Agility is the capacity to detect, assess, and respond to environmental changes in ways that are purposeful, decisive, and grounded in the will to win
A recent Article describes how Target transformed from a Retailer with stores in disrepair and leaders that struggled to adapt to changing consumer behavior, to a company that is thriving. Their first quarter results for 2019 beat analysts’ expectations, the store’s private-label lines are exploding, and the stock price is trading at an all-time high.
Target CEO Brian Cornel made a huge announcement in March of 2017 that it planned to invest over $7 billion in a turnaround strategy – Wall Street was not impressed, as Target suffered its largest stock plunge in almost a decade on the day of the announcement. But Mr. Cornel took a page out of Jeff Bezos book and pushed forward on a plan that included:
In October, IBM released a report from their Institute for Business Value titled Analytics – A Blueprint for Value. IBM releases these reports on a periodic basis, and this one is focused on the growing importance of analytics to business success. Through their analysis, they came up with nine levers that represent the sets of capabilities that most differentiated leaders exhibit:
- Culture: Availability and use of data and analytics within an organization
- Data: Structure and formality of the organization’s data governance process and the security of its data
- Expertise: Development of and access to data management and analytic skills and capabilities
- Funding: Financial rigor in the analytics funding process
- Measurement: Evaluating the impact on business outcomes
- Platform: Integrated capabilities delivered by hardware and software
- Source of value: Actions and decisions that generate results
- Sponsorship: Executive support and involvement
- Trust: Organizational confidence
In May, I participated in a Big Data panel discussion at the 2013 MIT Sloan CIO Symposium. The panel was moderated by Tom Davenport, Harvard Professor and co-founder of the International Institute for Analytics. The panel participants aside from myself were:
- Annabelle Bexiga, CIO, TIAA-CREF
- Jack Norris, CMO, MapR
- Keith Collins, SVP, CIO & CTO, SAS Institute
- Michael Chui – Senior Fellow, Mckinsey Global Institute
This was a very good discussion on the potential of Big Data and the possible direction it takes in the future. Michael Chui did a great job with his opening remarks, referencing this Mckinsey Report and using examples from it. This report, which I have mentioned previously, focuses on major disruptive technology. It is interesting to hear the perspectives (and sometimes biases) of these industry players. It’s an hour and ten minutes long, with some very good audience questions.
As I prepared recently to moderate a CIO panel discussion regarding the “bring your own device” (BYOD) journey of three companies, I took a hard look at the current state of BYOD. Before I get to that, let’s set a common definition for BYOD. Wikipedia defines it as the policy of permitting employees to bring personally owned mobile devices (laptops, tablets, and smart phones) to their workplace, and use those devices to access privileged company information and applications. Gartner defines it in a recent Report this way: the ability for users and business partners to leverage personally selected and purchased devices to access business data with the option of including PCs in a BYOD strategy; and the possibility of a company subsidy for the purchase of devices.
Another year is coming to a close, and that means it’s time for 2013 predictions. Blog posts and articles will focus on the possibilities that lie ahead in the coming year. With so much uncertainty in the global community, people predict at their own peril. So this year, I am focusing my thoughts on the journey that I believe will dominate the rest of the decade. That journey will span three very broad categories: the accelerated movement towards systems of engagement, operating model change, and Digital innovation.
So here it goes – my thoughts for 2013:
The IBM Institute for Business Value recently completed Big Data research and released a report titled Analytics: The real-world use of Big Data. As the report states, companies have been dealing with large volumes of data for years (think billions of call center records collected by Telecommunication companies). But the report also identifies the two trends that make this era of big data different:
- The digitization of virtually “everything” now creates new types of large and real-time data across a broad range of industries. Much of this is non-standard data: for example, streaming, geospatial or sensor-generated data that does not fit neatly into traditional, structured, relational warehouses.
- Today’s advanced analytics technologies and techniques enable organizations to extract insights from data with previously unachievable levels of sophistication, speed and accuracy.