IIT campus promotes ‘Sustainable Business’ through elite master course
View(s):With increased attention being paid to sustainability and promoting sustainable business practices, the Informatics Institute of Technology (IIT) recently organised a workshop on the concepts of “Embedding UN Sustainable Development Goals in Corporate Strategy”.
The one-day master course was held recently in Colombo and conducted by Dr. Ravi Fernando, a Blue Ocean Strategist, Chairman and CEO of Strategic Corporate Sustainability (Pty) Ltd.
This year’s master class, exclusive with IIT, was held for the second time. Dr. Fernando who conducted this session is a Senior Fellow of the Green Ocean Institute HCM, Vietnam, has a Masters of Studies from the University of Cambridge and a Doctor of Business Administration from the European University, Switzerland with years of gathered knowledge and experience on the subject areas, according to an IIT media release.
The concept of Blue Ocean Strategy is a comprehensive set of analytic tools and framework created by W. Chan Kim and Renée Mauborgne. Rather than the conventional idea of attempting to out-perform the industry, the Blue Ocean Strategy provides a systematic approach to make competition irrelevant by creating uncontested market spaces and avoiding falling into ‘Red Ocean Commodity traps.’ The idea of ‘Red Ocean’ traps refers to the fierce competition amongst rivals to gain a place of the market share which could lead to the destruction of market players and thereby the ‘shedding of blood turns the ocean red.’