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Textile Thru the Looking Glass: A Novel Perspective
University of Borås, Swedish School of Textiles. (F:3 - Fashion Function Futures)
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2013 (English)Conference paper, Published paper (Other academic)
Sustainable development
The content falls within the scope of Sustainable Development
Abstract [en]

Today, textiles and fiber science in US, Europe and Japan from its once lofty perch in the global economy, stands in stark contrast to its preeminent position of few decades ago. Its influence on the society as a whole has eroded enormously. Many of the synthetic fiber products that once fuelled the rapid growth of the industry have become mature commodity products now characterized by low growth and lower profit margins. To add to the current dilemma, organizational ‘health’ and growth processes are constantly threatened in this era of turbulence. Thus the drive for survival and success has translated, in recent times, to quest for resiliency – to survive and thrive in turbulences. On the other hand, most managers and academicians agree that innovation ensures superior organizational performance while recent research has shown that most resilient companies can dynamically orchestrate diverse innovation strategies. Resiliency in such a context has become a prerequisite for a sustained long term business prosperity fuelled by diverse technological innovations. This has intensified the organization’s search for differentiated products and services, processes, business models, technology, strategies etc. pushing firms to gain competitive advantage and also to develop new knowledge and innovation performance to drive sustainable growth. Organizations now follow multiple innovation strategies to pragmatically devise their innovation repertoire for delivering growth, hence, success in turbulent times while emphasizing resiliency. What does the future hold and how can we reverse the trend to achieve and sustain the impressive credentials of the past? To understand the significance of what the future may hold, and to reverse the downward spiral of the industry, we must evaluate the successes and failures of the past and come to grips with rapid global changes and turbulences currently underway. The present article seeks to explore such an inexorable phenomenon of quantifying and correlating innovation and business resiliency over a time line, from the annual financial data of 35 healthy and unhealthy companies along with 5 textile companies over a span of few decades. These are then extrapolated with certain predictive capabilities to suggest future trends and strategies for the textile companies. Learning from these companies, if adopted, will yield capacity to transform the scenario. Assessments and classification of the economic health of a company is typically made based on some quantity derived from selected indices, such as Altman’s Z-score. These methods can describe an instantaneous status, or a “time snap” of an economical subject but lack information about the time-dynamics of the assessment, which is important for investors, shareholders and the management. We suggest using historical data to estimate current trends in the form of the first and second time-derivative of the appropriate quantity in the time domain. This new information is independent on the quantity itself and beside more precise description can be used as new predictor to improve effectiveness of classification of successful and unsuccessful subjects. This approach is further discussed in this paper.

Place, publisher, year, edition, pages
8th International Textile Science Conference TEXSCI 2013, Liberec. Czech Republic , 2013.
Keyword [en]
Economic Resilience, Textile Industry
National Category
Economics and Business Probability Theory and Statistics
Research subject
Textiles and Fashion (General)
Identifiers
URN: urn:nbn:se:hb:diva-7145Local ID: 2320/13243OAI: oai:DiVA.org:hb-7145DiVA: diva2:887852
Conference
8th International Textile Science Conference TEXSCI, Liberec, September 23-25, 2013.
Available from: 2015-12-22 Created: 2015-12-22 Last updated: 2017-02-02Bibliographically approved

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Citation style
  • apa
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  • modern-language-association-8th-edition
  • vancouver
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More styles
Language
  • de-DE
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