Posts Tagged ‘business model’
The growing power of disruption and technology
“Our world is in transition from a model of business we are familiar with to one that is in many instances still undefined,” added Uschi Schreiber, EY’s global vice chair for markets and chair of the firm’s global accounts committee.
“The pace of change is unprecedented. Too many CEOs and boards are still focused on only one thing: short term efficiency and productivity improvements. But what’s needed is also a focus on the medium term and on building the future,” he said. “This requires not just the use of up-to-date technology; it also means investing in innovation and being prepared to take some risks. Thinking and operating in duality can help corporations to seize the upside of disruption by focusing on their current success and growth as well as building the foundations for growth in the future.”
Two-thirds of respondents to Deloitte’s poll for that report associate technology advances with new opportunities and positive outcomes, with “emerging technologies” integral to the playbooks of private companies.
Source: The growing power of disruption and technology, Sean Kilcarr, December 20, 2017
Read MoreDigital Transformation. Many can talk about the “why”. Few can talk about the “how”. Here’s “How” | LinkedIn
For companies to build value and provide compelling customer experiences at lower cost, they need to commit to a next-generation operating model. This operating model is a new way of running the organization that combines digital technologies and operations capabilities in an integrated, well-sequenced way to achieve step-change improvements in revenue, customer experience, and cost.
Source: Digital Transformation. Many can talk about the “why”. Few can talk about the “how”. Here’s “How” | LinkedIn, Hans Casteels, December 20, 2017
Read MoreWhat Your Innovation Process Should Look Like | HBR
When organizations lack a formal innovation pipeline process, project approvals tend to be based on who has the best demo or slides, or who lobbies the hardest. There is no burden on those who proposed a new idea or technology to talk to customers, build minimal viable products, test hypotheses or understand the barriers to deployment. And they count on well-intentioned, smart people sitting in a committee to decide which ideas are worth pursuing.
Instead, what organizations need is a self-regulating, evidence-based innovation pipeline. Instead of having a committee vet ideas, they need a process that operates with speed and urgency, and that helps innovators and other stakeholders to curate and prioritize problems, ideas, and technologies.
Source: What Your Innovation Process Should Look Like | HBR, Steve Blank, Pete Newell, September 11, 2017
Read MoreBoards Can’t Wait for CEOs to Prioritize Digital Change | HBR
… insular corporate culture that was slow to respond to threats from traditional competitors, and now digital ones. P&G’s Gillette razor brand was a case in point; it had steadily lost market share and had to cut prices when online upstarts Dollar Shave Club and Harry’s arrived on the competitive scene.
Source: Boards Can’t Wait for CEOs to Prioritize Digital Change | HBR
Read MoreBig law is having its Uber moment – Macleans.ca
AI-powered tools are potentially more accurate. Whether they realize it or not, even the sharpest lawyers inevitably bring their own biases to legal research. That, in turn, skews their ability to realistically gauge their chances before judges, who harbour their own preconceived notions of how law should be applied. Tax Foresight, by contrast, isn’t concerned with how a judge should rule, but rather what’s the most likely outcome based on past experience. It’s essentially Moneyball for tax lawyers.
Source: Big law is having its Uber moment – Macleans.ca
Read MoreArtificial Intelligence & Traditional Law Firms
“People don’t have to worry,” says Khalid Al-Kofahi, vice-president, R&D at the Thomson Reuters Centre for Cognitive Computing, a new technology centre that will focus on research in machine perception, reasoning, knowledge management and human-computer interfaces. “Most of the innovations in artificial intelligence and machine learning will introduce automation at the task level, which will allow people to focus on more complex tasks.”
All of this does not bode well for traditional law firms. A recent global research study by Deloitte concluded that conventional law firms are no longer meeting today’s business needs. The majority (55 per cent) of participants in the study — legal counsel, CEOs and CFOs — have taken or are considering a significant review of their legal suppliers. The study also points out that purchasers of legal services want better and more relevant technologies, to be used and shared on integrated platforms.
The drive toward AI, however incrementally, will likely also mean that law firms are going to have to review their traditional billing model, says Furlong. The time when law firms were the only game in town, where lawyers were the “only vehicle” by which legal services could be delivered, is coming to a close, and AI is going to help to put that to an end, he says. “All of these innovations like artificial intelligence are going to reduce the amount of time and amount of effort required to obtain a legal outcome, so the very lax business model of selling time and expertise, rather than outcomes and results, is coming to an end.”
Source: Artificial intelligence | Canadian Lawyer
Read MoreNavigating Change
00:01 change it doesn’t call ahead it doesn’t
00:05 send a memo on how it plans to change
00:07 your business it comes out of nowhere
00:08 and leaves you in chaos but before its
00:12 arrival it sends millions of tiny
00:14 messages numbers trends data find the
00:19 clues see the patterns and change the
00:22 fortunes of your business
Source: Navigating Change
Read MoreSteve Blank – The 11 Bad Habits Killing Innovation in Your Company
Big companies have great execution habits to manage and improve successful business models and value propositions. But the habits that foster execution can easily kill new growth initiatives inside your company.
Source: Steve BlankThe 11 Bad Habits Killing Innovation in Your Company
Read MoreSteve Blank – The Mission Model Canvas – An Adapted Business Model Canvas for Mission-Driven Organizations
Read MoreThe Business Model Canvas has served all of us well in thinking about building businesses – and therein lies the problem. In a business the aim is to earn more money than you spend. What if you’re a government or a military organization or part of the intelligence community? In these cases you don’t earn money, but you mobilize resources and a budget to solve a particular problem and create value for a set of beneficiaries (customers, support organizations, warfighters, Congress, the country, etc.)