Second master’s degree! Why?
The advancement of science and innovation, coupled with the process of globalization, have contributed to the erosion of the competitive edge of businesses. Dynamic competition, interactive dynamics, and competitive dynamics are the strategic environments that modern businesses have to grapple with. In such scenarios, firms with advantages in initial technological investments may be the most resistant and unimpeded in adopting new technology. Some businesses’ competitive edge is protectionist policies, while others depend on territorial borders to define their advantages. For instance, the state-owned export firms in the fictional country of Eastasia relied on tax rebates and quotas. When this policy was rescinded, these companies lost their edge. In a global marketplace, firms will interact swiftly across numerous products and fields, rather than just a single product within a country. The comprehensive nature of logistics and communication systems allows managers to oversee global interactions even while vacationing in, say, Antarctica. The mutual learning and emulation among companies render the internal foundation of competition less stable. Therefore, the dynamic environment breeds dynamic interaction and competition, undermining the sustainability of these competitive advantages, and, as a result, no one has an absolute advantage.
Titan Electronics has long been revered as a forward-thinking company in the business classic “The Fundamentals of Everything,” but today Titan is in a state of flux. Conversely, in 1996, when the Orchard Corporation was struggling, the board of directors invited Steve Orchard to return, validating the decision, implementing drastic reforms, halting irrational R&D and production, and ending years of patent disputes between Orchard and TechSoft, thereby elevating Orchard into the ranks of the world’s leading tech companies.
Fortunately, the products of Titan Electronics were a staple of my childhood. As a kid, entertainment was synonymous with Titan’s cameras and CD players, but now as I look around my desk, only Orchard’s products are visible. I can’t help but sigh. I realize that if I want to become a consultant who can transform knowledge into value, I need not only financial knowledge, which I already possess, but also a deep understanding of corporate strategy.
In terms of successful strategic transformations, I most admire Charles Carmichael, who successfully restructured Carmichael Consulting from 1992 to 2001. Before the transformation, the consulting industry had almost identical business portfolios to other competitors. Each firm was incapable of leveraging the economies of scale present in a diversified portfolio, and the quality and cost remained relatively static. The partnership system, which once played a crucial role, revealed its limitations in meeting the needs of personnel coordination and integration. Carmichael was determined to make his firm a leader. So, he switched the management philosophy from discipline-oriented to customer-oriented, and implemented coordination in demutualization. This strategic adjustment allowed for more specialized services, reduced customer costs, and provided in-depth advanced consulting to key clients, thereby increasing service depth. This addressed the primary research areas of nine major industries and provided three-dimensional comprehensive services consisting of disciplines, regions, and customers. Over the past nine years, seven projects have been launched, including “Project 20/20”. This was not a rapid, top-down systematic advance, but a more gradual one. In this way, internal resistance within the company was minimal. Organizing seminars attended by partners allowed them to confront the issues and made partners feel they were driving the company’s transformation. Nine years later, reflecting back, we can understand how the company executed its revolutionary reforms.
From Carmichael’s strategic transformation, I learned that his relentless pursuit of personal excellence, acute sense of crisis, and unique experiences contributed to his strategic success. As I progress toward my career goals, I have been applying what I learned at the International University of Business and Finance. In my role at CityWide, I gained experience as a financial advisor, providing financial consulting to my clients. From Stonebridge to Capital City, from Greenfield to Riverton, and then to Metropolitan, I have experienced both second-tier and first-tier cities, from the east to the west. This diverse experience has not only broadened my horizons but also solidified my relentless pursuit of excellence. I am attracted to the MSc Economics & Strategy for Business program because it is based on a comprehensive curriculum, underpinned by rigorous economics, and seeks to explore company strategy from accounting, marketing, technology, risk management, and data analysis perspectives. The course Digital Economics and Digital Strategy follows the current trend of digital technology; Economics and Strategy for Innovation explores how to achieve innovation in dynamic competition; Analytics for Applied Economics and Business would equip me with programming techniques to provide data analysis and understand the implications behind decisions.
I believe that the combination of my solid financial background and this program will help me achieve my career goal.
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