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Hug the change to keep your business alive

The key to surviving and growing in a changing business environment is to embrace change. Hug the change, for it will keep your business alive and thriving.

Dr. Sudheer Babu

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Image by kalhh from Pixabay

In 1974, Xerox, a global leader in photocopiers, printers, and scanners, commanded a dominant 86% market share of copiers. However, by 1984, that share had plummeted to just 17%. At the same time, profits, which stood at $1.15 billion between 1980 and 1984, dramatically fell to only $290 million.

The company found itself grappling with fierce competition, not only from Japanese manufacturers but also from American rivals. As a result, Xerox began losing its once unchallenged monopoly. One of the key challenges was that Japanese companies, with production costs only 40-50% of Xerox’s, were offering superior products at competitive prices. Xerox, which had once reigned supreme in the copier industry, was now struggling to maintain its position. Faced with this difficult situation, it had only two choices: fight or surrender. Xerox chose to fight. But the question remained—how?

The company’s strategy was to closely study its competitors’ operations, from production methods to after-sales service, to understand why they were outperforming Xerox. By comparing each of their processes with those of their rivals, they identified the gaps in their own systems. Armed with this insight, Xerox implemented improvement plans across the board to enhance its processes and regain its competitive edge. This approach helped the company make a strong recovery and regain its footing in the market.

Image: Pete Linforth from Pixabay

This approach is known as benchmarking—the practice of comparing one’s business processes with those of the best-performing competitors in the industry. The goal is to identify weaknesses and opportunities for improvement. For each function, every process is carefully compared with those of high-performing competitors. Xerox examined every component of its products, comparing them to those of superior offerings, to understand why their competitors’ products were better. They used this knowledge to systematically improve their own processes, ensuring they produced higher-quality products.

In the business world, observing and learning from top performers is not a sign of weakness but a strategic strength. By understanding what makes the best companies successful and striving to improve your own operations, you position your business for success. Benchmarking and adaptability are ongoing processes—businesses that continually evaluate and adjust their practices will thrive in a competitive marketplace.

The key to surviving and growing in a changing business environment is to embrace change. Hug the change, for it will keep your business alive and thriving.

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Society

Meet the 14-year-old boy who teaches his own teachers

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Picture this: a 14-year-old boy teaching classes to his own teachers at his school. Raul John Aju, a young prodigy from Edappally Government Vocational Higher Secondary School, Kerala, India, had the unique opportunity to do just that at Huddle Global 2024, India’s flagship startup festival, organized by Kerala Startup Mission (KSUM) at Kovalam.

Raul’s extraordinary achievement is the result of his exceptional expertise in Artificial Intelligence and Robotics, which he has acquired through years of dedication and passion since childhood.

The teen’s profound knowledge of AI and Robotics was showcased during the opening session of the three-day festival.

In his session titled ‘Dream Big, Code Bigger – Shaping the Future with Technology’, Raul captivated the audience by demonstrating how AI tools can empower anyone to start a business on their own.

“AI applications can be leveraged to build a startup from the ground up. Whether it’s developing a business model or assessing the feasibility of your product, AI can help create websites, design logos, and assist in business presentations and marketing,” Raul explained, drawing enthusiastic responses from the crowd.

He further emphasized that AI can streamline every aspect of a startup’s verticals, making the process more efficient and accessible.

Raul has also created an AI-powered legal assistant called ‘Nyaya Sathi’. This free bot provides instant legal information to ordinary citizens, making legal advice more accessible to the public.

Apart from his innovations, Raul teaches AI to international students and employees in the US and UK, covering topics like machine learning, deep learning, and AI language models.

“I use AI to generate presentations for my classes, which saves me a lot of time while balancing my studies and other activities,” Raul shared. He strongly believes that AI isn’t going to replace jobs, but rather, people who are skilled at using AI will shape the future workforce.

“AI is both the present and the future. It boosts productivity, increases revenue, and will unlock a world of new possibilities,” Raul asserted, citing statistics that show how AI has improved efficiency for major corporations.

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Society

Evolve or Dissolve

Dr. Sudheer Babu

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Image credit: Pixabay

In today’s fast-paced world, a mobile phone has become an essential part of everyday life, serving as a critical tool for communication and connectivity. Initially, you might purchase a phone to meet basic needs, such as making and receiving calls, staying within a budget. However, as time goes on, your requirements evolve. What once was sufficient for simple communication now must accommodate email, social media, and various applications. This necessity for upgraded technology mirrors a broader trend seen with many products and services over time.

This constant evolution of consumer needs and desires drives the market. People continuously seek new products that promise a positive impact on their lives, not just for functionality but also for the added value and enhanced experience these new products bring. For instance, while an Android phone might fulfill all your basic needs, the allure of an iPhone might stem from its perceived prestige and the belief that it enhances your life more positively.

Such dynamic between needs and desires influences consumer behaviour. Take, for instance, a professional runner. They require sports shoes that offer lightweight comfort and durability, essential for optimal performance. However, they are also drawn to the latest designs and cutting-edge technologies, believing these will give them a competitive edge.

Nike’s customer base is a perfect example of this phenomenon. Athletes purchase the latest models tailored to their specific sports, focusing on performance and technology. In contrast, casual users often prioritize aesthetics and brand prestige, reflecting different motivations—practical needs versus aspirational desires.

The interplay of needs and desires propels innovation, encouraging consumers to replace old products with new ones that promise greater benefits

Ultimately, consumers aim to continuously improve their lives by seeking products that simplify and enhance their experiences. Companies that recognize and deliver on these evolving expectations create lasting value, ensuring their long-term success. Selling products is not merely about transactions but about enriching consumers’ lives, making each purchase a step towards a better, more fulfilling life.

The interplay of needs and desires propels innovation, encouraging consumers to replace old products with new ones that promise greater benefits. This pursuit of continual improvement and innovation reflects a universal aspiration—to enhance life’s quality and enjoy the positive impacts of new, advanced products. Whether driven by necessity or desire, consumers consistently look for ways to improve their lives, and businesses must align with these evolving demands to succeed.

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EDUNEWS & VIEWS

UFS scientists recognized among the World’s Top 2% for 2024

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Prof Abdon Atangana from the UFS Institute for Groundwater is again the highest-ranked scientist from the institution

Scientists from the University of the Free State (UFS) have earned global recognition for their research, with several faculty members named in the prestigious World’s Top 2% Scientists list for 2024. Compiled by Stanford University in partnership with Elsevier and based on data from Scopus, this list honours researchers whose work has made significant contributions to their fields and garnered worldwide recognition.

The ranking evaluates scientists using standardised citation metrics, including h-index, article citations, and other performance indicators, to identify the most influential scholars across various disciplines.

Prof Vasu Reddy, UFS Deputy Vice-Chancellor for Research and Internationalisation, expressed his pride in the achievement, stating: “The coveted Stanford-Elsevier list showcases top-notch scholars globally in the fields of science, engineering, business, public affairs, and the human sciences. We at the UFS are filled with pride and excitement to see our scholars who are making a positive mark in global research efforts.”

Top Performers from UFS

Prof Abdon Atangana, a leading researcher at the UFS Institute for Groundwater, is once again the highest-ranked UFS scientist on the list, securing the 391st position worldwide and 2nd out of 2,137 authors in Applied Mathematics. Prof Karl Peltzer, Research Fellow in the Department of Psychology, also earned recognition, ranking 4,806 globally and 47th among over 69,000 authors in Public Health.

Prof Reddy remarked, “The UFS is filled with immense inspiration and joy to celebrate our academics whose vision and dedication must serve as a true inspiration for all of us collectively at UFS. You are people, through your ideas and research, who drive real-world solutions to complex wicked problems and challenges.”

New Additions to the List

Several UFS researchers have made their debut on the prestigious list this year. These include Prof Felicity Burt, Principal Medical Scientist in Virology; Prof Yonas T Bahta, Professor in Agricultural Economics; Dr Andronicus Akinyelu, Lecturer in Computer Science and Informatics; Prof Abiodun A Ogundeji from the Disaster Management Training and Education Centre for Africa; and Dr Marieka Gryzenhout, Senior Lecturer in Genetics.

Dr Gryzenhout, who focuses on medicinal mushrooms, expressed her surprise at the recognition: “There are truly prolific and renowned researchers out there with impressive publication records and impactful research.” She attributed her success to impactful and relevant research, networking, and long-term citation of her work.

Notable Achievements and Contributions

Dr Anand Krishnan, Senior Lecturer in Chemical Pathology and a leader in nano diagnostic and therapeutic research, reflected on his inclusion in the list as a testament to his extensive contributions. “Being acknowledged in this elite group is a tremendous honour. It validates my commitment to advancing research in precision medicine and nano diagnostics,” he said. Dr Krishnan’s scholarly output includes over 127 published articles, eight books, and 22 book chapters, solidifying his reputation in global research.

Prof Yonas T Bahta, a National Research Foundation (NRF) C2-rated researcher, made his first appearance on the list, ranked 229,449 globally. “Being named in the Top 2% signifies global recognition for research excellence and enhances a scientist’s reputation within academia and industry,” he said. Prof Bahta’s research focuses on the social and economic impacts of water use behavior and agricultural drought in South Africa.

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