Mr. Sriram mainly spoke about the forces he sees currently shaping the global economy, what firms must do to respond, what traits leaders must have, how to manage differences across cultures and finally, what Japan must do in order to succeed on the global stage.
First, Mr. Sriram outlined four major forces he saw currently shaping the global business environment. These forces include the shifting of demographic energy away from industrialized regions and into emerging regions such as India and Africa, the opening of previously closed economies around the world, such as China, the ubiquitous spread of technology (and the exponential fall in costs associated with that spread) and finally, a gradual harmonization of accounting and securities regulations. The sum of these four forces means that now, more than any time in history, the playing field is being leveled across the world, and upstarts can challenge established players with more ease than before.
Those forces will mean that firms must change the way they operate, becoming “nodal” in nature, rather than be connected through a one-directional value chain. Firms must communicate and connect with more potential stakeholders than ever before in order to stay globally competitive.
Leaders will need to change as well in order to run these newly global businesses. Mr. Sriram identified several traits that leaders probably should have, including charm, persuasiveness and managerial ability. But courage was the one trait that leaders truly need, because courage helps people deal with adversity and acknowledge fear, without becoming overwhelmed by it.
Mr. Sriram went on to say that it is better to make “wrong decisions” – that is, decisions that turn out badly, even though you did all the due diligence required, than “poor decision” – that is, decisions that are done because of habit, or out of ignorance or fear. This is because even “wrong decisions” provide a learning opportunity to see what you did wrong and why, whereas “poor decisions” add no value.
Mr. Sriram spoke of his experiences in managing one part of a global firm, with offices in multiple continents and countries. He stressed that adaptability and flexibility are the most valuable traits employees can have, especially when working across cultural differences. He always stresses to his Indian employees to “put some soy sauce” on their thinking in order to make it more palatable to their Japanese colleagues. Likewise, he encourages his Japanese employees to “put some curry” on their thinking in order to be more persuasive to their Indian colleagues. The point is, no matter which condiment is involved, adjust your thinking and your frame of mind to fit your audience, and embrace the fact that there will always be cultural differences to overcome.
With respect to Japan and how it can take advantage of this world of opportunity, Mr. Sriram said that Japan is currently at an inflection point – and has lot of potential to succeed in this new world, if it chooses to do so. Instead of the traditional model of Japan staying “inside first,” by developing products and services for the home market before exporting them to others, Japan must go “outside first” and learn from what the world has to offer, then bring the best of that knowledge back home.
Finally, Mr. Sriram stressed that the earlier one exposes oneself to more and different cultural perspectives, the more adaptable and flexible one can be in responding to changes in the business environment. Mr. Sriram expressed confidence that the younger generation of Japan was perhaps uniquely positioned to do this, and was hopeful that they would be successful. He encouraged those at the seminar to be more courageous, to cross more cultural boundaries more often, and finally, to remember that there are no shortcuts to achieving your dreams.
First, Mr. Sriram outlined four major forces he saw currently shaping the global business environment. These forces include the shifting of demographic energy away from industrialized regions and into emerging regions such as India and Africa, the opening of previously closed economies around the world, such as China, the ubiquitous spread of technology (and the exponential fall in costs associated with that spread) and finally, a gradual harmonization of accounting and securities regulations. The sum of these four forces means that now, more than any time in history, the playing field is being leveled across the world, and upstarts can challenge established players with more ease than before.
Those forces will mean that firms must change the way they operate, becoming “nodal” in nature, rather than be connected through a one-directional value chain. Firms must communicate and connect with more potential stakeholders than ever before in order to stay globally competitive.
Leaders will need to change as well in order to run these newly global businesses. Mr. Sriram identified several traits that leaders probably should have, including charm, persuasiveness and managerial ability. But courage was the one trait that leaders truly need, because courage helps people deal with adversity and acknowledge fear, without becoming overwhelmed by it.
Mr. Sriram went on to say that it is better to make “wrong decisions” – that is, decisions that turn out badly, even though you did all the due diligence required, than “poor decision” – that is, decisions that are done because of habit, or out of ignorance or fear. This is because even “wrong decisions” provide a learning opportunity to see what you did wrong and why, whereas “poor decisions” add no value.
Mr. Sriram spoke of his experiences in managing one part of a global firm, with offices in multiple continents and countries. He stressed that adaptability and flexibility are the most valuable traits employees can have, especially when working across cultural differences. He always stresses to his Indian employees to “put some soy sauce” on their thinking in order to make it more palatable to their Japanese colleagues. Likewise, he encourages his Japanese employees to “put some curry” on their thinking in order to be more persuasive to their Indian colleagues. The point is, no matter which condiment is involved, adjust your thinking and your frame of mind to fit your audience, and embrace the fact that there will always be cultural differences to overcome.
With respect to Japan and how it can take advantage of this world of opportunity, Mr. Sriram said that Japan is currently at an inflection point – and has lot of potential to succeed in this new world, if it chooses to do so. Instead of the traditional model of Japan staying “inside first,” by developing products and services for the home market before exporting them to others, Japan must go “outside first” and learn from what the world has to offer, then bring the best of that knowledge back home.
Finally, Mr. Sriram stressed that the earlier one exposes oneself to more and different cultural perspectives, the more adaptable and flexible one can be in responding to changes in the business environment. Mr. Sriram expressed confidence that the younger generation of Japan was perhaps uniquely positioned to do this, and was hopeful that they would be successful. He encouraged those at the seminar to be more courageous, to cross more cultural boundaries more often, and finally, to remember that there are no shortcuts to achieving your dreams.
