More than anything else, time is either a force of destruction or growth.
The most successful organizations find ways to master time and harness its power. Startups and nimble businesses harness time to go faster. They are built for achieving speed to value. But when time is not controlled, it can end up killing ideas, innovation, and companies.
In large companies, time can slow everything down. They are built to support a steady-state with thousands of legacy models. Transformation attempts in any area of their business cause friction –and friction isn’t fast.
The friction of time
Where does time create friction in enterprise transformation? Pretty much everywhere.
Here’s a shortlist of activities that chew up an inordinate amount of time:
- Understanding the right ideas and approach to focus on transformation
efforts and investment
- Organizing skilled teams and project plan for the necessary outcomes
- Identifying employees’ skill gaps and align training to support the new ideas
- Measuring, tracking, and guiding projects to enable transformation ideas
- Distributing project outputs, promoting adoption, and measuring results for an effective feedback loop
While big companies will never be as fast or nimble as startups, by replacing friction with speed and agility in the right areas, they can achieve transformational change. The combination of their size and market reach can propel them into the categories of Market Leader and Innovator.
So how to apply this? With digital transformation spending to hit $1.7T by 20191, success or failure will be determined by where the investments are directed. The savvy operatives will apply Han Solo’s advice so that they not only go faster but go faster where it counts.
There are tools and accelerators that can help businesses improve speed to market and drive transformative ways of working. To understand how these tools can help overcome friction, let’s look at those five areas again – this time through the lens of solutions:
1. Understanding the right ideas to focus on transformation efforts and investment
What if you could rapidly crowdsource inputs from the people who know your business the most? They can be your employees, partners, and customers.
2. Organizing skilled teams and project plan for the necessary outcomes
What if you could deploy team expertise on-demand within a structured delivery system?
3. Identify skill gaps in employees and align training to support new ideas
What if you could deploy a personalized learning system to accelerate employee knowledge and application of digital skills?
4. Measuring, tracking, and guiding projects enabling transformation ideas
What if you could use digital assets and accelerators that will enable an agile-centered way of delivering products enabling management, business, IT, and design for mutual visibility and alignment?
5. Distribute project outputs, promote adoption, and measure results for an effective feedback loop
What if you could deploy a solution that leverages artificial intelligence (AI) and machine learning (ML) to drive user adoption of digital products through real-time data analytics, AI, and digital marketing techniques?
In future posts, we’ll explore the areas of opportunity for Fortune 500s to execute on. No time to waste!