Improving Productivity by Adopting Existing Technologies and Sustainability

Abstract

Economic blocs such as BRICS and MIST are facing decreases in GDP, high interest rates, and a drastic reduction of the productivity of companies. Innovative strategies and new business models have to be considered as a way to improve productivity and reduce operational limitations. Digitalization technologies are altering the structure of competition, productivity, job creation across emerging and developed economies, the conduct of business, and ultimately, performance across industries. The goal of this chapter is to provide insight and stimulate discussion among all stakeholders about the best strategies and policies to help BRICS and MIST to overcome the obstacles and improve competitiveness. In this study, the authors applied the PICAM method in order to estimate the influences of the three pillars from the WEF Global Competitiveness Report that specifically contribute to competitiveness, innovation, and technology analyses, observing digitalization investment opportunities for BRICS and MIST. The results have shown that BRICS and MIST lack investments in technological readiness, business sophistication, and innovation. They conclude that companies can still improve productivity by adopting existing technologies or making incremental improvements in other areas; for those that have reached the innovation stage of development, this is no longer sufficient for increasing productivity.