What are the emerging technologies? 1- Machine Learning (ML) 2- Block Chain Technologies (BCT) 3- Big Data Analytics (BDA) 4- Small Data Analytics (SDA) 5- Internet of Things (IoT) 6- Wearables Technology (WT) 7- Artificial Intelligence (AI) 8- Robotics 9- Additive Manufacturing Technologies (AMT)/RP/3- DP 10- Virtual Reality (VR)/ Augmented Reality (AR)/ Mixed R 11- Cloud based technologies 12-Quantum computing
• Two Disclaimers
Why Management of Change • How the job market will look like in 2040? • Either billions of people will be redundant or in long run automation will keep generating new jobs and greater prosperity for all.
Machines Replacing Humans • Machines first competed with physical ability and now competing with cognitive abilities.
• Which jobs are difficult to be replaced by (smart) machines?
Driverless Car, Telemedicine, Legal advice on Machine: What is Special about them?
Key Insight • The key insight leading to driverless car, loan processing in 30 seconds, telemedicine or even negotiating business deal by the machine: Human intuition is in reality ‘pattern recognition’. • Infotech and Biotech together are redefining almost all aspects of life.
Old News and Very Old News • Deep Blue defeated Kasparov is very old news. • Stockfish 8 became world’s computer chess champion in 2016 is old news.
• Google’s AlphaZero program defeated the Stockfish 8 which is based on machine learning principles of self learning.
• Change is happening all the time; • Feudalism, monarchism and traditional religions were replaced by liberal democracies, communist dictatorship and fascist regimes. • In future can raising babies be recognized as the most valuable job and government may start paying for that. • AI and 3D printer may overpower Bangladesh and Banglore Or like 50% Ultra Orthodox Jewish we may not required to work and find more joy, engagement and insight in studying scripture, doing meditation and Yoga and raising children, running community engagement activities.
• Think and share about few BIG changes you and your organizations are facing or going to face in near future
Any Competitive Advantage goes through following stages • Launch • Ramp up • Exploitation • Reconfiguration • Disengagement Transient Competitive Advantage Creator : Rita Gunther, Harvard Business Review
When do we know that whether current advantages are at risk • I don’t buy my own company’s products • We’re investing at the same levels and not getting better margins or growth in return. • Customers are finding cheaper or simpler solutions to be “good enough.” • Competition is emerging from places we didn’t expect. • Customers are no longer excited about what we have to offer • We’re not considered a top place to work by the people we’d like to hire. • Some of our very best people are leaving.
An Example: Miliken and Company • Largely focused on textiles and chemicals through the 1960s, and ………………..advanced materials and flameproof products through the 1990s, ……………………………………a leader in specialty materials and high- IP specialty chemicals by the 2000s.
Few Misconceptions • The first mover trap: First mover advantage is still there in the sectors like…..? • The superiority trap: E commerce sites took how many years to give present level of experience….? • The quality trap: Sticking to quality which customers are not willing to pay for, like…..? • Fiefdoms: My market, my space…ex. choice between mass market phone or a product like iPad • Too busy to innovate: Who will do it….Product -Service conversion to subscription requires…..? • Empires to protect: More assets and the associates you manage more…..? • Sporadic innovation: Innovation jackpot is hit by a company which is…..?
Is Your Company Prepared for the Transient-Advantage Economy?
Strategy for Transient Advantage: Few Examples • Google’s move into phone operating system, Walmart edging into health care, Internet credit provider Not bound by industry but playing in arena • Cognizant spelling out on “the future of work” Setting the broader themes and let people experiment
Strategy for Transient Advantage: Few Examples • Brambles in Australia listening and responding to customer to delight them Focus on experiences and solutions to problems • Amazon, TripAdvisor, Titan building communities Building strong network
Strategy for Transient Advantage: Few Examples • Two extreme examples of restructuring; Netflix Learn healthy disengagement • Constant ideation in Wipro, 3M Systematic early stage innovation, iteration and learning
Different types of Innovation give greater profitability at different points in the life cycle of a product family New product invention, tailoring, Profitability and development Marketing Process Application Business Innovation Innovation Innovation Model Structural Innovation Innovation Disruptive Product Innovation Innovation Time Geoffrey A. Moore “Darwin and the Demon: Innovating Within Established Enterprises” HBR July - August 2004 pp.87-92
From lab to market to ecosystem ... PERIOD FOCUS WHO ? LEVEL Technological “the technologist” technology 60-70 Innovation (DoD, Nasa …) “the lab” “innovative Product 80-90 marketing staff” Innovation (Automobile, PC, …) “the organisation” “management & Business Model boardroom today partners” Innovation “innovation - (Senseo, Adobe …) ecosystem”
Value Innovation: Redrawing the value curves Cosmetics Industry Value Curve HIGH Relative Level Body Shop Value Curve LOW Price Packaging High-tech Gllamorous Natural Representation and cosmetics image ingredients of healthy advertising science living Key elements of product, service and delivery value W. Chan Kim and Renée Mauborgne
https://www.mindtools.com/pages/article/value-curve-model.htm
Value Innovation by Formula 1 Hotel Kim, W. C., & Mauborgne, R. (2000). Knowing a winning business idea when you see one. Harvard business review, 78(5), 129-138.
Redrawing the value curves Reduce: What factors could be reduced well below the industry standard Eliminate: Create: New What factors should be What factors should be Value eliminated that the industry created that the industry Curve has taken for granted? has never offered? Raise: What factors could be raised well above the industry standard Identify value - create value - capture value
• What all this means to me? No leader could cognitively handle the complexity of scores of individual arenas, all at slightly different stages of development. What great leaders do is figure out some key directional guidelines, put in place good processes for core activities such as innovation, and use their influence over a few crucial inflection points to direct the flow of activities in the organization. This requires a new kind of leader — one who initiates conversations that question, rather than reinforce, the status quo. A strong leader seeks contrasting opinions and honest disagreement. Diversity increasingly becomes a tool for picking up signals that things may be changing. Broader constituencies may well become involved in the strategy process.
• What and where is the source of all these changes and innovations?
My Temperament Fears and Disabilities Disabilities
Fears Fear of Failure: Because education system and organizations always reward the success Allergy to ambiguity : Because predictability and routine are comforting Touchiness (Fear of rejection or humiliation): Particularly show up in activities which require collaboration Conformity (Fear of social disapproval): Conformity arises out of fear of breaking social norms, allegiance to tradition, customs, rituals, rules and regulations
Disabilities Resource Myopia: Full of resources vs Resourcefulness Rigidity: Stereotyping, dogmatism, functional fixedness
Change: Few Recent Research Findings From the book Switch by Chip and Dan Heath
Two Parts of the Same Brain • Emotional part – This part is instinctive and feels pain and pleasure • Rational part – This part is reflective, conscious, deliberative and analytical • These two parts are always active – The rational side may want to wake up at 5:45 am, allowing plenty of time for a quick jog – The emotional side may enjoy snoozing in a warm cocoon of sheets and blankets and want a few more minutes of sleep
The Elephant and the Rider • Elephant – Emotion • Rider – Reason
The Elephant and the Rider • Everyone in your workforce is both a Rider and an Elephant – Direct the Rider (rational) – Motivate the Elephant (emotional)
What Gets in the Way? • When change fails it is usually caused by the elephant – The elephant is much stronger than the rider, but it is lazy and prefers immediate gratification over delayed gratification – The rider may want to avoid candy today to be slimmer tomorrow – the elephant wants the candy today
It’s exhausting trying to keep an elephant in line.
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