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As the crescendo builds up to the Expo 2020, and the UAE’s free market economy goes on an upward curve, business perspectives are changing locally and along with this the employment scenario.
Professionals are increasingly adopting the Blue Ocean Strategy to create new demand in uncontested market space (blue ocean) instead of competing head to head in an existing industry (red ocean), as advocated by Harvard Professors W. Chan Kim and Renée Mauborgne. Their study is the outcome of a new understanding that operating in uncontested marketplaces leads to faster growth and higher profits.
In today’s advanced technical and globalized world, productivity is at an all-time high, and supply far exceeds demand. Prices are falling and profit margins are narrowing. So the time is just right to adopt the Blue Ocean Strategy to create new markets, and tap non-customers to create fresh demand. This strategy focuses on how one can create value and make customers comfortable and be willing to pay for it. Innovation has a key role as long as it is aligned to utility, price and cost.
In the UAE, where global cultures and attitudes come together, professionals are questioning conventional careers and looking to create a brand new market space for themselves. Also, large companies are losing out on top performers opting to set up small yet sustainable businesses in new markets.
New skills like learnability, thinking and specialization are being highlighted. New business plans are also being designed using digital marketing, virtual collaboration and cross-cultural competence as key differentiators.
The forecast is that by 2020, the private workforce in the UAE will be divided among those who work for large conglomerates, small and medium enterprises, and those who are self-employed.
Innovation, diligence and expertise will be valued, and the onus will be on professionals who can take initiative, and are creative and passionate about their work.
· More people are adopting the Blue Ocean Strategy to grow
· Doing so means creating new markets as well as fresh demand
· Success goes to those with initiative, who are creative, passionate
Source: Debasree Banerjee, Special to Jobs & Careers
The writer is Corporate Communications Manager, Blue Ocean Academy, Dubai