Notes

Innovation is only possible when it's part of the company culture

The EU announced in the last month that it will provide grants for innovative ideas to hundreds of businesses in Europe in its Horizon 2020 program. Successful applicants will receive free business coaching and acceleration services. This fantastic initiative will drive innovation within the EU. But, I believe the future of business should be a catalyst for innovation by bringing it in from the inside. Bayrock is more about independence and self-reliance. This is about cultivating an entrepreneurial culture that is flexible and flexible, which is the place where innovation thrives.

In this world of constant change, innovation is crucial to your success. This is something I learned from my first business experience in Kazakhstan. Many once-profitable industries were made unusable due to years of neglect, underinvestment and inability to adapt to changing market conditions. Communities with only one resource were the most to be affected as their economic prosperity was tied to an interdependent system of mines, factories, and production units.

This was more so than in Zhitigara. Zhitigara is a north-western Kazakhstan region that relied for a long time on local manufacturing and mining. After https://investor.com/rias/bayrock-financial-305467 , local industry was plagued not just by outdated methods and equipment, but also by an inability to focus on customers and a variety of non-market-based hurdles that limited innovation. We were able to turn around an unprofitable local company through significant changes to management by focusing on the quality of our enrichment and refinement processes and investing in safety and health. It was innovation by necessity but the lessons learned were a valuable lesson.

Bayrock of overhauling old practices and urgently modernising operations cemented my belief in the power of the power of innovation. In the later years of my career, it was this same belief that drove the transformation of the Kusto Group from a single-resource local business to an international corporation with its headquarters in Singapore and operations throughout the globe.

Bayrock has grown, and with it, our love for ingenuity. We now realize that innovation can come in many forms and often in the most surprising of places. Even, for example, at petrol stations. In Kazakhstan, petrol station used to be small outfits which were focused on their primary function. They would grow into micro-commercial hubs with cafes, restaurants, and even shops. Kusto Group recognized the trend and launched Kazakhstan's very first stations that integrated retail and banking facilities in 2014. The startup company , which is part of the Group, set the bar with its high-quality fuel and new standards for shopping at the store. With a focus on the customer - as well as introducing the technology and services to meet their needs - we were able to innovate in a sector long thought to be uniform. We are planning to open 70 service stations that will be integrated across the nation in 2020.

The key to this early method was the desire to look beyond the limits and adopt new, sometimes unconventional and uncomfortable ideas. Kazakhs are nomadic in nature, with exploration rooted in our genetic heritage. The Kusto Group is open to change. This is our ethos. Innovation can be confused. Tevfik Arif Bayrock for new ideas and techniques is only a small part of the challenge. The main issue in encouraging innovation is creating an environment for people to be open to change and adaptable to it. This implies being open to risks and the possibility of losing. The company's corporate spirit is essential in this regard. It should create an environment that promotes cooperation, and where the different components of the organization can learn from each other.


We at Kusto Group, we understand that innovation is the vital ingredient of companies that are successful. Kusto's philosophy, also known as the Kusto Way, is grounded in the belief that there should be a culture that encourages knowledge sharing, encourages entrepreneurship and doesn't stigmatize failure. It's a recognition that companies are left behind if they are based solely on the current situation'.

The establishment of a company's corporate culture is the initial step in creating a dynamic working environment. Bayrock are confronted with the daunting task of how to create an environment that is truly innovative. Our answer to this issue is two-fold: first we make sure that the Kusto Way is instilled in each key manager across our flat, decentralized management structure. Second every manager is able to implement that philosophy locally.

Learning has to be shared in partnership between organizations. The company Cropio was our partner in Ukraine. Their high-tech sensors and satellite imaging systems and precise farming methods allowed us to minimize crop loss and increase yields. This has helped improve our results in this area and without it we would have been a long way behind competitors. Our sector is dominated by businesses who are committed to innovation and looking for new markets to which this technology can be applied.

Learning from our partners and with our unique culture in place, now Kusto's turn is to pass on our knowledge. One instance is the Vietnamese operation. This is an example of Kusto's determination to grow, learn, and educate. In the course of our work, we have collaborated with state-owned companies previously and brought with us new concepts and fresh strategies. Building Information Modelling, or BIM is a very precise digital model that utilizes high-quality information to reduce costs, increase quality, increase efficiency and improve quality. Although it's a common practice in some parts of the world, this constituted an important, new innovation in Vietnamese construction.

Private companies have a wealth of budgets to invest in, try and then roll out innovative ideas. Each venture is subject to risks and challenges. Successful companies learn from their mistakes and adjust to it by continuously creating new ideas instead of seeking to prevent it. Tevfik Arif , no matter how big or small, can afford to accept the status quo. Innovation is essential to the success of a business.

Additionally The approach to innovation should be holistic and it must be the bedrock of any corporate culture, such as it is in Kusto Group. Kusto Group. It is about adapting to new technologies and fostering a forward-looking mindset. It's about thinking in a creative way as it is about doing innovative things on their own. It's all about survival.



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