Category Archives: Leadership

Getting the best out of what you have

Cognitive Strategy, Innovation, Leadership, Planning Strategy, Positioning Strategy, Strategy

Have you thought about the resources and capabilities that you have on hand, and how well you are using them?

Have you thought about how these aspects of your organisation, whether not-for-profit or a business, can help you stay in the game and be successful?

Well, when planning your strategies perhaps reflect on your own unique set of resources and capabilities using the following four attributes:

  1. value
  2. rarity
  3. imitability
  4. organization

Value. What is the value that you have? For you must have resources and capabilities of value in order to create a proposition that customers will pay for.  This value that you have must be capable of exploiting an opportunity or seeing off a potential threat. Or, on the other hand, is this resource or capability hindering your ability to respond to opportunities or threats? That is, is it a weakness?

Rarity. Do you have at your disposal an asset that is rare? That not many others have? Perhaps you own a particular segment of the market. Perhaps some of the talents that your staff have are quite unique. What about a technology that you use in your processes that not many others have.

Imitability. How easy is it for others to copy what you have? Think about the processes you have, the way your goods are produces, or the particular value that you add to your services. Can what you do be easily imitated by current or potential competitors?

Organisation. Are you geared to taking full advantage of the resources and capabilities that you have? Think about your policies and procedures. Do they stifle or do they give assistance to exploiting the value, the rarity and the imitability of what you have at hand?

For sustaining competitive advantage is about ensuring all four of these attributes are kept in strategic focus.

Dellium Advisory
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Handling Change

Cultural Strategy, Futures, Leadership, Strategy

We see change all around us. And when observed over a period of time, we can observe trends. We can ascertain whether or not the next best thing is either a fad or something longer lasting.

With respect to changes, we can observe say the increase smartphone-based internet access (Australia: 10% in 2008, 50% in 2014). We can measure the shift in migration patterns (Australia: 1960’s Europe was major source, now Asia is). We can analyse we more people are in service industries (Australia: 73% in 1960’s, 85% now).

Change is all around us.

But what are the drivers of change? What is causing the long term shifts in what we see around us?

Well I would say three things:

  1. the increasing awareness of our environment
  2. the rise of individualism
  3. the everpresent march of technological improvements

Regarding awareness of the environment: isn’t climate change an increasing concern? Aren’t there more solar panels on houses now? Regarding individualism: can’t we now more easily pursue what we want? Aren’t our options more open now than they have been in the past? Regarding technology: look at the capabilities of say 2014 models of cars compared to 20 years ago (reversing sensors, Bluetooth, etc). Look at what we can now do in say medicine, in robotics and in travel.

And what are some of the implications? What do these shifts mean? How will they affect your life, your business, the business of your customers, and society more generally?

Well, here’s three things:

  • you need to be an attractive manager or leader
  • increasing rate of change
  • expectation of immediacy

Attractiveness as a manager or leader is along the lines of “do people want to work with me and/or for me?” Nowadays work life balance is about personal values. Its not so much about time, but its about the things we are involved with (social, work, relationships, causes) being in balance and being consistent. Are your values consistent with those you manage or lead?

How about the increase in the rate of change? Can’t we solve problems sooner now? Think of the social platforms that are used to bring answers to difficult problems. The many people that are available to, and actively involved in, helping solve these perhaps intractable problems. A snowballing effect as our cumulative knowledge and capabilities build rapidly.

And the expectation of immediacy. Isn’t easier now to organise a school re-union than it was say 30 years ago. It used to be snail mail & waiting til you got home to make a phone call. Now, its an email, a social media connection & its all done! And, with respect to our particular inclination, we can satisfy our interests more easily. Whether in food, shopping, music, travel, books, etc. It seems as though there are no barriers.

And perhaps the best way of handling all of the many changes we face is through the opportunities us afforded through the phenomena of social capital.

Social capital? It has three components:

  1. trust
  2. reciprocity
  3. community value

So, its joining with others to enrich each of these three components.

In that community you are part of (work, business association, sporting club, etc), are you building trust? Can you be counted on to give? Do you uphold and support the your common set of values.

For studies have shown, and its perhaps so obvious that we miss it, but communities with rich fabric of social capital have more resources for individuals.

Resources for you to handle, and thrive, in this ever-changing world.

 
For more, visit Dellium Advisory, follow on Twitter, connect using LinkedIn, or review my IT-centric blog.

4 Conditions for Innovation

Innovation, Leadership, Strategy

Innovation is an evergreen topic.

Innovation is a requirement to stay competitive in business. Going further, there are multiple studies saying that innovation is a pre-requisite to maintaining your existence in an ever changing economy. For some the word “innovation” is code for improvement, for others it means change. While others see it as a way to bring about something completely new.

Innovation doesn’t necessarily equate with invention – but the mindset of an inventor is an aspect of innovation. Its a component of successful innovation.

Think about it this way.

There are four broad types of innovation:

  1. product
  2. process
  3. position
  4. paradigm

But underlying each of these is time & effort. For innovation is indeed the “successful exploitation of new ideas”. It is not only coming up with new ideas about products, or processes used in your business. But its about successfully exploiting these ideas.

Now, in thinking about the creation of the conditions for successful innovation. Consider the following:

  • do you accept the need to innovate, what is your attitude toward innovation?
  • are you indeed open to new, are you curious?
  • are you comfortable with the fact that other’s ideas may be better?
  • do you understand that successfully innovating takes time and effort?

And so, as you are consider these four conditions for successful innovation, you may well find that you need to develop and refine your organisational culture.  You may even have to develop and refine your own approach to innovation.

However, the successful exploitation of new ideas, whether they be product, process, position or paradigm ideas, is the outcome when these conditions are established. It ensures relevance, freshness & vibrancy.

 

For more, visit Dellium Advisory, follow on Twitter, connect using LinkedIn, or review my IT-centric blog.