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Change or Perish:
The need for creativity and innovation
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The world's largest corporations are invading each other's space. Consumer electronics giant Sony - which made the Walkman an icon of the 20th Century - has been upstaged by a computer company. Apple, the makers of the popular Ipod, is now the leader in handheld digital music players.
Apple subsidiary Pixar is now the world's hottest animated filmmaker and is competing with its former partner Disney. The Internet portal giants - Yahoo!, MSN and Google - as well as cable TV companies are all moving into the telephony business. Meanwhile, the big US telephone companies are offering online TV and video on their broadband networks.
What do all these tumultuous changes mean for us?
For most of us in this room, the old ways of doing business are falling apart. Everyone's margins are getting squeezed. Products are becoming commoditized. Differentiation is disappearing.
It used to be enough to provide a product or service that works well, is durable, easy to use and, at the same time, affordable today, that will not do anymore.
Competition is such that, after a while, many others can duplicate your quality and price. So, today, you need something more. You need an "X" factor to make your product and company really stand out.
This brings me to a subject close to my heart. I've spoken of this in the past and will keep doing so because I think this is the direction of change that our companies must take.
I refer to the need for us to aggressively pursue creativity and innovation. Or, if you will forgive the double punk, in this era of global change, we Filipinos must find smarter ways of doing business.
Take a look at this recent issue of the US magazine BusinesWeek. This came out in August and it has an eye-opening special report on what it calls the "Creativity Economy."
You see, up till recently the Americans thought that their superiority in the "Knowledge Economy" would keep them ahead of the rest of the world.
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