Siemens Business Strategies
Here are the keys and business strategies that have made Siemens A.G. one of the most successful companies in the world from the start-up that it was 163 years ago when it was formed.
Having An Eye For Profitable Business Opportunities
Opportunities to make good profit in your business will always come, but what is important is your ability to recognize it. There are different ways opportunities can come; it can be through contact with certain people or businesses, inventions, and technological breakthrough. You need to develop the ability to see opportunities so you can seize them.
One key to Siemensâ€™ success story has been its ability to see great business opportunities before others. It quickly developed improved variety to Graham Bellâ€™s telephone when it realized the huge market of the telephone. It was also the first to secure patent for an X-ray tube in 1896.
Make Your Business Flexible
To be able to quickly respond to the ever frequent change in peopleâ€™s needs, taste, and technology, your business needs to be flexible enough to continue to serve the new needs of its customers, else it could be made irrelevant with the change.
Siemens flexibility and ability to quickly change its operations to create fresh in demand products in different high-growth industries, including electric power engineering, communication, and healthcare have greatly accounted for its success over the decades.
Remaining Creative And Innovative
Successful companies are creative and innovative. They are able to churn out highly valuable products ahead of the competition.
Siemensâ€™ ability to create innovative products took it to the top of its industries. It created the disc seal triode that was used in the transmitter of Mariner IV in the mid-1960s; high-speed passenger train in 1965, and other numerous innovative products.
Joint Ventures Can Bring Huge Benefits
Partnering with other businesses can be a great way to get into new markets or to achieve certain goals cheaper and more conveniently.
The joint venture between Siemens and Allis Chalmers in 1977 was the catalyst that shot Siemens to the world number two position in electrical manufacturing (according to a 1978 article in Fortune).
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