Five Trump Cards To Win 10 More Years
The market conditions have shifted markedly in the past decade – and the key success are likely to be very different again in ten years’ time. How should entreprenuers prepare their companies to grow healthily in a rapidly evolving landscape?
You Need To Have the Five Trump Cards
Card 1: New Skills New Competitions
This world comes with a blurring industry boundaries, shorten product and company lifespans, and disruptive technologies. Things worked in the past won’t work now. The game of business is moving to a new platform, where companies compete on learning, on resilience, on imagination, and on their ability to leverage ecosystems and build bridges between the physical and the digital world.
For instant, traditionally, learning how to make one product or execute one process more efficiently is static and lasting. Active learning is now not only essential, “learning how to learn” via technology is inevitable. The artificial intelligence, sensors, and digital platforms increase the opportunity for learning more effectively—but competing on the rate of learning will become a necessity. The VUCA (volatile, uncertain, complex, ambiguous) business environment require companies to focus more on discovery and adaptation rather than only on forecasting and planning.
Hence, effectively competing on learning will require more than simply plugging AI into today’s processes and structures. Instead, companies will need to pursue a digital agenda that embraces all modes of technology relevant to learning, connect them in integrated learning architectures, and develop business models that are able to create and act on dynamic, personalized customer insights.
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Card 2: Design The Future Company
To acquire the new skills to become more competitive, we need a new kind of enterprise to sustain them. Always on learning organisation, hybrid humans and machines with new roles, integrating economic activity in multicompany ecosystems, and stay aglie to adjust in VUCA envirnoments are the four features to be found in the future company.
Essentially, five improvements to build the four features:
- Use technologes for better learning.
- Redesign humans’ roles for higher-level activities.
- Relook the relationship between humans and machines.
- Nourish broader ecosystems.
- Revisit management and leadership styles accordingly.
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Card 3: New Approach To Organisational Change
The capacity for ongoing change is becoming a prerequisite for success. There’s no single recipe to follow when it comes to transformation. Many businesses used to have predicable operation and human deicsion making, this is not more valid in the VUCA environment. New capabilities and business models are in high demand and ongoing change to keep up with evolving technology and competition are required.
Traditional approaches to determining organizaitonal change are usually ineffective and one-size-fits-all change management proves many poor outgrowths. Companies are requried to take new approach to change – which is based on five key components.
- Apply an evidence-based practice to all types of change situations.
- Skillfull in executing the six change strategies in six different situations.
- Adopt adaptive “change” mindset instead of traditional “mechanical” mindset.
- Use technology to identify the right talent to execute change.
- Use latest technology to enhance change programs.
Why the evidence-based practices so effective? In the past, business leaders can rely on intuition and experience to make change as data usually subjective or little. Today, with the increasing availability of data, plus the innovative analytical approaches, empirical decode what really works and what doesn’t becomes possible – this is what we called the effectiveness of evidence-based practices.
For example, empirircal analyss can help companies successfully acquire and transform underperformaning business – normally the chance of success in a “turnaround financial destressed company” is quite low, there are serveral methods to beat the odds. These include cease bleeding quickly and setting ambitious revitalize goals, and stretchkey soft factors … industries like medicine, psychology, soical, research also show significant quality change using evidence-based practices.
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Card 4: Take the Business Diversity Seriously
Moral aspect of diversity initially, it is now a critical business requirment for innovation and reinvention. More voices from multipile persepctives of different levels normally help organisations to have better innovation, lesser risks, more resilient, and turn challenges into opportunities. Not only must we appreciate diversity, we need to make it in the top of the strategy. Diversity can be by gender, ethnic, racial, sexual orientaiton, cognitivity, etc, lead to:
- Quality innovation – clear correlation between the diversity of management teams and an organisation’s overall level of innovation – e.g. performance of revenues and profit margins.
- Builds resilience – the VUCA environment causing public companies today have 1/3 of the chance to cease to exist in the next five years. diversity is a pivotal feature of all long-lived natural and social systems, this include companies. The companies need to apply a diverse set of approaches to suceed in different environments. The key to success is to avoid the success traps.
- The ecosystem to allow diversity to thrive – nothing can happen when we don’t have that neccessary environment to allow the thing to happen. There are five factors to shape the kind of envivonment: leadership with open mind; top-down emphasis on diversity; frequent and open communication among team; a culture of openess to new ideas; and fair and transparent employment practices.
- Complacency is the killer of innovation – continuously improving diversity can come in three steps: a) create the sense of urgency the need for real change; 2) set tailed effective good goals; 3) measure and be unbias.
- Always-on recruiting, retention, and retraining strategy – talent will be in short supply in the world’s largest economies, and specific capabilities will be even rarer. Using technology to improve the talent management strategy and reduce bias in hiring by focusing on empirical patterns, thus expanding the potential talent pool.
The first step would be have an open minded management team …
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Card 5: Push Your Business Value To Soical
Organisations can thrive in the long run only if they have sustainable relationships with the external environment – such as social. In today world, addressing the urgent issues society faces is a higher purpose of a successful business. When companies grow big, they need to move from the traditional metrics, which only tell us how to ascibe value, to farsighted leaders’ values. Instead of reading financial reports, engage investors and stakeholders, they will think beyond designing their operations and organisation mainly for efficiency, nd thoughtfully engineer-in redundancy, diversity, and flexibility for more resilience and adaptability. And they will enrich their decision making by including staff with nontraditional business skills.
The CEOs need an agenda for value and the common good around six aspects
- Redesign corporate strategy
- Reshape business models
- New scorecards and increase transparency
- Lead a purpose-filled organisation
- Impact for positive societal change
- Upgrade board governance with societal know-how
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