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.
We actually believe that the period that we are living during is going to have as big an impact as the industrial revolution. And you can look back every sort of 150, 200 years there’s inflection points where everything seems to change.
The size of forces just come rushing in and they converge and they change and they transform the world dramatically. And we believe that we’re living during one of those times.
I believe that historians will name the period that we are living in at the moment.
And like that has important implications for business leaders. Because if that prediction is true, even if it’s just half true, then that means that you can’t go back to your workplaces and take last year’s strategy and add 10%.
continue doing the same things over and over again.
It means that you can’t go back and just do the same things that you’ve done over and over again just because they’ve worked in… in the past.
And the surest way to fail in a world that is changing like this is just to continue doing the same things over and over again.
Connected Economy TV will continue to discuss disruptive innovation in future TV Shows.
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.
The digital world and mobile technology means that information is more easily available. This has caused the pace of business to increase as Arthur de Haast explains in this TV show.
Digital world and data interpretation
The digital world just makes things move a lot more quickly, it gives people access to a lot more information. You know, we’ve just launched our own app so that people can, you know, click on that. They can tap on it rather, not click these days, tap on the screen. And it tells them, you know, what opportunities or what investment opportunities there are available in that locality, can direct them to it, can give them basic information and so on. So that makes the market move more quickly, it’s a lot more transparent and actually information in its own right is no longer valuable because everybody has information. What is now much more important and what we concentrate on is how do you then interpret that information and use it to give good advice to people who want to invest and so on. So it means that you’re having to think much harder about the value add and how you’re going to, so on the one hand it’s very positive and it creates, you know, speed to market and that sort of thing. But at the same time it means that we’ve got to think a lot harder about how we can add value and look after our clients, given that what’s happening in that space.
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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.
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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.
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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.
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Digital engagement using social technologies can be exceptionally powerful and can be a business risk. The platforms produce a lot of information and data. In this TV show Professor Ian Golding explains that instantaneous online platforms are difficult to digest.
Digital engagement impact
I think we are still grappling with what it means, social technologies again have immense power.
We have seen how they have been used in very very positives ways. In the Arab Spring for example. In many other places where they have become a political force.
Wiki closing it's website effectively for 24 hours on the political processes in the US was quite remarkable, it led to the reversal of legislation, very rapid new forms of political mobilization have resulted.
We have also seen how it has led to the collapse of reputations.
Photographs of the gulf oil fuels for example have led to very very serious loss of value for shareholders and this will continue.
I think the danger with it of course is that there's a lot of herding, a lot of trivia.
Discerning in this data deluge whats is significant, what matters, and what one shouldn't absorb is the biggest challenge.
So it's like drinking from a fire hydrant, very difficult to do effectively, and that power is only going to increase over time.
So working out what we absorb and how we absorb it, how we learn from it, I think is going to be absolutely critical.
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Social media usage should require a degree of care. In this TV show Jo Malone reminds us that messages are there forever.
Social media usage: Immediacy
Digital has changed everything, from communication, you can communicate the message in a second, you can go global in a second.
You can be very positive in a second.
But you also can go downhill very, very quickly.
So you have to be prepared for that. And also it’s public, so when you put something of interest on Twitter or Facebook, it’s public, it’s there forever. So make sure you really mean that.
If you found this TV show about social media usage, please browse more TV shows on Connected Economy TV where there is much more expert business insight.
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
An active customer interface will produce real time data and inform business decisions, as Sean Worker discusses in this TV show.
Using customer interface data
We have to start with our customers' needs, rather than sometimes the operation drives what they want to see.
So if you take the mandate of our company, we are here to provide real-time customer feedback. And we want it the moment they hit it.
Our customer service scores, since we introduced our intelligence system, has gone from about a 3.9, to a company high of 4.43 in January.
To a large extent it's coupling with our associates, asking and being proactive about asking our customers to fill it in. We send them a request for feedback, three times during their stay, as well as an advance expression of interest before the arrive.
We get that in real time and they are being vocal. We're getting about a 35% response rate, which is very high. Now some of the sample sizes on smaller properties are low. Bit if we can get somewhere north of 20, we are getting a real meaning.
But that actually turns onto a real conversation on a Monday morning at our executive committee meeting about 'This is what this sub set of customers said about this specific building, on this specific day, about a maintenance issue, an experience.
We can actually rectify a problem that week. We didn't have that a year ago.
The other component of the technology interface is that when we are doing client reporting we can actually bring that real data to them. What their own staff are saying about their experience, that helps them pick properties and determine what value statements are important.
Maybe it's a risk issue a security issue, maybe even if it's our own apartments, we give them the real data, and that's whats really changed in that interaction.
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