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Archive for the ‘Change’ Category

Times | Flickr - Photo Sharing!It can be argued that businesses were traditionally built to be predictable, consistent and stable. Processes were designed to ensure consistent output and to control employee behavior to produce efficient outcomes. I would argue that in recent years the great recession, technological change and other factors have transformed business as we used to know it, into a more dynamic environment characterized by a faster speed of change than ever seen before.

Here are my 5 success strategies organizations can leverage to survive and thrive in today’s dynamic business environment:

1. Accept that Constant and Fast Change is the New Normal

In recent years the business environment has under gone a transformative shift where a heightened pace of change has become the new normal. As David Burstein author of the Fast Future argues:

The future is coming at us faster and faster, the rate of change is increasing and the amount of change that takes place in a given year is skyrocketing as well. So much change has taken place so fast that our governments, businesses, and other large institutions haven’t always had enough time to fully catch up.”

We are living in a time where anyone has the potential to make an impact. Start-ups can transform technology capabilities and anyone can share a message with the world through social platforms. While change can be daunting, executives need to embrace change and accept that the future is harder to predict than ever before.

2. Leverage the Possibilities of Big Data

Most organizations sit on a mountain of data. Today large, complex data sets can be analyzed to obtain greater business intelligence and statistical information than ever before. This data can be leveraged to improve the customer experience, product/service, logistics, customer segmentation, pricing, customer retention, inventory management and many other factors. David Court, McKinsey Director argues that regardless of whether or not you are a data based company, all businesses can leverage data and analytics to make stronger data-supported predictions and optimize performance by obtaining a broader view of operations. It is important organizations ensure data doesn’t become siloed, so they can fully optimize and take advantage of advanced analytics. Information may not be valuable for long so it’s important businesses exploit it and get utility out of it, to strengthen their competitive position.

3. Constant Innovation

Given the dynamic environment a constant focus on innovation is fundamental. It is important executives recognize that innovations can come from anywhere in the organization. Communication channels need to be open to allow for the free flow of information throughout all levels of the hierarchy. Employees need to be empowered to innovate everyday and share knowledge. To facilitate this change in organizational thinking, employee performance systems will need to be adapted to award innovative thinking as opposed to following corporate created guidelines.

4. Agility

Traditional bureaucratic organizational structures are slow to change and thus not adaptable enough for today’s innovative business environment. Organizations need to be redesigned to be more agile; to adjust in real-time as change occurs.

5. Face Disruption Head On

Almost 50% of the companies in 1999’s FT 500 were no longer in the FT 500 by 2009. It can be argued that while businesses are focused on constant improvement, they don’t always change in the right ways. If we take the case of Tower Records, the former music store peaked and had their most success year ever in 1999. In the years that followed Tower Records continued to improve their operations and efficiency, however they failed to recognize that customer demand could be met better in a new way: through online music; to the detriment of the survival of their business. It is important that companies continually scan the environment in which they operate and constantly research new ways in which they can better meet their customers’ needs.

What other strategies do you think organizations can leverage to survive and thrive in today’s dynamic business environment? Share your thoughts in the comments section below. 

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Created by Canadian start-up Thalmic Labs, MYO may be a potential replacement to camera/movement tracking technologies. But what is MYO? MYO is an armband that detects gestures from muscle activity and motion sensing. The MYO armband uses Bluetooth connectivity to wirelessly pair with devices and send commands. Rechargeable lithium-ion batteries and an ARM processor, power the MYO armband. If the product lives up to expectations it could transform how we interact with digital technologies. Check out this video to see how MYO is expected to function:

Here are 5 reasons why I believe MYO could be a potential game changer:

1. It’s Non-Invasive

The MYO armband should be no different from wearing a watch (albeit higher on your arm). It’s not in front of your eyes, potentially getting in your way like Google’s Project Glass technology. My only concern regarding wear-ability is MYO’s “one size fits most” claim. I have thin arms, (a lucky problem to have in some instances) and can’t help but wonder if a MYO armband will fit looser and not function as well on my arm? Time will tell if Thalmic Labs may need to recreate the MYO armband in different sizes to guarantee optimal functionality.

2. Large Audience /Multi-Use Appeal

MYO can be used to interface with video games and for other entertainment purposes. It also has an educational application, enabling its user to sweep through PowerPoint presentations (without holding a remote or standing behind a computer) and circle data. In addition MYO can be used by runners and snowboarders for example to measure speed. MYO can also interact with devices to serve a mouse or remote type function. MYO’s large amount of uses, make this technology potentially accessible to a mass audience.

Pinterest _ Search results for MYO gesture

3. PC/MAC Compatibility

MYO will be fully compatible with PCs and MACs from launch, making it widely accessible. Thalmic Labs are also looking into offering Linux support.

4. It’s Affordable!

MYO is available for pre-order for $149 and can be shipped anywhere in the world for $10.

5. Open Source Development

Thalmic Labs have been smart enough to recognize that they will not be able to think of all the ways MYO could be used. As a result anyone can utilize MYO’s hardware to experiment, build and profit creating a MYO app.

My Recommendation

I think MYO could potentially be very successful. However, getting the armband into the mass market before an established technology company releases something similar (e.g. Google’s Project Glass), will impact Thalmic Labs’ success. I would recommend Thalmic Labs partner with a large technology company for example Microsoft’s Kinect to greater increase the likelihood of this technology having a fast impact. Educational partnerships with schools, colleges and technology centers could further ensure a successful launch.

Want to be an early adopter of this gesture technology? Click here to preorder a MYO armband. 

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Rocket Science | Flickr - Photo Sharing!Recreational space travel was once seen as accessible only to billionaires, yet today the emergence of a commercial space travel industry targeting a broader demographic has never been closer. With an anticipated launch as early as 2014, space travel reservations are already being taken by Virgin Galactic and XCOR Aerospace.

Virgin Galactic

Richard Branson had grown up dreaming of going space, yet as the years went by he observed that:

“NASA didn’t seem to be that interested in getting you and me into space.”

In 1990, ever the opportunistic entrepreneur Branson patented the name Virgin Galactic and began to investigate the feasibility of commercial space flights. In 2004 he licensed SpaceShipOne technology (the technology behind the first manned commercial vehicle to reach suborbital space) to create SpaceShipTwo. Double the size of its predecessor, SpaceShipTwo holds 2 pilots and 6 public participants (not called passengers due to legal reasons around the safety risks of space travel). To date Branson has spent over $200 million on turning his commercial space travel dream into a reality.

Virgin Galactic space travelers will fly out a spaceport in New Mexico. Branson anticipates that after arriving in space, travelers will be able to float around in the back cabin to experience about five minutes of weightlessness. The company is already taking reservations at $200,000 a ticket ($20,000 minimum deposit) or $1,000,000 to reserve an exclusive space flight for you and up to 5 friends. Here is Branson’s short video on Virgin Galactic:

XCOR Aerospace

Created in 1999 by a group of rocket engineers, XCOR Aerospace is setting out to become the “Southwest” of space travel. To date the start-up has spent over $45 million on developing a spaceship the Lynx that can operate like a commercial airliner. XCOR’s chief test pilot is “39 days in space” pilot commander Richard Searfoss.

Pinterest _ Search results for xcor aerospaceXCOR aim to offer up to 4 flights a day, 6 days a week departing from Midland, TX. Some flights will be for space travelers, while other flights will carry space experiments and small satellites for deployment. Chief test pilot and former NASA astronaut Richard Searfoss describes XCOR’s positioning:

“We’re trying to position the Lynx adventure as kind of The Right Stuff experience.”

Like Virgin Galactic, XCOR Aerospace flights will travel up to sub-orbit providing about 5 minutes of weightlessness. However, at this time due to safety concerns and given the prospect of space sickness, XCOR Aerospace travelers will not be able to float around the cabin. XCOR Aerospace are currently taking reservations for $95,000 a ticket. Check out this short video to learn more about their proposed experience:

As with any new industry it will take time for prices to come down enough for space travel to become accessible to the mass market. Nevertheless this is an exciting start to the creation of a commercial space travel industry.

But what do you think? Share your thoughts in the comments section below.

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On June 19, 2012 it was announced that US pharmacy Walgreens, had acquired a 45% share in European pharmacy, health and wellness corporation Alliance Boots, for $6.7 billion. The deal marks Walgreen’s biggest deal ever, which also gives the corporation the option of purchasing the remaining 55% share after 3 years.

I was interested to hear of this acquisition as I am familiar with both companies. Since I moved to the U.S. there has been a Walgreens in many of the areas I have lived in. Similarly, growing up in the UK almost every British high street had a Boots and I remember frequently shopping at this retailer/pharmacy. Alliance Boots, was formed in a 2006 merger of European wholesale and retail pharmacy group Alliance UniChem (founded in 1997) and British high street pharmacist and retailer Boots (founded in 1849).

Walgreen’s acquisition offers the following possible synergies:

Economies of scale: analysts suggest that there will be a perceived $1 billion in cost savings by 2016, if pharmaceuticals are successfully merged.

Gain greater leverage over pharmaceutical companies: by building a larger global chain, Walgreens will acquire greater negotiating leverage over its pharmaceutical and beauty consumer product suppliers. This could potentially enable Walgreens to purchase drugs and other products for lower prices to increase their profit margins.

New product offerings: Boots has numerous strong own brand lines, which have the potential to do well for Walgreens. These lines include Botanics (skin care and make up), Soltan (sun block) and No. 7 (make up). Indeed, several of these lines are currently sold on a limited scale at some CVS and Target stores. Following the acquisition it is expected that these deals will be discontinued as Walgreens seek to exclusively introduce these brands into their stores.

Become a global player: executive chairman of Alliance Boots, Stefano Pessina acknowledges the transformational power of this deal:

“I have always believed that our industry needed a global player and I have really worked for that for the last 10 years, and at the end to have the possibility to really make this dream true, it’s really fantastic for me. I have done many deals in my life, and some transformational deals, at least transformational at the time. I have to say that all the deals I have done are really very small if compared to this deal.”

Once the deal is complete the company will operate over 11,000 drugstores in the U.S., Europe and Asia.

This video further sums up the deal:

Time will tell how successful this deal will be. However, questions are already being asked regarding whether Walgreens paid too much for Alliance Boots and if using some of their shares for the purchase was wise. Reflecting these concerns, on Tuesday the day after the deal was made Walgreen’s stocks fell 5.9% to hit its lowest point since September, 2010. However, Walgreen’s executives appear unsurprised by this:

“We knew that it could be an initial roller coaster ride and a few days for the market to digest. But, we’ve done ample homework and the deal will change the game.”

I think Walgreens is a risk seeker, which I like. Walgreens has had a number of struggles the past year with falling sales and the Express Scripts scenario, so this deal could either be a disastrous distraction or a big success. But what do you think? Share your thoughts in the comments section below. 

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