Believe in your 'Idea'
Date: Friday , December 03, 2010
Both Life Sciences and Supply Chain Management are increasingly witnessing an enormous change in the global markets. Driven by increased globalization, macro economic factors, regulatory mandates, and huge strides in technology and the emergence of new business models, both of these domains are rife with opportunities.
Now when the economies are gradually recovering, Life Sciences are witnessing a lot of emerging trends such as increased emphasis on regulatory compliance and standards, adoption of electronic data interchange standards and supporting technologies to help facilitate quicker approvals, heightened quality standards, emphasis on focus on research of new technologies for the medium- to long-term, realignment of budgets towards data integration and mining efforts with an eye towards maximizing revenue opportunities, consolidation of vendors with a focus towards best of breed vendors for specialized outsourcing, and increased outsourcing of tasks which were earlier performed in-house like - project management, vendor management, quality assurance.
Similarly, Supply Chain industry(SCM) is witnessing a transformation. Now, the focus of SCM has shifted from improving internal functional processes to coordinating various activities across a dynamic network of trading partners leveraging effective technologies and best practices.
In the coming years, we believe it is ‘SaaS’ which is gradually bringing in the transformation and is surely going to be new mantra of success. The current market scenario reveals that the SaaS market globally is poised for continued strong growth, with the availability of a plethora of SaaS applications and related services. Given the pent-up demand for SaaS applications amongst enterprises, the momentum generated by vendor activity, participation by telecom companies as partners, and the hype around cloud computing, SaaS will proliferate quickly in the coming years.
The last decade has seen huge investments into IT but with limited success for many customers. With varied degrees of process maturity, talent availability and the lack of the right IT systems customers have grappled with getting the required results.
SaaS and business transformation solutions are getting the attention because of the promise of result oriented solutions approach. The IT vendors are building domain capability to not only provide business process improvements, implementation and integration but also in running the operations and providing customers with results.
The world today is rapidly changing and evolving and the pace at which this is happening is only going to increase. Business models are constantly being challenged and the advent of new technologies is rendering legacy concepts irrelevant at an alarming pace. Many large corporations are gradually finding it difficult to maintain their leadership positions. It has been observed that in 1960 it took 35 years to replace 35 percent of the Fortune 500, and in 1999 it took 3 -4 years to do so! Understanding the rapid economic development today is very critical for an entrepreneur.
According to me, two challenges are envisioning the future and raising capital.
Envisioning the future - identifying the right business opportunity by forecasting the future is the key to the beginning. This is not so easy when everyone else is dwelling in the past or present and there is skepticism for the future.
Raising Capital – Investors cannot be convinced if the idea is not strong. Here lies the importance of convincing them with an idea which will show them the future potential
I believe it is the idea combined with vigor that matters today more than anything else for an entrepreneur. If you have your ‘idea’ and you firmly believe that it can bring about a change, it is definitely going to click, come what may.