EDITOR ’ S QUESTION
WHAT LESSONS WILL YOU TAKE FORWARD INTO THE NEW YEAR AND HOW WILL YOU APPLY THESE TEACHINGS TO YOUR BUSINESS STRATEGY ?
Each new year brings a wealth of unexpected trends in the technology space and navigating them is challenging to say the least . Industry experts from across the region have given their opinions on some of the curveballs they ’ ve been thrown this year , as well as how they aim to manage what ’ s in store over the next 12 months in order to formulate the most effective technology strategy .
Rafaat Rahmani , President and Founder at Lifescience Dynamics , believes that each year arrives with new challenges and provides new opportunities for learning , development and growth . He says that the most valuable lessons in business are often taught when things do not run their predicted course . “ We have learned more from the aspects of our annual planning that perhaps did not come to fruition .”
Rahmani continued : “ This year , everyone in our industry has been influenced by our clients ’ reduced spending , namely big pharma . Our plans for the year were shaped by the forecasted sales and estimated demand for our services . This estimate was based on the very strong , double-digit growth we had seen in the 2020 – 2022 period . The impact of this reduced pharma spending in 2023 has been felt across the consulting industry .
“ In accordance with predictions based on the 2020 – 2023 performance , we also embarked on an aggressive hiring plan , with demand that did not materialise as expected . Numerous learning points will influence our business strategy moving forward , but the following are the most valuable lessons .
“ Retention of core values and a focus on our founding principles is essential . We are a compassionate , human company . Consequently , we have not taken any short-term decisions , unlike many of our competitors , such as lay-offs and redundancies . We also made the conscious choice not to stop or delay any promotions or bonuses .”
The value of financially strong management should never be underestimated . This , Rahmani said , has allowed the company to weather any storms that arose . “ By only investing in value-generating projects , we have remained in a strong financial position but helped with no burdens of debt .”
Rahmani went on to say that efficiency is generated by focusing on operational excellence . “ Through leveraging technology , we create custom applications and software that automate repetitive tasks , thereby increasing accuracy and flexibility . We have invested in learning and development , while encouraging teamwork and collaboration enabling us to limit duplication and minimise overlaps .
“ Moving into 2024 , the application of these lessons will influence business strategy with the greatest takeaway being that adaptability can only be learned through experience . Navigating the unexpected is what allows us to avoid being complacent . This constant learning and openness to re-invention and embracing new technologies results in an approach to business that is future looking . These key tenets mean we stay ahead of the curve .”
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