Public Sector & Social Sector
Public Sector and Social Sector units consist of various important industries like financial, natural resources and infrastructure in different countries. These units aim to achieve a dual objective of working for the benefits of the society as well as competing with other private players to make sustainable profits. Every step taken by this industry has significant impact on the lives of large number of people. It makes the role of these organizations very important in the sustained inclusive development of the economy. With the increased emphasis by private sector on developing core competencies to remain profitable, public sector has shifted focus on optimizing operations and collaborating with private sector to build competencies.
Key trends shaping the industry: Increasing efficiency through technology: Public sector units have started to implement cutting edge technologies in their work so as to realize maximum benefits from their investments. System complexity is also increasing that will need systematic approach to improve performance.
Subsidy changes: Many concessional grants are given by Public Sector for different people based on the requirement for their services. These vary widely over time and environmental conditions. It directly affects the demand and supply balance in the system.
Challenges facing the players involved in the industry: Increasing competition: Public sectors units compete with private players in open space specially if there are no subsidies/concession benefits. Therefore, they need to continuously improve and maintain their profitability to stay in competition.
Customer power: Direct competition from private players has given more choices to customers giving them flexibility to choose better options. To retain them, understanding of customer needs and developing capabilities to fulfill the requirements is important.
Vision for future: Demographic composition of a country changes cyclically over a period of time. Along with it, technological improvements and environmental changes lead to multifarious developments in the needs of the society. Systematic study to understand expected changes can help organizations to be better prepared for future.
How BMGI can help? BMGI has helped many organizations to build strategies for improving the competitiveness in the economy. With the breakthrough principles that have been used by private sector to build strong foundations, BMGI can help public sector and public sector to use the same principles to deliver more with utilizing fewer resources without disrupting the old ecosystem. BMGI’s expertise in transforming businesses by solving critical problems and imparting a culture of change simultaneously has helped organizations become self-sustainable for decades.