'Lanka must redefine business processes'

Indunil HEWAGE

Lanka needs to redefine business models to achieve sustainable economic development to get the fullest advantage of infrastructure facilities, a top executive said.

Hafeez Rajudin

"It is vital to redefine business processes, strategies, models ,visions and missions of each institution to be more competitive in the international market in the face of various challenges such as emerging new entrants and foreign direct investments, Finance Houses Association of Sri Lanka Chairman and Merchant Credit of Sri Lanka Limited CEO Hafeez Rajudin said.

"Sri Lanka needs to acquire market leadership in every facet in the economy to emerge in the world business arena," he said addressing a seminar on "Restructuring organizations to achieve market leadership in the emerging economy of Sri Lanka". "Ensuring better market share in each major economic sector in the country will give more choices for consumers while increasing their negotiating skills," he said.

He said potential resources available in the agricultural sector should be harnessed effectively to create services and products without setting up ventures that need a large amount of money to import foreign machinery and technology to run the business. "Lanka is a service waste country and need to get rid of the existing position to achieve economic goals.

Each institution should add value to existing products while adding value to the consumers where other competitors cannot reach.

It is a timely need for tea, rubber and coconut sectors to add value to their products to achieve product leadership to get into the international market," he said.

Sri Lanka should also be able to export professionals to foreign countries in the future without sending more housemaids and unskilled workers.

"Enterprises need to enhance the quality of life of people through career development and human resources succession plans. Otherwise the countries will have to import other people in foreign countries to run the business in Sri Lanka. Redefining human resources concepts, strategies of organizations will assist in facing the competition from the emerging markets," he said.