PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
B Cameron
 
Comments: 2
Article views: 613
 
 
Latest Badges:

 
View all B Cameron's badges.
 

Top 10 Challenges Faced by Business

26 June 2014, 05:00

South African companies face a host of business challenges in 2014.

In a recent survey, company CEO’s listed the Top10 Challenges to solve in 2014. We list them here with a brief description, in no particular order. See if you agree. Feel free to add your own ones and rank them in order.

1. Uncertainty: Uncertainty about the global economy credit markets, competitors, etc.

2. Globalization: challenges of globalization, entering new markets, designing new products and services for new customers.

3. Innovation: companies are struggling with innovation and better innovation processes.

4. Government Policy & Regulation: A changing regulatory environment, policy uncertainty is always of concern to nearly all companies today.

5. Technology: The pace of technological change is running at an exponentially increasing rate.

6. Diversity: A lack of diversity within large company leadership teams leads to a narrow view of an ever-changing and diverse world.

7. Complexity: Business has become more complex, even as certain tasks and activities have become easier due to information technology. The pace of change is rapid and quickening. The global economy is more connected than before, creating a greater population of customers and suppliers.

8. Information Overload: In today’s world nothing is changing more, or growing faster, than information. A March 2010 estimate put global Internet traffic at 21 exabytes, i.e. 21 million terabytes. By 2016, global traffic is expected to reach 1.3 zettabytes. Every day 2.5 quintillion bytes of data are created. Being able to consume and make sense of available information in order to make good decisions is becoming a nearly insurmountable challenge for individuals and companies.

9. Supply Chains: Because of uncertainty in demand and the need to stay lean, companies carry smaller inventories than before. Uncertainty in supply and increasing competition for raw materials also make supply chain management extremely onerous.

10. Strategic Thinking & Problem Solving

Many companies are at a disadvantage due a lack of sophisticated approaches to information acquisition, analysis and the development of unique insight. Companies lack a long-term strategic imperative and is constantly strategy hopping from year to year.

Everyday problem-solving competency among business leaders limit their ability to effectively deal with the nine challenges above. This is why executives tend be glorified fire-fighters, trying to put out corporate fires with gasoline.

Swamped by workload, many business leaders don’t have capacity to give much attention to these challenges. Yet, they are reluctant to call in the external expertise necessary to help their companies survive and thrive. In a tough economic climate like today, where markets are even more competitive, businesses need to work smarter than ever, be swift and stay nimble.

The author, Bertram Cameron, is a management consultant with over 20 of experience in the mobile and digital industries.  H

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

 

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Comments have been closed for this article.

Read more from our Users

Submitted by
Michael Mondli Hlophe
What’s next for Hlaudi?

Hlaudi Motsoeneng is like Julius Malema, in that he will use the media to stay relevant, even if it means uttering things that they do not necessarily believe. Read more...

0 comments 1715 views
Submitted by
Mdy Chauke
Matthews Phosa is an ANC leader

Edward Zuma must let his father fight his own battles. Read more...

0 comments 1056 views
Submitted by
Natasha Pelati
Armed Forces Day Durban a celebra...

To the men and women that have dedicated their lives into defending our country, we are truly proud to be involved in this day where our nation can show that we are all as one in defending our land. Read more...

0 comments 321 views
Submitted by
Revelgen
Firing Gordhan would destroy the ...

The plot is so, so clear. Zuma, his immediate cronies and the Guptas regard South Africa's taxes as their own personal private bank. Read more...

0 comments 1056 views
Submitted by
Commissar
SAPS in Dennilton has come to a ...

The superintendent of the station is in such dire straits that he cannot perform on his mandate, that it is actually causing him mental and physical strain. Read more...

0 comments 269 views
AbaThembu royal family's woes won...

The AbaThembu royal family have been at the center of controversy after the incarceration of King Buyelekhaya Dalindyebo in 2015. Read more...

0 comments 230 views
 

services

E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

TV Get us in your home, on your television.

 
Interactive Advertising Bureau
 
© 2017 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.