REPORT ON CORPORATE SUCCESS THROUGH ADAPTATION AND INNOVATION
INTRODUCTION
Today companies from all over the world compete with each other. Such changes have forced them to innovate. Innovation is a crucial to organizations success. Hence it has become necessary for an organization to come up with strategically innovative process. Approaches to innovation in the present scenario are reflected in the changing economic conditions. Surviving giants such as GE and IBM have adopted innovation as their corporate theme
But adaptation and innovation is easier said than done as sometimes it requires a complete overhaul of the existing structure and reengineering the complete business process. In this report we will try to analyze a few of such companies which have redefined the ways in which companies should function and created benchmarks for others like SEMCO, Toyota and G.E. They have succeeded due to change in the management structure, control systems and complete business process; they have succeeded through Adaptation and Innovation.
*OBJECTIVES* OF THE REPORT:
Understanding the importance of adaptation and innovative strategies for management control systems in a company
Analyzing the success achieved by some companies through implementation of adaptive strategies and innovation in management structure and control systems used in these organizations
Analyzing the relevance of the practices adopted by these companies and how their leanings can be beneficial to other companies’ Management Control Systems.
SEMCO, SA
One of the very few examples of successful implementation of industrial democracy is the Brazil based company SEMCO, SA. From 1994 to 2003, SEMCO, SA increased its annual revenue from $35 million to $212 million under the leadership of Mr. Ricardo Semler.
He transformed historical Latin American enterprises with a paternalistic, pyramidal hierarchy led by an autocratic leader with a rule for every...