“Changing” is the only word constant in this uncertain world. To adapt this change and for sustaining in the uncertain world, an organization needs to innovate. A general thinking of innovation is creating some unique product and the sole responsibility is laid upon the R&D team of that organization. My idea of innovation in organization is something different. An innovation needs not to be a “product innovation”; it may be a process innovation or simply an innovative idea towards organization’s strategy. From this angle, innovation is the responsibility of the entire member in an organization not only the R&D team. Every person has a different identity and a way of thinking. Organization should provide adequate autonomy to each member to come up with his or her idea. Someone can come up with an idea of an innovative process that can be implemented in operation; someone can give simply an idea towards the organizational strategy which is innovative. An idea of a unique product may come to in mind through any of the members in the organization. The responsibilities of R&D team will boost-up upon receiving the innovative ideas. As they are expert on the research and development process, they will then do the research on viability of those innovative ideas and make an implementation plan to achieve those ideas in real. In case of strategy innovation, top managers inside the organization will sit together to find out the unique and optimistic piece from this and the way to execute it. So it is obvious that the development of innovation is not only the responsibility of the R&D team rather the whole organization needs to work towards innovation to sustain in current uncertain business environment.

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Increasingly people have lost faith in our financial institutions. We are seeing lower valuations in currencies, massive leveraging of debt, and out of control commodity prices from what appears to be a reckless disregard for how free markets are suppose to work. And to make matters worse, our government leaders appear to be just as blind to how far removed we are from a disciplined marketplace.

Free markets are not about doing what-ever we please. Free markets are more about creating value for everyone. So much of what we do now is just for us and us alone – how do I turn a quick profit anyway I can. We now live in a world where over 60% of all stock trading is done by computers in nano-seconds. We now live in a world where the Federal Reserve engages in something called “quantitative easing” to positively impact Wall Street over Main Street .

Given the fact that our leaders have become so short-term focused and the fact that our markets are serving fewer and fewer people in terms of adding value, it's time to re-think how a free market should work. Many of these answers may reside in Islamic Finance.

Islamic Finance is based on a set of simple truth's that all businesses must abide by. For example, under Islamic Finance all financial transactions must disclose the cost and the profit to the buyer. And the determination of cost must include all of your cost. You are prohibited from hiding some of your cost. Full disclosure of pricing is critical to Islamic Finance and what constitutes a good free market.

Another important principle of Islamic Finance is that all transactions must be supported by the physical existence of the subject of the trade. Contrast this to Wall Street which trades in commodities with no real existence of the commodity. It is now estimated that paper trading in gold is leveraged by more than 30 to 1 in terms of the actual physical gold that exists to support the trades. This gives rise to bubbles and eventually every bubble (such as the housing bubble) must pop. Is this how we want our free markets to work?

Another important rule of Islamic Finance is “constructive possession” for every financial transaction. What this means is that you must have some ownership stake in what it is you are selling. You cannot sell something that you do not own. If you do, then you have introduced enormous risk and speculation into the marketplace. Under Islamic Finance this is disallowed.

Islamic Finance also prohibits the selling of something that has no assigned value. For example, you cannot enter into a business transaction that someone can readily obtain for free or no-one in the marketplace has a use for. All objects of a transaction shall have some perceived value by someone within the marketplace. Things that have no use to anyone are not allowed under Islamic Finance.

Islamic Finance requires a measure of specificity to each transaction. For example, you cannot tell someone that you will sell them a car off your lot. You must first determine what it is they desire and you locate the specific item that will meet their needs. You cannot sell things to people they do not want. All business transactions must be clearly defined and specific to pass this truth under Islamic Finance.

Certainty of price is another key component of Islamic Finance. You cannot engage in transactions where there no basis for pricing of the transaction. There must be knowledge about pricing in order for a free market to work. You can also not engage in conditional selling. All sales must be unconditional. Our current markets have made things so conditional that we can't assign any real pricing – how do you assign a value to Credit Card Default Swaps? The debt associated with these financial instruments is a staggering 1 Trillion dollars and 90% of this debt is from less than 20 banks. Once again, would anyone want a free market to work like this?

When you compare Islamic Finance to Wall Street, you can't help but wonder how far we have sunk. It is important that we all understand our morale obligations when conducting business. And these lessons can be brought home quite easily if you just look at Islamic Finance.

Portable Document Format (PDF) was created by Adobe System in 1993, for representing two-dimensional documents in a manner independent of the application software, hardware and operating system.PDF was officially released as an open standard on 1st July, 2008 and published as ISO32000-1:2008.
A standard format is needed for document sharing. PDF is the option with no alternate because Microsoft Office is expensive one (US $ 165) to an extent to mass community. Where PDF is free and every can use it.
But does it really free? How you can make a pdf document with the acrobat readers? For creating a one, you need Adobe acrobat writer/professional edition. Latest edition costs US $299 :D. Yah you can download many free software from the web to convert your document to pdf format. You can also download freeware to read your office doc. What’s the point of discussion then? Right you are :) with that freeware you can only view your doc; no editing or saving option. So you have to buy the software to make a word doc. That's why PDF is the best option for information transmission. Another important information, word doc can contain the macro virus :P
More latest versions are available on Adobe Acrobat site but they are too heavy in size. So, here I give you a stand-alone link to download Adobe Acrobat Reader 7.08.

MGT610 is going to launch its 1st mid-term exam on 13th October. A "must-take" course on upcoming years. Though its implication is still neglected in our country but the day is not too far when we will pay sky-scraping remuneration for a good Technology Manager. Who will work for effective management of technology and enhance the efficiency through R&D. Most importantly we need it to implement e-gov and e-com along with our RMG sector through technical amendment for efficient productivity (by not lowering the wages of labor)

Many people say there is no R&D Department in Bangladeshi Companies, except Pharmaceuticals. I am disagreeing. We are doing R&D but we don't know it. May be not like SONY or CASIO. But we are doing. I am now going to share my own experience of R&D in my Sweater Factory.

We call it "Design Department". They mainly develop new style for attracting the buyer. Besides this they also work with sample given by the buyer. If the style of the garment is critical then comes the R&D process. Already we developed some specific solution for nylon shedding problem, yarn weight problem, needle mark problem etc. All these are outcome of our R&D. We are investing lots of money for a well developed design section. They are completely engaged themselves to make our production efficient through technical alteration.
Big Garments group of our country also engaging R&D in Marketing Department, to attract the Buyer of different regions. Still we don't catch the market of JAPAN and AUSTRALIA yet.
But still there are room to improve in a large extent in our Technology Management part. Many handy machines are there which can be used as a support device with main machine; which will lead to a dramatic productivity improvement. Several things are like this, if you know the technology it can be done by selective initial investment rather than bear the curse of poor workmanship. 

Those who are interested in technology management can take a look at this site. http://www.jotmi.org
Those who are not interested,can at least take down the website address, may be tomorrow you need it. :)

Bye for now.     
After a countless attempt, I have started this Website & Blog. All credit goes to the weather actually. Today's uninterrupted heavy rain trapped me at home. Eventually, I missed today's feast at my village. However I tried to do some Tech activities, residing at my residence. As it has already started, I think it will flow along with its own path.


    After completing the graduation on Civil Engineering, had worked in family business for almost 4 years. It's a sweater factory with employees over 550 & yearly turnover US $2M. Completed his MBA from North South University, Bangladesh, with the highest achievement of "Summa Cum Laude". He have a strong passion towards Strategic Planning & Management, Financial Analysis & Financial Modeling. Currently working as a Financial Analyst & Business Analyst (freelancer) at oDesk and Elance Also.

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