In my last post, I suggested that you watch for "not to miss" upcoming posts. My absence from posting was longer than anticipated, but I want to update you with insights and incredible research from Michael Cox, senior vice president and chief economist for the Dallas Federal Reserve. He was the guest speaker for the Association for Corporate Growth (ACG) in Dallas in November. He gave a one- and- a-half hour riveting presentation on globalization based on his Dallas Fed research and knowledge and his personal experiences traveling globally. No one left the room early and, at times, the silence and attentiveness of the large crowd was palpable.
Rather than recap his presentation for you, which would require leaving out very pertinent research and facts, I recommend that you read his essay, "The Best of All Worlds," included in the 2006 annual report on the Federal Reserve website. http://dallasfed.org/fed/annual/2006/ar06.pdf
Pay particular attention to Exhibit 11, "Guide to Globalization, Productivity and Cost." Dr Cox discusses ten ways that globalization raises productivity and reduces cost. Three of the ten are directly affected by innovation: stronger competition, greater specialization, and larger market size. Sustaining competitive advantage in a global marketplace, where these conditions exist, requires that you create innovative products and services. Based on his research, and other research I've shared with you, innovation is not merely to enhance your business, it is a matter of business survival.
There is a wealth of information in the essay. I recommend that you take the time to look it up, read all of it, or key excerpts, because you will gain new insights into how to achieve and sustain global competitive advantage. To get guidance and practical suggestions on how to create a more innovative environment in your business, products and services in 2008 and beyond, call me. I'll share with you a great methodology to transform your organization into one of creativity and innovation.
"The combination of knowledge and globalization provides the U.S. with the best of all worlds--the benefits of not only our nation's intelligence but the entire planets. "Michael Cox, "The Best of All Worlds"
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