Tackling the growth-efficiency feud
Management research shows that the most successful companies are the ones that balance exploration and exploitation.
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Singapore
MANY Singapore firms, both small and large, often have the twin goals of ensuring efficiency in their operations, while creating growth opportunities for the firm through innovation.
However, these twin goals of innovation and efficiency often compete with each other, requiring focused resources and energy, resulting in unsynchronised operations and discrepancy in meeting objectives. In fact, we often hear small and medium-sized enterprises (SMEs) complain that they face significant resource constraints, which limits their ability and energy to innovate. Hence they can only afford to focus on improving the efficiency of their current operations and processes.
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