“Do not follow where the path may lead. Go instead where there is no path and leave a trail.”
- Harold R. McAlindon
(also attributed to Emerson and others)
Short term thinking without planning is killing modern business. Businesses accept that the speed of change is increasing but decision making is slowing and what is scary is that the pace of change will never be this slow again. Why is decision making slowing? Probably too much data. Alongside this we have a tendency of extending the past into the future.
Humans are creatures of habit. Mainly, we play nice and follow the trail of our predecessors. History and tradition are now useless as the world moves into a completely different realm-‘digital’, where the old rules DO NOT apply.
So how do we need to respond?
Yes we need to be adaptable, but being adaptable and flexible in a controlled fashion is very different to knee jerk decision making. The way to survive is to reshape to the needs of a rapidly changing world. Resistance to change is a dead-end street for you and your organisation. Customers are not only demanding excellent service, they are also demanding more. If you do not supply it, your competitors will!
Organisations are reshaping themselves to change quickly in order to meet the needs of their customers. Here at Blackswan, we are building intelligent systems which use algorithms (formulas for taking in data and outputting other data) to learn patterns and behaviours and how we use them. We are working with organisations that understand data is fact, but not always the truth. So how can you gain the insights necessary to translate facts into truths? The generation of real knowledge and the application of knowledge can lead to the rapid development of products, processes and services. This is where we see the future. Seeking out trends, interpreting signals and translating those into truths by the use of intelligent analysis systems that allow organisations to make great decisions.
As we work our markets we constantly hear the cry that we must 'innovate or die’. This mantra has been repeated so many times that people have come to assume it is actually true. A light bulb overhead may signal a bright idea in cartoons and comic books, but in today's business world, companies can't sit around waiting for creative bolts of inspiration.
It’s no secret: innovation is difficult for well-established companies. By and large, they are better executors than innovators, and most succeed less through game-changing creativity than by optimising their existing businesses. Long-lasting success requires a process of innovation that is predictable and consistent. Innovation is not an isolated programme of activities. A strategy is nothing more than a commitment to a set of coherent, mutually reinforcing policies or behaviours aimed at achieving a specific competitive goal. Good strategies promote alignment among diverse groups within an organisation, clarify objectives and priorities, and help focus efforts around them. The change we now need to implement must be part of the fabric of the organisation and interwoven into each and every activity.
A challenge you will face is that existing hierarchical organisations are rarely nimble enough to innovate at speed and are rarely able to both deliver against the demands of today and think about the opportunities of tomorrow. Here is a couple of things to consider:
Innovation is enabled by and depends upon the inter connection of strategy, process, structure, culture and capability.
When we complete talent return rooms for organisation that are smart about recruitment, what we hear again and again that people want to work on “stuff that matters.” Get out of the way and allow you people to flourish. The great block to true innovation is you, the controlling directing and demanding “boss”
Want to learn more about our algorithms? Head over to Blackswan
You can find out more about me here