Do you know what it takes to stay ahead of the competition? Is that one of your business goals?
I recently did an interview with someone for an article she was writing, and one of the questions was about competition and how to best research the competition. Other questions on the topic revolved around how businesses can stay relevant and how they can set themselves apart in over-saturated industries. (I'll share the link here once the article is published.)
A few industrial leaders have always been at the forefront of innovation and set the trends for their respective industries, but banking and financial services are just going through their transformation journeys. They are all driving digital transformation throughout their enterprise with a relentless commitment to rethink every asset, process, and architecture of these enterprises. Digital transformation is widely talked about, with consultants lining up to show endless PowerPoint slides of the state of the digital revolution that they claim boardrooms cannot ignore.
There are many popular stories about product companies like IBM and GE transitioning successfully to service-based sales. And while there are also stories of the occasional failure such as Boeing’s offer of financial services, the conventional wisdom is increasingly that all product firms should transition from dependence on product sales to selling value-added services. But is this valid?
After nearly seven years writing this blog, I’ve decided to start work on a book about innovation. While there is certainly no shortage of great innovation books on the market, I feel strongly that the time has come for a different approach and I think there is much I can add to the discussion.
In her bestselling book Mindset, psychologist Carol Dweck argues that people who see their skills as a fixed set of strengths and weaknesses tend not to achieve much. On the other hand, those that see their skills as dynamic and changeable are able to continually grow their abilities and soar to great heights.
INNOVATE THE FUTURE WITH A FOCUS ON THE CUSTOMER JOB
Your job is being threatened! And it’s not cheap labor or outsourcing that poses the greatest threat. No, the greatest threat is that your job will simply disappear because a company from outside your industry transforms the market by helping your customers get their job(s) done in a radically new and better way.
It would be a devastating mistake of executives to believe that their organizations are well prepared for what’s coming; that the shift of their current management thinking is just another phase of a cycle of looking outward and inward, or a natural evolution of industries.
Everyone is searching for a game changer. In a dorm, a basement, a bedroom, a lab, a hip co-working office space or a tiny start-up, someone, somewhere is just beginning to really give shape to an idea they’ve had for a while.