Hiran Barua Avi
Saic Institute Of Management And Technology (SIMT)
Email : firstname.lastname@example.org
A new organization or factory with short capital base may substantially develop its productivity and efficiency by following strategy, management, techniques, technology etc. of the topmost and advanced organization under this sector. An advanced organization generally possess vast experience, resource, capital, research base, technology, technical and managerial human resource base which a new or domestic organization may seriously lack. A topmost or foreign based organization may have enough resources to spend for research and innovation in different spheres of work. This a new or domestic organization may not afford. Experience and expertise of the topmost organization can’t be assimilated within a short span of time except by benchmarking. Benchmarking said to assimilate by an organization the best practices of the most advanced and successful organizations in the same or relevant field. This is very commonly known as “follow the leaders in your field”. Assimilating the best practices from leaders in the field is the easiest and cheapest way of gathering technique, technology, management practice, know-how, strategic planning, quality & production management, cost management etc.
Bangladeshi local organization suffer from intrinsic shortcomings such as the following
• They don’t have long term strategic planning
• Unskilled manpower recruitment and development policy
• Lacking in product or service improvement technique
• Lacking in quality management system
• Failure in providing technology oriented training of workers, employees etc.
• Failure in effective continuous improvement in all ways of work
• Failure in implementing full safety and protection system
• Failure in introducing supply chain system
• Failure in introducing system of internal audit, cost reduction system etc.
All or any above mentioned factors may make a competitive edge in the most competitive era of modern business. Organization especially foreign based or multi-national ones have vast experience in managing organization in the efficient and effective manner, they have better exposure to international business, and they pursue better and most modern management and technological practices. They are sourcing and securing basic input at a shorter lead time. On all this factor organization have good chance to follow the most advanced and successful organization in respective field. Following the successful one is easier and cheaper. This method delivers in a very short time.