School of Management Dean presents at partner institution in Oman
Bradford University School of Management’s Dean Dr Sarah Dixon gave a talk last week at The College of Banking and Financial Studies (CBFS) in Oman which is a delivery partner for undergraduate programmes in Accounting & Finance and Business & Management.
The on 'Strategic Adaptation to Environmental Turbulence: Failure, Survival or Success' presentation was attended by Banks’ top management, alumni of the College and its students.
Dixon referred to her recent research experiences in Russia and pointed out that change is difficult but a necessary concomitant to today’s world of business. She said: “The growth and sustenance of a firm depends on its perspective and attitude to change. Be it any organization, we need to develop a capability to adapt. The style of adaptation will vary in different organizations, but the driving force behind the growth of a firm is its approach towards that change. Stepping into an area of uncertainty is scary but owing to the dynamic business environment, the opportunities to excel in their own areas are immense for every business operation.”
Dixon stated that while the operational capabilities of business firms cause them to exploit their existing competencies, it is vital to develop their dynamic capabilities as well. While developing new competencies, dynamic capabilities show the ability of an organization to create, develop and deploy those skills. Businesses need to break with administrative heritage. Acquiring the best practice is important, but to move ahead, businesses have to break the norm and the routine. Risk of failure is the key factor that instills fear and hinders the process of change.