Technology is automating work at an unprecedented rate. This work augmentation is drastically improving productivity: Insurance companies have software that can take a picture of a car and compute the amount of claim AI algorithms can read X-rays twice as well as seasoned radiologists Voice recognition can type 300% faster An uptick in interest for…
In today’s dynamic business environment, there is fierce competition, unmatched volatility and economic unpredictability. Every company seeks to embrace some innovations: automation and digitization, globalization, shared services, lean operations, big data, Internet of Things, blurred industry boundaries, regulatory shifts, etc. The greatest transformation challenges include: top-down structures, inability to experiment, limited change management capabilities, legacy…
Radio Shack, the 94 year-old electronics retail chain, filed for Ch. 11 bankruptcy in 2015. At the end of 2014, they posted their 11th consecutive quarterly loss of $161 million on $650 million revenue…16% lower than the previous year. That year, their stock price eroded 95% to 13 cents and was delisted from the NYSE…
In the 1960’s, the average lifespan of a Fortune 500 company was 75 years; today, it is less than 15 years, and getting shorter (Source: Korn Ferry). 1/10 of public companies disappear each year. That is 4x the mortality rate since 1965. The average life span of a company has halved since 1970. Their traditional…
2/3 of business transformations do not adequately meet their objectives, and only 1/10 sustain cost improvements beyond four years. Launching one change program after another, companies continue to see initiatives fail without addressing the reason why. There are many reasons why…programs mismatched with needs, poorly executed initiatives, and not all have the resource capabilities. For…
“Times and conditions change so rapidly that we must keep our aim constantly focused on the future.” Walt Disney, Dream Builder Globalization, technological innovation, and changing regulations are some of the factors creating unprecedented disruption and market turbulence. With this, there are profound changes in a company’s strategy, business model, organization, culture, people, and processes….
When new CEO’s transition into their roles, changes happen. They typically assess the organization design, complete a strategic review and assess the resource allocation between business units. If the CEO is external, he/she tends to outperform an internal hire because of the willingness to challenge the sacred cows and reverse previous CEO decisions. If the…
Every company has certain inflection points during its lifespan. Guiding them through these successfully are a clear vision, solid objectives, tools and processes. Or, they encounter pitfalls such as: insufficient accountability among the initiative owners, no clear roadmaps (actions, milestones, financial objectives), lack of resources/expertise, and/or failure to engage stakeholders/overcome institutional resistance/lack of prioritization. To…
