Disruptive innovation puts static businesses at risk. It is important to make changes in the workplace to survive, as Dean Van Leeuwen discusses. Disruptive innovation can be great if businesses adapt. We’re living in a golden era of change. Amazing technological innovations that are happening at the moment. [...]
Disruptive innovation puts static businesses at risk. It is important to make changes in the workplace to survive, as Dean Van Leeuwen discusses. Disruptive innovation can be great if businesses adapt. We’re living in a golden era of change. Amazing technological innovations that are happening at the moment. [...]
Connected marketing that uses digital channels to engage with customers is more effective and cheaper than what came before, as Stan Rapp explains in this TV show.
Connected Marketing is a fundamental change
Technology has changed marketing, fundamentally. It is changed it in the best possible way. It has lowered the cost, and increased your opportunity to come up with a tremendous ROI. There never has been a better time for marketers. Once you have a website, and once you have Facebook, and once you have Twitter, you are in better touch with your customers than the traditional direct marketers ever were with their direct mail. People are welcoming your messages. They're looking for you.
If you are interested in ideas about connected marketing and the digital economy, please browse more videos on Connected Economy TV.
Communication strategy should start with a blog and expand on Twitter and Facebook according to Louis Gray, who gives his business development tips in this TV show.
Communication strategy and social networking
Companies getting started in this type of environment where the economics are difficult can actually leverage this type of weakness to look bigger than they are. One of the best things about social media is that people don't know the person behind the activity all the time. And so you have the tendency, if you do things right, to look like you're big, look like you're engaged, and get the word out. Social media is very cost effective. Somebody who can actively work social media can save tremendous amount of dollars versus traditional advertising. As a startup, your product is going to sell itself through differentiation. If you get bought in people who will communicate with you.
So as companies, be they startups or established, get started in social media, the first thing they want to do is have a central location where people can find out as much as they can about the company. Typically that's a blog. A blog can enable personal one-to-one communication from the highest levels within the company. After that, it really makes sense to get onto Twitter and Facebook and these other networks to hear what's being said, both about you and the industry. But without that blog, there's nowhere to go. So you make sure you have that blog, and then build out the social media ecosystem underneath that, which may include the other networks.
Keep an eye on Connected Economy TV for more discussion on communication strategy and social media.
In this TV show John Kay discusses UK innovation. He compares new business development here to what is happening in other countries'.
More UK innovation please
I don’t think we have lost the art of developing new businesses and there are lots of people in the small, medium size enterprise sector who are developing exciting new businesses. But I think our success in developing businesses with competitive advantages over the last two or three decades doesn’t compare very well with the United States on the one hand that has created really exciting businesses of the Apple, Amazon, Google type or with a country like Germany where a lot of quite long established power house businesses have gone on developing their businesses successfully in new markets. There are some British companies that have been successful in these kind of ways but not enough and we need to try and ensure there are more of them.
Connected Economy TV will continue to look out for examples of UK innovation and will be following the surrounding discussion.
Business strategy models should be built around an understanding of funding, investment and profit. In this TV show Sara Daw of The FD Centre discusses of Financial Directors can win the war.
Financial business strategy models
In this environment I think the role that the FD can play right now is understanding what the core business engine is. So what are the core drivers of profit and cash of course? And once they’ve understood that, to build the strategy around that. Make sure that if they have to resize or right size the business they cut back more so they’ve got extra to reinvest in the new strategy going forward. Make sure that they build the strategy around that so they have a clear vision and they have a plan to get there. Quite importantly is that the FD does that classic thing of pouring cold water over the ideas that the business owner has. That’s risk assessment. And we would expect every FD to do that. It has to be done in a positive way. But it’s absolutely what the business needs. So understand the risks of a business strategy and make an assessment on that. And then I think the FD needs to understand the timetable, how to implement the strategy and own the timetable. So project manage that, hold people accountable, and lastly I think they need to make sure that they’ve got the right type of strategic funding to support that strategy, the right mix of funding and really understand that different types of funding are going to cost differently. Then really build the operational engine to support that strategy which delivers time and money to the entrepreneur and then build, an advisor community around the business all aligned to help, force that strategy through.
Thank you for watching this video about business strategy models and Finance Directors. Keep an eye on the new TV shows being added to Connected Economy TV.
This business leadership video, featuring John Kay, discusses how CEOs could make better decisions.
Business leadership video: CEOs and shareholders
Well I think the CEO who wants to come in and make a big difference has to persuade, ought to have to persuade his major asset manager shareholders that the difference he is making is actually a difference that is worth making. This actually is not just a matter of encouraging shareholder involvement. I’ve talked about the destruction of ICI and GEC and if one’s frank that was actually encouraged by the shareholders. What we need is shareholders who actually have a better understanding of the long run dynamics of business.
If you enjoyed this business leadership video, please browse mote TV shows on Connected Economy TV.
In this business growth show Bruce Dickinson suggests what he thinks is the key to business success.
Business growth show with Bruce Dickinson
I'm gonna go with intuition, because experience you can gain, experience you can purchase, and experience you will inevitably acquire but intuition is priceless. Intuition is vision and imagination. As Einstein said imagination is greater than knowledge. Unless you have intuition nothing will happen. If you have all the experience in the world only something which has already happened, will happen. So to have anything new happen you need to have that vision.
If you found this business growth show interesting why not watch more TV shows on Connected Economy TV?
Information management strategy for business may now include getting outside help and training. in this TV show Ian Goldin discusses filtering through the data.
Information management strategy changes
I think the increase is so rapid that managements that have been in place for a while just aren't up to speed. And there will be entire industries helping business synthesize the data, presenting it to them in forms which are usable and that the value added.
There's a lot to be read in to it but this can be misread. One of the most dangerous things is trawling the internet because it is absolutely undiscerning between garbage and genius.
That's why proper education and training does really matter because that's the filter through which you pass all of this information.
Connected Economy TV will continue to follow ideas around information management strategy.
Strategy development in volatile business environments
Strategy development requires flexibility and intelligence, rigid plans leave business open to risk as Dr Manny Aparicio discusses in this TV show:
Strategy development and contingency planning
We want to run the business and run it consistently for efficiency, you know, build the plan, operate the plan and, while you always need a plan. The military, understanding, says, you know, the plan goes to hell in five minutes.
So you have a plan but you, it’s the exceptions again, the contingency planning, the options and, if you think about, most fundamentally how the military works, it’s called training.
It’s called training. It’s not just a rote.
It's not a particular process is followed hell or high water. It is learning and practicing, building experience, building automaticity into whatever we see, we’re ready.
We know how to deal with this situation if it changes that situation. So if you think about it, again, it’s training in the military or in general, when you’re doing planning and contingency planning.
It’s can you capture your experience in an organisation that covers all sorts of situations and, as new situations occur, is there a corporate memory that is learning about those situations, what actions were taken; given those actions, did it turn out well or not and using that corporate memory, again, not as a, you know, step 1, step 2, step 3 no matter what but this more flexible, adaptive approach to planning that is more situationally dependent and that’s the real phrase (situational dependency) on how you proceed and that’s what our brains do all the time. We’re not operating, stupidly, you know, over-committing to a process plan. We adapt when we need to, based on the situation as the situation changes.
If you enjoyed this video about strategy development why not watch more TV shows on Connected Economy TV?
This business leadership video features Jo Malone, Founder of Jo Malone & JO LOVES.
Business leadership video for success
The formula for success is hardwork, courage and tenacity. She says entrepreneurs should create a team that feels like a family and would love to do business on a hand shake again. There is a value in building real relationships in business.
If you found this business leadership video interesting why not watch more TV shows on Connected Economy TV?
Business growth show – Branson: shake up your industry
In this business growth show Richard Branson looks at why entrepreneurs should think a little differently:
Business growth show: Make a difference
Well look I don't think there is any point in building a new business unless it's going to make a difference to other peoples lives.
And if you are going to make a difference in other peoples lives, you want to try to do something unique that other people are not doing.
You know get in and shake up the big complacent companies.
And that's what we at Virgin have had great fun doing for many years now
If you enjoyed this business growth show about why not browse Connected Economy TV where there is more from Richard Branson.
In this business growth show Bruce Dickinson discusses how he has developed his aviation business around the principle that business should cater to the consumers, who are just human beings with wants.
Business growth show: Consumer desire
When you cut human beings down to size we are really quite simple creatures you know; food, shelter, warmth, light, heat, and you build it up form there really until you finally sort of go "Gucci shoes" or whatever your consumer desires are.
But all of those desires are ultimately about gratification.
Now where we're at with the airline thing lives upon the fact that people want to travel.
We exist because people want to travel on airliners, because they want to get from A to B quickly because they don't want to spend time they perceive as wasting time just getting there.
They want to get there and live their lives to the full because they want to enjoy it.
Our job is to facilitate that happening by providing the engineering services and also possibly the transportation service that enable that to happen.
But always bear in mind that you are just enabling human beings, That is your ultimate customer.
If you found this business growth show interesting, please browse more TV shows on Connected Economy TV where there is more business insights from leaders and experts.
In this video Bruce Dickinson, lead singer of Iron Maiden and Airline Entrepreneur, shares one of his business strategy models
business strategy models for all industries
I have taken an interest in several types of business including aviation, retail, filmmaking and writing. A creative approach works in all industries even the technical ones.
If you found this video about business strategy models interesting why not watch more TV shows on Connected Economy tv?
Business risk as technology creates more stakeholders
The uncontrollable decisions of customers and shareholders are a business risk. Sir Nigel Knowles discusses the importance of keeping good communication with an increased number of stakeholders.
Business Risk: Technology creating more stakeholders in companies
People now need to be far more prepared to communicate and in a transparent way in terms of their actions. Also we've got the interesting fact that someone might say something in one country, but it might be picked up in another country and interpreted very differently, giving the person making the statement a trust issues.
So life isn't actually going to be the same again. 10-15 years ago people might have described a corporate's stakeholders as being only the share-holders, but now stake-holders of a company are their suppliers, their employees, their customers, NGOs, regulators, the press and the government.
And a leader of the corporate has got to stand up and say how he or she intends to move the company along and then account to all the various stakeholders six months later, 12 months later and say how they got along, what happened.
They must account for any shortcoming, so trust and confidence go hand in hand and are now real important features of our life.
I think it is also understood that an individual can gain trust, and quite often a faceless corporation can lose trust.
But trust is an essential part of commercial life and actually if people trust each other and can make quick decisions and move things along very efficiently, trust can be a source of competitive advantage.
For more discussion on the business risk arising in the connected economy keep watching Connected Economy TV
Access to data through a practice management system can help CEOs stay connected with the needs of the business and its clients. Sir Nigel Knowles gives his opinion in this TV show.
Access to data: Maintaining the flow of information
A flow of information, to me is very important, but fortunately we have a practice management system that allows me to access that information at any time, wherever I am.
So in terms of the basic financials of the firm, how many recorded hours we achieved yesterday, what our billings look like for the month/year to date.
What percentage is recovery against charging rates we've got, that's always immediately available from the point of view of marketing and business development and new work coming in or tenders and pitches that we are preparing for.
I am familiar with those and in many cases get involved in them. Because if you are doing my job I think its crucially important to remain connected with clients, you can't build and run a law firm without knowing what the client dimension is.
I think the more time I can spend with clients the better I am able to develop and push the practice.
Without clients we have nothing. Clients are everything to our firm.
Connected Economy TV will continue to follow ideas about data, access to data and connecting with customers.
Digital engagement offers businesses more ways to survive than in previous economic downturns, as Martha Lane Fox explains in this TV Show.
Digital engagement outside and in
There are more ways to be more connected in to the things that are important because of technology than perhaps there was in the last economic down turn.
So I believe very deeply that the opportunity that digital technologies afford you, give you a more robust ability to survive.
So for example how would it have been possible to just get out there and select some customers and talk to them in the past as easily as it can be now through a Facebook group or through a LinkedIn group, or though a Twitter profile, you know.
There are so many ways that you can connect to your customer base and stay close to it.
Also though the opportunity to save money by using digital technologies more smartly whether its Cloud computing, through to how you actually talk to your employees, suppliers whatever the thing might be so both outside of your business and internally I think that technology can help really ride the wave.
If you found this video about digital engagement interesting, why not browse more TV shows and briefings on Connected Economy TV.
Connected marketing relies on well developed personal brands to share company content. Our latest video from Bob Barker explores the issue:
Connected marketing comes from individuals
A lot of companies out there have been using traditional marketing mechanisms.
They’ve been using digital marketing, and what we see is that more and more marketing has got to rely on the individuals in the company to help get the messages out because it’s those individuals that are often the sales people and it’s the individuals who themselves have got networks.
So what we do a lot of is helping people to understand what their personal brand is all about and to make sure, for example, on LinkedIn that they’ve got a decent profile because Google’s going to find you on LinkedIn if somebody’s looking for you quicker than any other platform, so you need to look the part.
You need to be dressed well, and so on and so forth. And then there’s the whole thing about network maintenance, or understanding and managing your network.
So we’ve all built up contacts on our Outlook or whatever it is, and we’re beginning to build up more and more contact on LinkedIn as it becomes more the de facto business platform for business people connecting.
So we have to put time in and understand how we build and nurture our networks using something like that.
And then the other thing is that now we’ve got a brand and we understand our network, we’ve then got all this content that the company’s produced that might be relevant to what we’re talking about but nobody’s sharing it.
So a lot of companies are building all this content and people aren’t sharing it, like these videos.
We see in large companies, when you look at the shares, nothing’s going on, and so we help companies to understand.
We help the individuals in those companies to understand it’s their responsibility to help get this content out there because on the internet when people are researching companies and they’re looking for what people, you know, what companies are all about, they’re doing a lot of their research without the company knowing.
So unless that company’s got content out there and people are interfacing and being out there, and having their brand out there, they’re not going to be visible when companies are looking for who they want to do business with and who they might trust.
In this business growth TV show Ibrahim Ibrahim discusses how big brands like Illy are creating a culture, which consumers can participate in both through digital connectivity and in person.
Business growth show - Illy's Approach
Now, Illy used to be a coffee brand, it’s no longer a coffee brand, it’s no longer about silver tins of coffee
Illy is about a brand which absolutely engages customers with, yes, the cultural coffee, yes, coffee’s placed in society, yes, art and crockery and books on art.
Illy has become a culture brand. A culture of coffee, but also a culture in the big scheme of things.
And it has connected with a whole group of customers that are part of that brand, are part of their social network and it gives those customers, through constant connectedness, through digital, lots and lots of value about art, about coffee, yes, they can go and buy coffee as well, but it’s part of a bigger, bigger picture.
And when you get to an Illy shop, it’s not a coffee shop, it’s where this art and culture and sociability and debate and the whole idea of the old coffeehouses, comes to life.
But that won’t be a coffee shop and it isn’t, you know, at the moment it’s a container that opens up, arrives and closes down.
And more and more brands will do this, Marmite are doing it, Heinz are doing it.
______________________________________________________________________Connected Economy TV is following developments in retail and the digital economy. There will be another business growth show soon.
A business development role has implications for larger society. In this TV show Julie Meyer discusses the creation of social contracts.
Business development role - The social contract
We see cracks all over the place, right. We see it all over the place but you have to see the cracks.
What we’re trying to do is design the system, but not ourselves, we’re saying here’s what we think.
We think, you know, entrepreneurs who go to entrepreneur country every day have a sense of how society should work, right?
They’re dealing with the headwinds way at the cockpit of the train, so let’s design society, right?
And we just think that the process of building a new social contract is being done.
But it’s a very long process, you know. It was 13 years for the United States from whatever to whatever before we had a constitution.
And Iraq, you can see a new country, gosh it’s whatever, 13 years.
You know, probably at the beginning of the United Kingdom lots of years to get that.
It takes a lot of time for people to convene and to say, we are going to live a certain way.
After the end of World War 2, Europe, you know, probably, you know, the fifties were all about how are we going to live now that we’ve got all the bad stuff behind us.
And so that social contract which was created after the war I think is shattered.
What’s not clear is what’s the next social contract.
But some of us really care about that. Some of us really care about what that social contract is.
The business development role and other key factors of our changing economy will be discussed in further Connected Economy TV shows.
The digital world can be a business growth hub. There's lower start up fees and new funding innovations, as Guy Rigby explains in this TV show.
Business growth hub post recession
I think it’s a fantastic environment, and I think that we are now at this time coming out of the worst period of trading that we’ve seen probably since the 1930s.
It’s been a disastrous time, very difficult, yet all the innovation that’s coming out around places like Tech City, around new funding platforms, alternative funding, you know, the banks are not in an easy position.
So we need these other things to come out. And there’s huge opportunity.
In addition people have virtual offices, they can set themselves up on computers or laptops for hundreds of pounds as opposed to tens of thousands, which it used to be 10 or 20 years ago.
So the opportunity for entrepreneurs has never been greater.
All you’ve got to do is have a great idea, a great vision as it were and then have the strategy and the business plan to deliver it.
We have more expert discussion and insight into the connected economy that facilitates this online business growth hub.
Digital strategy should exploit data to inform investment decisions. Andrew Sangster discusses finding data for the hotel sector.
Digital strategy and research methods
Data has a huge vital role in determining quite important investment decisions.
You’re looking at a big hotel asset in a major gateway city, it's a hundred million plus Euros.
That’s serious amounts of cash and it should warrant some serious amounts of research.
Traditional methods, sure they go in, go have studies done in terms of local demand patterns, you list all the local hotels and what the existing demand is.
Often what’s not being fed in are new things. What new businesses are coming? What businesses are actually exiting from the market?
What’s happening in that city, in terms of its local economics? What’s happening in terms of the feeder markets into that city?
All of this data is very hard, under traditional models, to actually digest and process.
But actually if you’ve got a more sophisticated something, which can actually take this information and process it efficiently and quickly, you can have much more powerful and incisive information.
Connected Economy TV is following ideas about big data and digital strategy with new shows everyday.
Marketing communications strategy has a pattern. In this TV show Ibrahim Ibrahim looks at consumerism and status symbols within emerging economies.
Marketing communications strategy in developing economies
The developing economies are going through the cycle of consumerism that we went through two decades ago.
I think this idea of buying stuff and buying logos and just accumulating status symbols is prevalent.
But I think, like in the developing economies, there’s a shift from status symbols to status skills, no longer.
At the heart of consumerism is status, but no longer is the status, you know, in owning this bottle of whiskey, it may have cost me 80 quid but, you know, two decades ago the status was in owning it.
Now the status is in knowing whether it’s east coast, west coast, is it peat, is it honey, where is it from, is it made on the Isle of Skye, is it by the sea, because it’s got beautiful flavours of peat or you know, it’s the stories.
So if we’re talking and go full circle back to the notion of the store, stores are no longer about shops, they’re about stories.
And I think that is really important, the idea of shifting shopping from stores to stories is really key.
So how do you equip customers with those stories, and that are engaging and relevant, that they can then gain status, because that’s ultimately what we all want.
It’s the dematerialising of shopping.
Look out for more discussion about marketing communications strategy from experts like Ibrahim Ibrahim on Connected Economy TV.
The digital economy creates a lot of unstructured data. In this TV show Nigel Huddleston discusses the challenge of making it relevant to your business.
Using big data in the digital economy
There’s a real hot topic around big data and it means lots of different things to different people.
But I think the key is, is finding an intelligent way to make this massive confusing information relevant to what you’re looking at.
I think in the hospitality sector again, one of the key things is, is bringing in data from third parties and your own data in a meaningful way
So integrating things like your loyalty programmes with search behaviour, you know, who’s looking for what hotels in which cities and at what times and from what devices, and being able to track that with your own data.
And bring all of these bits of information together so that you can both serve the user but also carry out transactions and push information to the user in a meaningful way.
It’s very confusing. There’s lots of companies out there trying to help with this at the moment.
It’s early stages but it’s very, very important to the industry.
Connected Economy TV is following discussions about the digital economy and we will have more expert insight daily.
The technology revolution is changing the way people learn about products. They are more likely to follow the advice of an internet forum than an official review. Andrew McAfee discusses:
Embracing the technology revolution is vital to survival
Well if you’re ignoring the technology revolution among your consumers you’re clearly just missing the boat, in a very broad and deep way.
It’s clear that we’re plugged in too much at the time, we’re staring at screens, that we’re getting a lot of our signals from our peers, from strangers over the net via review sites and judgement sites and relying less on the old guard for helping us figure out what our next purchases should be and how we should be shaping our behaviour.
Any company that’s not part of that by now is already losing ground very quickly and that’s only going to accelerate.
It’s striking to me how the old world of relying for example on restaurant critics and how many stars the hotel has, as given by the hoteliers body, that’s in the rear view mirror now, we just go to Yelp and Trip Advisor and look around.
I can’t remember I looked at the official rating for a hotel that I was going to stay at, I find these things meaningless now.
Look out for more videos about the technology revolution on Connected Economy TV.
The connection economy is normal for generation Y and organisations should embrace this, as Keith Coates discusses in this TV Show.
The connection economy in the workplace
The war for talent leads to a generational gap, if you like, around how people view information, how they access information and how they make decisions and that’s where the whole technology piece comes in.
So you’re dealing increasingly with a generation, inside and outside of your business, who are using technology to make the decisions, to get their information, and when they step into organisations they expect to have access to that technology, they expect the platforms to be there, but often they walk into mind sets and policies that don’t allow them to be who they are.
It’s a little bit like me going into the Board Room of elderly people and saying ‘no books, no journals, no newspapers, banned’. They’d look at you and say ‘but that’s what we do, that’s how we get our information’.
And so policies that restrict access to the internet and Facebook and the social media platforms is sending out exactly the same message to a generation for whom that is normal, that is how they live their lives, that’s how they switch on and switch off, that’s how they connect. And my concern is often a lack of understanding around this kind of basic framework and difference of working and paradox, which is what it really is, a generational paradox around work and around technology that, because it’s not understood, we make very poor decisions in that and we alienate the people that we should be engaging.
This TV channel is all about the connection economy and we have plenty more expert discussion to come.
Disruptive technology can change business in an amazing way, as Dean Van Leeuwen explains in this TV Show:
Disruptive technology and business development
Well, when we… when we look at technology we look at the innovations that are happening and… and the disruptive renovation around technology. There are so many new exciting innovations at the moment that it’s difficult to know which one do we place our bet on. So, you know, just off the top of my head, you know, the innovations that are really catching the headlines are things like 3D printers and Google Glass, you know, self-driving cars. You’ve got microchips that we can implant in our brain to help us, you know, think we’ve got D… the ability to now sequence our DNA.
There are amazing technological innovations that are happening at the moment.
When you think about the technologies that are… that are out there and… and available, there are really only two things that business leaders need to be analysing and keeping their… their eye on and think about the implications. And… and the first one is, is this. What’s new technology? Well, all it means is it’s really our ability to gather massive amounts of information, process that information in real time and use the output for valuable and immediate effect.
So let me give you an example of what I’m talking about here. Sebastian Thrun, he’s a… he’s one of the lead scientists on the Google self-driving car project.
And when he was 18 years old he lost his best friend in a car accident. And Sebastian set himself the goal of saving 1.2 million lives every single year.
Now 1.2 million lives are the number of people that die in car accidents every year. And as the lead scientist on the… the Google self-driving car Sebastian has been doing some amazing things. And what… if you think about the self-drive… the self-driving car, Google car, what really is doing it, it has thousands of these magical sensors on… around the car. And he created a 3D real time map of world environments around it.
So it’s capturing massive amounts of information. It’s processing that information in real time. If it wasn’t processing it in real time it wouldn’t be how these cars they can drive around unassisted without anyone behind the steering wheel. And it’s using it to… that information to real and immediate valuable effect.
So what we’re seeing is that because of our ability to do all of this, and… and we all know, you know, because of Moore’s law computers have been doubling in speed every 18 months. But in the last few years if you combine our ability for massive amounts of storage space, you know, broadband and… and Wi-Fi, that doubling in speed has really started to mean something to the point now where many of the things that we thought were impossible. So self-driving cars we thought were impossible we can now do. 3D printers it’s the same thing, you know, gathering masses amount of information, scanning the object using a CAD file. Printing that object out right in front of you immediately, you know, rapid prototyping. It’s the same concept. Our ability to gather masses amount of information, process it in real time and use it to valuable only immediate effect. And that’s the key… the first key thing that’s happening at the moment.
So business leaders need to be asking two questions. What’s your Google car? And what can you do that you once believed was impossible because you probably can now do it because of the power behind these… these technologies.
The second thing is generational. You need an understanding how the different generations look at this, these technologies. Many of these new technologies, these new innovations, for the younger, the gen Y there’s digital natives. It’s not weird; it’s not something that’s different.
It’s… it’s very normal for them. Douglas Adams, the author said that… that anything that happens when… when you’re born is… is totally normal. Anything that happens when you’re in your 30s, your 20s and your 30s is revolutionary. Anything that happens after your… you’ve… you’ve turned 40 is just weird and wrong. Okay.
So for most business leaders over the age of 40 most of what’s happening around us is totally weird and… and wrong. For the young digital natives all of these new technologies are totally normal. They’re… they’re not even impressed by them, you know, it’s just… And we need to understand that…
I don’t think we’ve even started to understand the disruptive force that the digital natives’ generation is going to bring to the workplace. So to understand the impact or the disruptive impact of technology there are two things to understand. Impact of digital natives on your business as customers and as in employees. And then how do you gather massive amounts of information, process that information in real time and use it to immediate and valuable effect.
We have more exciting expert discussion about disruptive technology to come on Connected Economy TV.
Business strategy models need to be looked at in a different way. Dean Van Leeuwen has six key questions your business needs to ask.
Business strategy models during turbulent times
I think it’s… it’s not about throwing the… the baby out of the bathwater. There… there are a number of things that are important that will still work. Most of the things that have worked in the past… Well, there’s two aspects to this.
And just because you’ve succeeded in the… in the past doing something in a particular way it doesn’t mean that you’re going to succeed going into the future.
I think Peter Drucker said the danger during times of turbulences is not the… the turbulence itself, it’s acting with yesterday’s logic.
So I think the surest way to fail in the world that is changing is just to continue doing the same things over and over again because they seem to work in the past. What we need to recognise is that the rules for success are changing.
And when the rules of success have changed we need to change as well.
So Jack Welch said that if the pace of change outside is faster than the pace of change inside you’re going to become a dinosaur. So what do need to be doing to be successful? And I think there are six or seven things that business leaders really need to be looking at differently.
Kind of let’s call them six new competencies for your… your business. Leaders need to be asking questions and analysing storytelling. What’s the story the… the business is telling? What’s the higher calling? What’s the quest?
How do you collaborate? How do you build collaborative communities within your business and… and the communities that are important to you? What does risk and reward mean for your organisation because those are changing dramatically?
Innovation, intelligence are… are two important aspects.
People, both people inside your business and… and outside your business, especially with shifting and changing generations.
So those are… are key things. And how do you build passionate tribes of… of people? And then trust and transparency are… are really important. And I think those kind of six core areas or focus areas that businesses need to be analysing, questioning and understanding the impact for their business and how they can build competitive advantage around that.
And once they start getting those six competencies… together, we find that then strategic intuition improves and you can actually start delivering strategy at speed.
We will continue to discuss business strategy models on Connected Economy TV where you can also hear more from Dean Van Leeuwen