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A leader’s view on competition will not only reveal a lot about their beliefs on current and future market trends, but also on innovation, branding, talent management, supply chain issues, constituency management, capital markets, and customer facing. I worry much more about the unknown than the known… .
So, in today’s post I’ll examine the power of disruption as a key business driver… Disruptive business models focus on creating, disintermediating, refining, reengineering or optimizing a product/service, role/function/practice, category, market, sector, or industry.
Every single innovation conversation I've had recently with business unit leaders, product managers and/or marketing executives invariably focuses on the importance of partnership and collaboration with their best suppliers and vendors. In other words, innovation occurs when we bypass or disintermediate procurement. It's leadership.
As a result, managers are uncomfortable actually moving into action or committing resources, preferring to stay with the business they know rather than possibilities that may or may not pan out. To overcome this inertia, ask managers to include specific, short-term experiments, whose results will communicate what works and what does not.
Technology has emerged as a competitive weapon in driving operational excellence and superior service quality. But banks cannot control the rules of engagement as they have in the past, since customers now have more choices and are more fragmented, and disintermediation by fintech is making it harder to earn fees.
In other words, they sold their real estate assets to institutional investors and private wealth funds, and they began to operate as essentially management companies focused on defining a brand proposition, marketing and generating sales.
Ideally, the innovator has a proprietary technology that makes the offering simple and affordable, or it has developed an innovative operating model that enables the business to keep its costs radically lower than competitors’ as it scales up. That allows cab drivers to offer many of the conveniences of Uber without being disintermediated.
The core disruptive concept is that the “pipe” created by the cable MSOs (multiple system operators) no longer provides the sole gateway to consumers’ television screens. Think about messaging: We’ve relied on mobile phone operators (AT&T, Verizon, et al.) to send text messages. Connecting the dots.
In a recent interview, Benko discussed AT&T’s efforts and offered advice for HR leaders and individual managers on how today’s workforce can avoid obsolescence. How talent management is changing. What’s the attitudinal shift that needs to happen for individual employees and managers to ensure their relevance?
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