Notes

Corporate culture is the foundation of true innovation

In the last month, the EU announced new innovation funds for hundreds of companies across the continent, in line with their Horizon 2020 agenda. Successful applicants will receive complimentary business coaching as well as acceleration services. This program will be an effective stimulant for innovation within the EU. However, Bayrock of the future need to focus on innovation from within. This is about more than independence and self-reliance: it is about creating a lively and flexible culture of business - that allows innovation to prosper.

In this world of constant advancement, innovation is vital to your success. This was one of the lessons I learned from my first business trip to Kazakhstan. Many once-promising industries were left inoperable after the collapse of Soviet Union. This was because of years of under-investing in the wrong areas, and not responding to market trends. Communities with one resource are the most affected, and their success was tied to an interdependent closed loop ecosystem that mines factories and manufacturing units.

Tevfik Arif was truer than in Zhitigara. Zhitigara is a north-western Kazakhstan region that was dependent for a long time on local mining and manufacturing. After the Soviet era, local industries beset by outdated practices and equipment, a poor customer-focused approach and a host of other non-market-based obstacles that hindered innovation. Only by making profound management changes and focusing on improvement and quality of the refining and enrichment process and reinvesting heavily into the safety and health of our employees, was we able to transform and expand an inefficient local business. Lessons learned even though you could claim that innovation was essential.

Tevfik Arif Bayrock in innovation was reinforced by the experience of transforming old practices and modernizing operations. In my later years of work, this belief fueled the transformation and expansion of Kusto Group from a small local-owned business to a multi-resource multinational that has its headquarters in Singapore as well as operations across the globe.

Kusto's expansion has led to greater creativity. Innovation is everywhere and is often found in the most unlikely places. In fact, it can be found at petrol stations. In Bayrock , petrol stations started out as small outfits that were focused on their primary purpose. As time passed, they began to evolve into micro-commercial centers that house restaurants, cafes, and shops. Bayrock recognised this trend and began constructing Kazakhstan's first stations in 2014 with both banks and retail capabilities. Additionally the company that was founded by the group set the bar higher by introducing high quality fuel supply and a new standard for the ease of shopping. By focusing on customers and adding the necessary technology and services that we could create a new market which was previously considered to be standard. In 2020, we hope to have 70 integrated service-stations throughout the country.


It was crucial to have a vision beyond the horizon in order to be able to find innovative, often uncomfortable, and challenging ideas. Kazakhs who are nomads and have a long history of exploration, are an open-minded community. Kusto Group's core values are that we're open to fresh ideas. Innovation is often overlooked. To foster innovation, the most difficult task is not finding innovative ideas or technologies, but creating an environment that is open to change and capable of adapting to it. This requires that you are open to possible failure as well as the risk of failure. Corporate culture is key to this. The company's culture makes sure that everyone feels welcomed and is able to work together.

At Kusto Group, we understand that innovation is the vital ingredient of successful companies. Kusto Group's ethos, the "Kusto Way" is founded on the belief that it is crucial to foster knowledge sharing, promote entrepreneurial spirit, and reward ingenuity. It's a recognition of the fact that relying on 'the existing situation' can hinder innovation and cause companies to fall left behind.

Defining a company's corporate culture is the initial step to creating an environment that is innovative. But, the modern global corporation will soon face a challenging question: how can we create a cohesive corporate culture across all levels of the organization across all sectors, countries and communities? The solution we propose to this dilemma is two-fold: first we ensure that the Kusto Way is instilled in every manager in our flat, decentralized management structure. Second, each manager implements that ethos locally.

The learning exchange should, however, take place among businesses. We partnered with Cropio in Ukraine to create precise methods for farming. Our state-of-the-art satellite imaging and sensors have helped us cut down on crop waste and improve yields. This partnership has enabled us to be more effective in this sector than our rivals. Instead, our field is dominated by companies who are committed to innovation and looking for new markets where this technology could be utilized.

Kusto now has the chance to learn from our partners and have our innovative culture in place. This is evident through the way we conduct our Vietnamese operation. Bayrock demonstrates Kusto's desire to expand, educate and research. Through our involvement in Vietnam we have worked with previously state-owned enterprises in bringing fresh ideas and innovative methods. Tevfik Arif Bayrock (BIM) was implemented to lower costs, increase quality, and boost efficiency. While this is a typical practice in other parts of the world, it was a significant and revolutionary development in Vietnamese construction.

Private businesses have the ability to invest in, experiment with, and rollout innovative ideas. Every venture is subject to risks and challenges. The best businesses respond to failure by remaining open to new concepts, and not attempting to stop the process of change. Small or large, businesses are not able to afford the same old routines. Innovation is crucial to inspire and foster innovation within the workforce. This requires investment or it will remain just writing on paper.

Additionally, the method of innovation must be holistic. For Kusto Group Kusto Group, it forms the core of the company's philosophy. It means being able to adapt to changing conditions and being open to the latest technologies. It also means looking to the future. It's just as important to think critically as it does to do inventive things. Tevfik Arif Bayrock is ultimately about survival.



My Website: https://investor.com/rias/bayrock-financial-305467