3 Jan : Two day Regional Conference organised by The Institute of Cost & Works Accountants of India at Hotel Shivalik View, Sector 17, Chandigarh on 3rd & 4th January, 2008.Sh. Randeep Singh Surjewala, Hon’ble Minister for Power, PWD & Parliamentary Affairs, Haryana inaugrated the confrence.
Theme of the Conference is Management Accountancy for Corporate Competiteness.Today’s global economy requires increased attention to the issue of corporate competitiveness. The need to adhere to international trade rules, combined with more rigorous consumer demands, requires businesses to work much "smarter".
Critical to this is the issue of competitiveness: how does a country, institution or corporate differentiate itself from the competition? How does it develop competitiveness strategies? How can success be defined? What is the secret to success? Competitiveness strategies need to be:
• Innovative (How to work better and smarter?)
• Efficient, leveraging scarce resources to create a more successful business.
• Cooperative, working together to achieve success through an effective public-/private-sector dialogue.
• Inclusive, getting all those involved in the competitive process to contribute, particularly to cross-cutting issues.
The global economy offers firms in developing countries access to new technologies, skills, markets and financial sources — hence, better outward-oriented growth prospects than ever before. At the same time, it exposes them to intensive competition from lower-cost imports and locally-based foreign firms.
The main challenge facing firms is how to take advantage of new resources and markets while dealing with intense and growing global competition. Management Accountancy plays a great role in deciding these issues.
The challenge facing governments is how to design and implement supportive policies and strategies. Powerful factors are driving globalization: falling trade barriers; fast-paced technological advances; declining communications and transport costs; international migration; and highly mobile investment. While corporate units have a clearly defined bottomline, Government has to balance the interest of various sectors of society – the producer, the consumer, the workers, the rural sector, weaker sections, and the like.
There is a real prospect of winners and losers among firms in developing countries. The double-edged nature of globalization seems somewhat daunting to corporates and policy-makers alike.
To respond effectively to the demanding global environment, firms need to develop a range of export capabilities in the areas of technology, marketing, management, human resources and finance, and continuously upgrade them over time. They need to support competitiveness with a coherent strategy with the effective use of Management Accountancy
In developing countries, Innovation in applying information and communications technologies to trade is an undisputed driver of competitiveness. Developing countries, however, tend not to produce technology but to use imported technology, obtained from sources such as foreign direct investment and licensing, and from equipment and skilled manpower supplied by technical assistance programmes.
A coherent competitiveness strategy, tailor-made to national circumstances, has a major influence on the creation of corporate competitiveness.
Day concluded with vote of thanks by Mr. Anil Sharma , secretary Chandigarh Panchkula of ICWAI.Prominent speakers were Sh. Kunal Banerjee, President ICWAI ,Sh. Balwinder Singh, Chairman-Conference & Central Council Member,Sh. Rajeev Mehrotra, Chairman, NIRC of ICWAI,Sh. Rakesh Bhalla, Secretary ICWAi,Sh. D.C.Arya, Former Chairman, NIRC of ICWAI