Transformation

the pandemic pivot

On:
In: Innovation, Transformation

The impact of the pandemic and the associated economic recession is touching businesses around the world. Most are facing major changes in customer behaviour. Impacts to supply chains and challenges with sales channels. In these troubling times some companies will fail and others will apply the pandemic pivot to transform through innovative opportunities. By now most firms have assessed their business strategy and considered vulnerabilities and if there is an opportunity to pivot existing operations to address new demand. Where these pandemic pivot opportunities exist, which markets and segments can be best addressed. Strike a Balance Executives and strategy teams look at how to best set the firm up for success and experience shows that taking a very strong position either in defensive (cost cutting) or offensive (acquisition and growth) is likely to lead to poor results. A HBR study in found that those firms that struck the right balanceContinue Reading

On:
In: Customer Centricity, Innovation, Transformation

Synopsis of an article from Knowledge@Wharton by Peter Fader published 27th July 2020 This article adapted from an updated book ‘Customer Centricity’ by Peter Frader, which was first published in 2011 and the book has recently been updated. In 2011 Fader wrote about Starbucks that they made no effort to learn about their customers or to understand their buying habits. This year he has updated the book to look how they have transformed to become data driven on customer centricity. Fader refers to how Starbucks built a Facebook community, not for their product but for ‘Leaf Rakers’. The Leaf Raker’s society a secret or private group that purports to be obsessed with autumn, which is also when Starbucks puts its popular pumpkin spice latte on the menu each year. “Facebook, as we know for better and worse, is a treasure trove of personal data — but also, and perhaps moreContinue Reading

On:
In: Innovation, Leadership, Transformation

Synopsis of an article from McKinsey Accelerate by Daniel Pacthod and Michael Park, Published, 28th July 2020 The authors start by pointing out that through the crisis many companies have learned to become more efficient, working faster and better and that these strategies will be essential to retain as the world returns to the new normal. “How can leaders avoid the impulse to abandon the progress they have made in shaping a more productive and competitive company profile? We believe the answer is a renewed focus on people and their capabilities. Only by advancing new cadres of adaptive, resilient leaders, as well as a middle bench fluent in technology that cuts across silos, will companies be able to work with the speed and impact necessary to further the broader transformation that has begun.“ The way to do this is simplification, prioritisation of talented resources and leaders who leverage personal energy and balanceContinue Reading