Recently China has been an example of business trends.

Based on the video

above, explain FIVE (5) changes in business management that China has
worked on in improving their business to be better and more effective.

It is time for business executives in China to begin making necessary changes to

their organizations to ensure their viability in a market that is undergoing rapid
change. Or, to put it another way, it's time to start transforming in advance.
Even if everything is going smoothly right now, winners will foresee the effects
of new rivals, technological disruption, new business models, tariffs, and even
an economic slowdown. Although many Chinese companies have grown over
the past few years, they won't be able to withstand the changes of the next era.
Winners will concentrate on strengthening their company rather than expanding
it.
Companies are strongly encouraged by the current uncertainties in China to
transform early on, planning for potential future scenarios and achieving
operational excellence now. After that, they must keep working to optimise the
company in order to generate cash flow that enables them to make big
investments in new growth markets. Companies that plan ahead and implement
a transformation strategy will have an advantage over slower-moving rivals
when the economy starts to slow down. These rivals might even turn into cheap
acquisition targets.

1. Efficiency drive to fund the journey. Typically, corporate leaders start

looking at how they can retrench when the economy slows down. Our research
has found that leaner spending is necessary to fund the transformation and make
it viable in the short term – certainly during the first year:
 Cut costs and optimize non-core areas to create a more efficient
organization
 Achieve excellence in operations by creating transparency and applying
best practices in areas such as procurement, production processes, and
logistics to boost margins and cash generation
 Allocate capital out of the non-core functions and into such areas as
R&D, innovation, talent acquisition, M&A opportunities, and precision
marketing – the engines that will contribute to future revenue growth
2. Revenue growth. In an era when companies must adapt to a new
environment, it’s particularly critical to view pre-emptive transformation as a
strategy for continued growth, not just a temporary turnaround strategy. You
cannot cost-cut your way to greatness.
Many industries would do well to recalibrate their business units with a focus
on strength – i.e. growth engines – rather than size as they seek future growth.
Mergers & acquisitions activity is an especially important component. We
anticipate that there will be interesting opportunities ahead to acquire other
businesses at lower prices. This is a particularly powerful strategy for
companies with strong operational performance and the ability to lift
performance in acquired units.
3. Long-term orientation and investment. We have found that the companies
most likely to realize outsized gains in value creation following a
transformation are those that make significant commitments to R&D. Investing
in digital initiatives and new business models are also key to effective long-term
success. These allocations tend to create more value than an investment in
capital expenditure. Use digitization to enable further cost efficiencies and
personalize client or customer services. Continue to gather data that can be
analyzed and leveraged to constantly improve operations, products, and
services.
4. Management. Performance management, the right leadership team, and
capabilities are essential. Pre-emptive change typically works best when it relies
on a culture that encourages new ideas, employee participation, and consensus-
building rather than a heavy-handed, top-down approach, even though the
transformation may be managed under a consolidated agenda. New
management teams are the best suited to carry out transformations. Although
there is higher variance in results as a result, this generally results in higher
value creation. This calls for the current management teams to be open,
"paranoid," and to constantly ask themselves what else they can do.
The leadership approach that worked best in the 1920s was known as "jazz leadership."
Instead of being organized like an orchestra with a single, strong conductor, a successful
organization should be more like a collection of jazz ensembles. In today's rapidly
changing and unpredictable business environment, leaders must be adaptable, open to
new, diverse ideas, and able to improvise in order to succeed.
5. Programs for formalized transformation.
According to our research, the most effective transformations occur under the
auspices of a formal, structured program that the company establishes at the
outset of the procedure. Instead of a collection of smaller programs for each
business unit, we advise creating one comprehensive umbrella program that
takes into account the entire organization and has a time horizon of at least two
to three years.
Value creation increased by an average of five percentage points more under
larger programs with restructuring costs of at least 2% of sales than it did under
smaller-scale changes.