characterised by several key traits including agility and adaptability: “Customer centricity is another hallmark with a focus on understanding and meeting customer needs through personalised experiences and solutions, often anticipating requirements before they arise.”
Collaboration is promoted through teamwork and cross-functional efforts, and leveraging diverse perspectives and skills, while also seeking external collaboration opportunities to achieve larger goals, Amarasuriya adds.
She stresses that resilience is crucial as it enables an organisation to withstand challenges and setbacks, bounce back from failures and learn from experiences. Amarasuriya continues: “Transparency and good governance are maintained through open communication channels, and a culture of honesty and accountability – both internally and externally.”
A dynamic organisation prioritises its employees, treating them as the most valuable asset, thereby facilitating growth and development, she adds.
CHALLENGES Dynamism is not only beneficial to staying ahead of the curve; it’s essential for survival in today’s competitive business landscape. Amarasuriya affirms that agility and adaptability enable quick response times in a rapidly changing business environment.
By adapting swiftly to new technologies, market trends and consumer preferences, organisations are better equipped to anticipate and respond to changes.
She reiterates that “a culture of innovation supports creativity, encouraging employees to think outside the box, experiment with new ideas and take calculated risks. This leads to the development of innovative products, services or processes that meet evolving customer needs.”
Amarasuriya opines that a customer focussed approach places an emphasis on providing customised solutions, listening to feedback and analysing market trends. This enhances customer satisfaction.
MEASURING DYNAMISM In her view, measuring and evaluating the level of dynamism within a corporate setting can be challenging but it is achievable.
She adds that regular employee surveys can gauge perceptions of the organisation’s agility, innovation and adaptability. Innovation metrics such as tracking the number of new product launches, patents filed or ideas generated internally help assess its innovative capabilities.
“The speed of decision making indicates organisational agility. Monitoring market responsiveness through trends, customer feedback and competitive dynamics evaluates the ability to respond swiftly to external changes – for example, through measures like time to market for new products, customer satisfaction scores and market share growth,” Amarasuriya states.
She continues: “Additionally, external recognition, awards and accolades serve as indicators of an organisation’s overall dynamism.”
GLOBAL COMPETITIVENESS As a nation, we have showcased dynamism in certain areas such as our response to the pandemic, she stresses. However, there is room for improvement – as in the case of the economic downturn.
To remain competitive on a global scale, Sri Lanka can take several steps, according to Amarasuriya, including investing in education and skills development – particularly in science, technology, engineering and mathematics (STEM), and technical skills relevant to emerging industries – which cultivates a skilled workforce capable of driving innovation and economic growth.
Other suggestions include nurturing innovation and entrepreneurship – by providing support for research and development; startup incubators; access to funding; mentoring; and improving infrastructure – especially in the digital realm – to facilitate business operations and connectivity with global markets.
Moreover, she says that streamlining regulatory processes – to simplify bureaucratic procedures, and reduce barriers to starting and operating businesses – can attract foreign investments in technology, education and infrastructure.
