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Take full advantage of globalization, GE Canada CEO says

Wednesday, November 14, 2007

By Anna Grimes
Venue: The Hyatt Regency Vancouver

"Every day adds to our global experiences," Elyse Allan, CEO of GE Canada, told The Board of Trade. Photo: D.Roels

Today’s businesses understand that this is a time of incredible transformation, and there is a growing global opportunity to bring innovation to the world. But, despite the challenges, what will it take to keep businesses moving in the right direction?

Allan outlined three themes government and business leaders need to focus on to take full advantage of globalization.

The first, she said, is attitude. “The ‘same old, same old’ isn’t sustainable at home or in global markets. Companies have to be flexible and ready to embrace change as they embark on new markets.”

The second is for companies to be in tune with macro global trends that are powering growth.

“While there’s no road map to help you ride to your destination, there are markers that can help define your path, highlight the opportunities and drive business success,” Allan told the audience. Such trends include emerging markets, an aging and growing world population, infrastructure upgrading and environmental technology that drives energy efficiency, reduces GHG emissions and conserves water.

Finally, there are a lot of valuable lessons to be learned from globalization. “Every wrong turn provides important information for businesses, and every day adds to our global experiences,” she said.

Allan added that GE has structured its own growth around these themes. With $170 billion in revenue this year and a growth rate two to three times the world’s GDP, GE is the only company currently on the Dow Jones Index that was also on the original index 1896. The secret to this longevity is to be adaptable, which Allan says is part of GE’s corporate culture and summed up in its slogan, “Imagination at work.”

Still, companies cannot afford to sit back and let these opportunities pass by.

“Will competition and globalization destroy us? Hardly. It’ll challenge us to become more innovative and industrious, and to export our expertise,” Allan said. “It will make us stronger.”

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