In the early days of 2021, there is still an uneasy feeling involved in any search for a silver lining to the COVID-19 pandemic. Indeed, it may be that this will always remain the case. And yet, without disregarding or minimizing the tragedy that the pandemic has inflicted all across the globe, there are certain potential positives coming to light.Continue reading
We owe so much to the frontline heroes that serve society in critical times. The pandemic has shown us just how important and under-appreciated these individuals are. We owe them a debt of gratitude. Healthcare is one of those areas where we see both heroics and exposure. The lack of digital progress has been exposed across sectors by the virus. That is the bad news. The good news is that extreme events like this can serve as accelerants. This recent Article describes the turning point that COVID-19 likely represents for healthcare. Rethinking healthcare for the digital age should be a top priority (as it should across all industries).Continue reading
Back in 2015, I was looking at emerging organization models for a societal shift to a very different era. While organizations have experimented with many of these, the truth is, most still struggle with this critical structural change. One impactful model was positioned by Geoffrey Moore in his book titled Zone to Win. Given how relevant the topic is today, I am reposting my synopsis of the book below. In addition, here are three additional posts on the topic:Continue reading
I had the pleasure of joining RegalixTV recently for a session focused on education. Host Dheeraj Prasad and I discussed the importance of education in transformative eras, how digital learning experiences are evolving, why there needs to be a shift in focus with respect to skill sets and a whole lot more on Knowledge-Centered Growth.
Tune in to watch the full Interview. I have focused a great deal on education recently. You got explore the topic via my earlier posts.
Prognosticators continue to point to massive shifts in the aftermath of COVID-19. In this recent Article, author Bhaskar Majumdar explores an aggressive convergence of the physical and digital worlds. Pointing to the domains that have already converged – education and entertainment – Mr. Majumdar sees this phenomenon overwhelming all aspects of our lives. In the near future, he sees it impacting banking, medicine, trade, shopping, dining and sports. As we come to terms with social distancing in a post-COVID world, some level of change is inevitable.
The final polls from our virtual roundtable hosted by C-Level are included below. You can view a video of the virtual roundtable Here. I posted the results of polls One, Two, Three, and Four earlier. You can participate in those polls by visiting the posts. The fifth and sixth polls launched during the session probed the questions of digital learning and the resilience of supply chains.
It’s easy to view the current crisis as a catalyst for change. Lying beneath the surface are signals that major change is required, and when crisis emerges, hope for that change emerges with it. In most cases however, that change never materializes. The last two months have brought countless predictions of what is to come. While we need to consider the low percentage of successful post-crisis predictions in the past, two trends look likely to materialize: accelerated digital transformation, and a rapid path to automation.
COVID-19 continues to expose pre-existing issues. While our human development has undeniably advanced through each phase of the industrial revolution, more work remains to be done. The first industrial revolution delivered mechanization – and yet 600 million people still do not benefit from it. The second revolution brought us sanitation, clean water, and electricity, and yet 3.6 billion people still lack one or more of those innovations. The third revolution brought us the internet and all things digital – and yet 3.7 billion people do not have access to the Internet. This Article by Douglas Broom states that the majority live in poorer countries, where the need to spread information about how to combat COVID-19 is most urgent. The issue was there, now it is likely to get more attention.
This recent Article describes those things that will change forever according to 30 top experts. Before I dive into that, a significant word of caution. In an Article authored by Rob Walker, he states that most post-pandemic predictions will be totally wrong. While he stresses that thoughtful speculation about the future helps us cope with the present and identify potential challenges and opportunities, history tells us that most predictions will be wrong. In looking back at predictions post 9/11 and the great recession, Mr. Walker provides supporting evidence for this statement.
A changing of the guard has been in motion for some time. In 2020, Millennials will be the dominant workforce on the planet. The five generations in our workforce introduce a leadership challenge, alongside disruptive forces swirling around society. The truth is that millennials are likely the generation tasked with solving this broad set of societal challenges. This recent Forbes Article says it well. The challenges likely facing this generation include: technologies like AI, shifting business models, the implications of near zero marginal cost, the resources of the planet, the nature of house ownership, transportation, healthcare, work, education and families.
Fundamental questions about Why and how we Educate will have to be addressed for the first time since the introduction of high school. Additionally, this generation will have to deal with an Aging Society. As Michael Gale – the author of the above article – describes, one in four millennials are already directly managing a parents’ ill health on a daily basis. The added burden of college debt could create additional obstacles to success.
There has been a negative stigma associated with this generation. However, they are not the problem but part of the solution. As 72% of the Global 2000 continue their digital transformation journey, millennials offer a perspective that helps realize intended outcomes. The Forbes Article describes five things that you can do to enable this – take a look.
Dr. Micah Altman – Director of Research, Center for Research in Equitable and Open Scholarship (CREOS) at MIT – recently made me aware of a Survey that probed several questions about the future of our Digital world. The survey was conducted by Elon University and the Pew Research Internet and Technology Project to imagine social and technological evolution over the next 50 years. The respondents were technologists, scholars, practitioners, strategic thinkers and others.
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:
I recently authored an article on ecosystems and digital transformation along with leading platform strategist Simon Torrance. Here is a brief abstract of the article. You can read it Here on the TCS website – along with other perspectives on digital transformation.
As Frank Diana and Simon Torrance explain in “Defining Your Digital Ecosystem: The First Step in a Machine First™ Transformation,” many leaders are no longer looking at strategy and industry structure in the ways of a non-digital world. Instead, they’re analyzing how emerging ecosystems—networks of stakeholders, including business partners, suppliers, customers, and competitors that interact digitally to create value are supplanting traditional industries as the organizing construct. For example, in a mobility ecosystem, automakers no longer just make cars; they must redefine the very notion of automobile ownership and how people get around.
On June 19th, I participated in a VoiceAmerica Talk Radio program focused on digital ethics. VoiceAmerica is the leading producer, distributor, and online broadcaster of original live and on demand talk radio programming worldwide. Joining me on the program were Gray Scott, Jack Shannon, and Dan Wellers. The show was hosted by Bonnie D. Graham.
Issues like digital ethics must come to the forefront – and awareness is key to achieving that. Shows like this are a great vehicle for driving awareness. You can listen to the rebroadcast Here. A description of the episode follows.
In my last post, I explored the evolution of business in the industrial age. This Fourth Iteration of Business establishes resilience on a foundation of automation and intelligence. Resilience may be more important than the productivity gains that are sure to be realized as we progress towards Business 4.0, providing the capacity to recover quickly as the pace of shifts accelerates. This visual represents a strategic foundation for Business 4.0.
To transform is to change in form, appearance, structure, condition, nature, or character. It is an overly used word that can be made to fit several narratives. Yet, given its definition, the dynamics of what is sure to be a volatile and complex future should compel us all to transform. I believe however, that the narrative must change. This is not a technology discussion, and it is not a digital discussion (although digital is the reason we are here). Rather, it is discussion of likely structural shifts that alter our beliefs and intuitions. These shifts will fundamentally change the way we think about organizations.
I had the pleasure of doing a video interview with Kevin Benedict today, where we discussed a number of topics, including the recent book Machine, Platform, Crowd: Harnessing Our Digital Future. Kevin is from the The Center of Digital Intelligence. Our wide ranging discussion can be viewed here.
Andrew McAfee and Erik Brynjolfsson – Authors of The Second Machine Age – wrote a new book which they launched in the middle of this year. Machine, Platform, Crowd: Harnessing Our Digital Future builds upon their first book, exploring three big trends that are reshaping the business world:
- The rapidly increasing and expanding capabilities of machines
- The large and influential young companies (Platforms) that bear little resemblance to the established incumbents in their industries, yet are deeply disrupting them
- The emergence of the crowd: the large amount of human knowledge, expertise, and enthusiasm distributed all over the world and now available
Digital transformation means different things to different people. As I strive to change mindsets, I am sensitive to these distinct perspectives and the individual filters applied to terms like digital and transformation. In my view, Digital has been more narrow than holistic, while in some organizations ERP implementations are considered transformation. So, does digital transformation represent the narrow use of digital technology to improve some aspect of our organization? Or, is it the wholesale change of a set of structures, institutions and paradigms built for a different era? Although I have mostly abandoned the phrase, when I do use it, I mean the latter.
Let’s call it what it is, starting with the term transformation. To truly transform means to change from one nature, substance, form, or condition into another. I’d maintain that the pace of change has made the archaic nature of our industrial era structures, institutions, and management paradigms very apparent. Therefore, to transform in this sense means to change from the nature, form and substance of our industrial past, to a state that is viable for our digital future. Digital is foundational: the building block for which this future state is built upon. Therefore, for clarity sake, a better way to describe digital transformation is:
TRANSFORMATION FOR THE DIGITAL AGE: a change in the nature, substance, and form of our industrial past, to a future state that allows us to thrive in our emerging digital future.Continue reading
I joined another episode of Coffee Break with Game Changers on Wednesday of this week. A very good discussion on privacy and data. Here is a brief abstract.
The buzz: “You already have zero privacy – get over it” (Scott McNealy). We as individuals have welcomed Internet-connected, mobile devices to help us make daily decisions. But when we share data with companies, and they share it with their business partners, are their built-in and bolted-on data security capabilities enough to protect our personal information?