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22 Articles

GOING FASTER IS NOT ENOUGH Add Innovation to Outperform

In the many workshops that the MIT Center for Information Systems Research (CISR) conducts with senior executive teams globally, we often hear senior leaders say “If only we could go faster.” So we decided to research what happens if a company goes faster, and the answer was surprising: speed alone doesn't differentiate performance much. In our research, companies that were top performing in both growth and margin relative to their industries not only went faster to market but also innovated more effectively. In this paper, we identify four drivers of the combination of speed and innovation and discuss how it contributes to top performance. We describe how companies achieve this combination with a mix of enabling technologies and management mechanisms. Finally, we illustrate this approach with a case study of MercedesBenz…

GOING FASTER IS NOT ENOUGH Add Innovation to Outperform

STRATEGY AT THE PACE OF TECHNOLOGY: INTEGRATING TECHNOLOGY INTO STRATEGY DEVELOPMENT CAN DRIVE GROWTH AND RESILIENCE

KEY TAKEAWAYS: • Make technology fluency a foundational skill — one as important as being able to read a P&L statement — and a minimum requirement for all C-suite and board members. • The best strategies need to be developed with knowledge. Technologies such as generative AI are offering the opportunity to compress analysis and planning cycles even more by absorbing more data and leveraging capabilities such as synthetic data generation — all working towards enhanced strategic insights and actions. • Tech-forward companies have effectively moved from a ‘set-and-forget’ strategy — with long execution programmes — to a synchronised interplay of strategy and execution. They stand out because their strategic north star is supported by deliberate, constant motion to keep it relevant, despite constantly changing, multifaceted variables. The ongoing technology revolution—everything from cloud and…

STRATEGY AT THE PACE OF TECHNOLOGY: INTEGRATING TECHNOLOGY INTO STRATEGY DEVELOPMENT CAN DRIVE GROWTH AND RESILIENCE

INNOVATIVE GROWTH: JUST A JOURNEY FROM A TO B?

Innovation has become synonymous with business growth. Yet, research consistently shows that established businesses that have innovated in their core markets in the past will struggle to become innovative again. Businesses underestimate the effort required to build innovation capabilities; sales of new products stall, penetrating new markets is difficult, and success with innovation is elusive. In contrast, there are also companies with the rare capability to innovate time and time again. In the past 30 years, we have researched how businesses have used innovation to boost growth. Consider AB Ludvig Svensson, a Swedish manufacturer of specialist screens for greenhouses, which faced strong competition from Asian copycat products. Now, it has the capability to identify customer needs, create new markets, and segment existing markets in novel ways (see box case study). Another…

INNOVATIVE GROWTH: JUST A JOURNEY FROM A TO B?

PIONEERING BIOTECH INVESTMENT WITH PATIENT-CENTRIC VISION

The biotech industry, a realm of constant innovation and transformation, is driven by brilliant minds determined to revolutionise healthcare. One such entity making waves in the field is SR One Capital Management, a prominent transatlantic life sciences investment firm. In an exclusive interview with Dr. Simeon George, a seasoned investor and executive at SR One, we delve into the journey of this renowned venture capitalist into the biotech domain, the key qualities crucial for success in this ever-changing industry, and how the firm identifies potential investment opportunities. THE JOURNEY INTO BIOTECH AND PASSION FOR IMPACT Dr. Simeon George's journey into the biotech sector began with an unwavering desire to become a physician. Reflecting on his early aspirations, he fondly states, “My earliest memories are wanting to be a physician, wanting to treat…

PIONEERING BIOTECH INVESTMENT WITH PATIENT-CENTRIC VISION

WHY STRONG TECHNOLOGY LEADERSHIP MATTERS TO EUROPE'S FUTURE COMPETITIVENESS

IN BRIEF • To maintain global competitiveness, European companies must master adopting and absorbing technology by building strong digital leadership. • Embracing a technology-driven business transformation can help European companies potentially generate an additional revenue of US$3.2 trillion by the end of 2024. • Managements with adequate technology quotient are likely to be more open to technology implementation. Increasing leaders’ technology quotient is critical for European companies to adapt to a business landscape that is rapidly evolving, driven by technological advances. Embracing a higher technology quotient can help European companies unlock fresh opportunities for adaptability in the face of future challenges and pave a new and dynamic path towards a digital era. There is no shortage of innovation and business in Europe today, as exemplified by pioneering companies such as Mercedes Benz in…

WHY STRONG TECHNOLOGY LEADERSHIP MATTERS TO EUROPE'S FUTURE COMPETITIVENESS

DOES GENERATIVE AI GENERATE JOBS?

Are you afraid of losing your job to generative AI? The debate rages since digital citizens are rushing to use generative AI software like MidJourney or ChatGPT. Yuval Noah Harari,1 famous historian and author of popular books Sapiens and Homo Deus, recently voiced his concern that while generative AI is a game changer, the technology can develop its own content and ideas, build its own social culture, and replace an entire part of our abstract production. The media has jumped on it and CNBC recently ran a catchy headline claiming that “Thirty-seven percent of workers between the ages of 18 and 24 are worried about new technology eliminating their jobs”.2 The BBC also had its own contribution with the headline “AI anxiety: The workers who fear losing their jobs to…

DOES GENERATIVE AI GENERATE JOBS?

ARTIFICIAL INTELLIGENCE IS EXCLUSIVE-BY-DESIGN

Throughout human history, we have excelled at creating products that meet the specific needs of certain individuals while excluding others. We have continuously honed this skill, striving to differentiate ourselves and design products that cater to targeted markets and specific audiences. This mindset, shaped by our mental, moral, and ethical models, influences how we perceive and interact with the world for most of our lives. Undoubtedly, this approach conflicts with inclusivity and diversity. The better we become at designing and delivering products and services that perfectly suit a specific targeted audience, the more adept we become at discriminating against other non-targeted audiences, purposefully leaving them behind. Artificial intelligence (AI), built upon our mental, moral, and ethical models, follows this same pattern—it is exclusive by design, not inclusive. And paradoxically, it is already…

ARTIFICIAL INTELLIGENCE IS EXCLUSIVE-BY-DESIGN

EMOTION AI AS AN ADVANCEMENT IN HUMAN-MACHINE INTERACTIONS

In recent years, a lot has been said about the significance of Emotional Intelligence (otherwise called EQ or EI) in Business and the possible perspectives of gaining it through sustainable training. Moreover, recently, the concept of Artificial Emotional Intelligence (emotion AI) has come to the forefront in ways that machines are able to decode, understand, interpret, and even replicate human emotions. Artificial Intelligence has gone a long way since its first introduction with the earliest successful AI programme written in 1951 by Christopher Strachey, later director of the Programming Research Group at the University of Oxford, and has made many things possible that were considered unattainable in the past. AI is not a new concept. The idea of creating an intelligent being was proposed and discussed in various ways by writers and…

EMOTION AI AS AN ADVANCEMENT IN HUMAN-MACHINE INTERACTIONS

NOW IT IS TIME FOR AI TRANSFORMATION

AI AND THE NEW PROMISED LAND The next approaching Kondratieff cycle has some as yet unknown characteristics. But, as asserted by Giulio Sapelli in “Beyond Capitalism”,1 it will entail the pervasive development of artificial intelligence technologies (AI). In using the term “AI”, we are referring to a set cutting-edge technology that can learn from data and replicate human cognitive processes, with machine learning and deep learning algorithms enabling it to become increasingly sophisticated. An early vision of this new Kondratieff cycle is visible in a broad number of sectors already. AI has powered 80 per cent of the views on the Netflix platform, and facilitated the discovery by Moderna in no time of the ARN-based vaccine against COVID-19. Generative AI platforms such as Copilot based on Open AI's Codex increase coding throughput…

NOW IT IS TIME FOR AI TRANSFORMATION

MISSION, VISION, VALUES: A BLUEPRINT FOR SUCCESS

C ritical to your company achieving success is your mission statement. Some companies don't have mission statements. Other companies have taken the time to craft one, but it's in a drawer somewhere, filed away after having been drafted during a management off-site three years ago. Some plaster it all over the walls of their office, where it's usually ignored by the longer-term employees, who know it's not how the company actually operates. Some companies have many mission statements. If one is good, then three is better, right? But a mission statement should not be just words on a piece of paper posted on the bulletin board. Done correctly, a mission statement should be a succinct, eloquent description of the soul and purpose of your company as a whole – not…

MISSION, VISION, VALUES: A BLUEPRINT FOR SUCCESS

THE ART OF FUTURE DESIGN — PART II: Deployment, Wholeness, and Impact on Human Beings

DEPLOYING THE FUTURE DESIGN FRAMEWORK Overview Future design work begins with asking the question: “What do we want to focus on?” The answer may be more difficult than it sounds. For example, a team of people may decide they want to focus on designing the future for education. This focus may be general: the generic future of education. It may be specific: the future for a specific age group or market (such as higher education or executive education). It may be geographically targeted: the future of education in Brazil. The direction may (and probably will) shift at any time in the organic implementation of the future design process. The designer begins by exploring the context of the actual situation. From here, a definition of the key elements, key statements, and key issues of…

THE ART OF FUTURE DESIGN — PART II: Deployment, Wholeness, and Impact on Human Beings

WHY BUSINESSES SHOULD ADOPT DIGITAL EVOLUTION, NOT REVOLUTION

In the post-pandemic world of work, organisations everywhere must leave a digital transformation mindset in the past and move toward a digital evolution future. Digital evolution is the continued adoption and refinement of new and emerging technologies to improve business efficiency, reduce costs, overtake competitors, and achieve better outcomes. This approach can help businesses reach their target market more quickly and effectively, build a solid customer base, become more efficient, and diversify or expand. WHY DIGITAL EVOLUTION? The big investment, big reward ethos of digital transformation is high risk – especially when it goes wrong. Harvard Business Review reports that of the annual $1.3 trillion spent on digital transformation pre-pandemic, an estimated $900 billion was wasted. That's because many of the companies behind these figures failed to adopt robust, long-term strategies to support…

WHY BUSINESSES SHOULD ADOPT DIGITAL EVOLUTION, NOT REVOLUTION

A FRAMEWORK FOR RISK GOVERNANCE

Organisations are living systems that proceed in their action across multiple dimensions on a day-to-day basis. Beyond compliance to codes or good practice and standards, boards of directors’ mission is centred on making the chosen future a reality. This implies going beyond mere compliance, not least because achieving the future is a matter of initiative, not optimisation or compromise. Therefore, the due governing bodies shall use the best of their skills and knowledge to achieve their organisations’ objectives while being constrained by the need for proper governance of the multiple risks, some more strategic, which have the power to collapse organisations. The etymological origin of the word “risk” suggests semantics associated with “running into danger”. On the other hand, the word “governance”, of older origin, was originally related to the art…

A FRAMEWORK FOR RISK GOVERNANCE

DIGITAL STRATEGIES FOR PROACTIVE SUPPLIER RISK MANAGEMENT

“A strategy is necessary because the future is unpredictable.” — Robert Waterman R educing cash flow volatility has always been a strategic goal for companies across various industries. A key aspect of achieving this goal is implementing proactive risk management strategies that anticipate and address potential supply chain disruptions. Supply chain disruptions can have a significant impact on a company's cash flow. When a disruption occurs, it can lead to delays in the supply of raw materials, components, or finished products. These disruptions can result from various factors such as natural disasters, geopolitical events, logistics issues, supplier bankruptcies or labour disputes, and lead to production stoppage and revenue losses.1 The consequences of these disruptions can affect a company's financial performance and cash flow stability. However, with the advancements in digital tools and technologies,…

DIGITAL STRATEGIES FOR PROACTIVE SUPPLIER RISK MANAGEMENT

BUILDING THE DATA FOUNDATIONS OF SUPPLY CHAIN DECARBONISATION

DECARBONISATION OF SUPPLY CHAINS: WHY DATA SHARING IS VITAL As the decarbonisation of supply chains is becoming imperative, companies need standards for calculating and reporting the greenhouse gas (GHG) emissions of their product. Over time, suppliers along complete supply chains will share their calculations with their clients and other stakeholders. Fortunately, emissions can be quantified as carbon-emission equivalents, simplifying the measurement process – hence the term carbon footprint. However, today, we are far from having access to harmonised, detailed and reliable information on emissions. While some generic guidelines such as the Greenhouse Gas Protocol exist, consistent industry approaches at product level are lacking. Achieving this will require collaboration along supply chains in the years to come; undertaking this collaborative effort is vital for several reasons. First, consistency and comparability are key…

BUILDING THE DATA FOUNDATIONS OF SUPPLY CHAIN DECARBONISATION

A BEAUTY PREMIUM AND A PLAINNESS PENALTY: ATTRACTIVENESS AT WORK

Are physically attractive people seriously advantaged at work? Are they more likely to be selected, promoted, and given higher salaries? Does being physically attractive count more than being competent at work? Does physical attractiveness advantage females more than males, or does it depend on the job, the gender of the selector and the culture of the organisation? Does intelligence moderate the relationship between attractiveness and work success? Is there a physiognomy of leadership: meaning do certain looks get you to the top? Can you judge the success of an organisation by the facial attractiveness of its CEO? Should you do all you can (legally) not to be influenced by a person's looks? Do you agree with some evolutionary psychologists that brighter people tend to be more physically attractive…and vice versa? Is there wide variability in what people think is…

A BEAUTY PREMIUM AND A PLAINNESS PENALTY: ATTRACTIVENESS AT WORK

CULTURE IS STILL “A THING”: ON WHY IT'S SO, BUT SHOULDN'T BE

The way culture is often talked about in business settings is essentially strategic, as some-thing to be rolled out in order to meet an ulterior objective. If you've ever wondered why so many culture change programmes fail to point of grievance, it's because “culture as strategy” curtains a fundamental core of human life. It may seem far-fetched at first, but the blind spot is that we primarily think of ourselves as having biological bodies – an idea ingrained into us by upbringing and educational system, but pass over the existential fact that we simultaneously are expressive bodies by which we consensually make sense of organisational life. It is managerial hubris to think the way people affectively attune behaviour amongst one another locally can be managed opportunely in a top-down fashion.…

CULTURE IS STILL “A THING”: ON WHY IT'S SO, BUT SHOULDN'T BE

HOW TO MOVE FROM PRODUCT TO CULTURAL INNOVATION

Cultural innovations require brands to change their understanding of what is considered valuable. For instance, after embracing top European luxury labels like Chanel and Louis Vuitton for nearly two decades, Chinese consumers are progressively gravitating towards endorsing Chinese luxury brands such as Shang Xia as they strive to showcase China's rich heritage to the world. At some point, the vibes simply did not resonate any more with many people to practise yoga in Nike or Adidas sportswear. This created an opportunity for Lululemon to provide high-quality athletic apparel focused on yoga, health, and wellness. Victoria's Secret's image of glamorous, super-slim supermodels proved challenging to alter and ultimately led to its decline. By embracing the body-positivity movement, the brand lost both its conservative and liberal customers who were sceptical of the…

HOW TO MOVE FROM PRODUCT TO CULTURAL INNOVATION

BUILDING BRAND ENGAGEMENT: LESSONS FROM NFTS AND COLLECTIBLES

Arthur Clarke's aphorism still applies: for some time, a new technology is “indistinguishable from magic.” Witness the hype cycles concerning the metaverse, cryptocurrency and, most recently, ChatGPT and other machine-learning technologies. Executives know these developments are potentially too important to ignore. But the problem with magic is that, in business, you must distinguish reality from illusion—opportunity from fad—to allocate resources wisely. This is especially true with Non-Fungible Tokens (NFTs), which attracted high-profile investors until the market collapsed. During May 2023, the NFT market trading volume was $293 million. Just a year earlier, in one day (May 1, 2022), 118,577 NFTs were sold for $780.4 million. The NFT hype is over. But brands continue to launch marketing campaigns in this medium, and there are lessons about identifying value-added use cases for new…

THE CHALLENGES AND REWARDS OF LOCALISING GLOBAL SUSTAINABILITY STRATEGIES

There has been a rapid increase in multinational businesses wanting to accelerate progress and deliver their global sustainability ambitions by turning their attention to the translation of their global corporate sustainability strategies into local market strategies and plans. It's a logical next step for many global companies — but it's not an easy task. Irrespective of the company size, structure or culture, we are noticing many similar challenges and questions arising around how to do this. More specifically, how to meet the needs of local markets whilst still moving the global brand in one unified direction and how to manage a global strategy roll-out across markets at different stages of maturity. And the questions concerning the role of sustainability in local markets are not just coming from the global sustainability teams…

THE CHALLENGES AND REWARDS OF LOCALISING GLOBAL SUSTAINABILITY STRATEGIES

THE SOURCES OF ECONOMIC GROWTH: WHAT IF COUNTRIES WERE COMPANIES?

SOLOW'S IGNORANCE A few years ago, I participated in a conference in a developing country, presenting how Peter Drucker's ideas are still relevant in today's world. The keynote speaker was Paul Krugman, the Nobel Prize winner (2008) and well known New York Times columnist. At a certain point, Krugman candidly stated to the utter amazement of the audience that economists do not know the sources of economic growth. Another Nobel winner (1995), Robert Lucas1, openly confessed his embarrassment when visiting a third-world country and, in the usual audience with the prime minister, he is asked the (also usual) question, “What should I do to increase the pace of my country's economic growth?” Why do some countries grow while others are left behind? Why are some able to offer world-treasured brands and others nothing outstanding? It…

THE SOURCES OF ECONOMIC GROWTH: WHAT IF COUNTRIES WERE COMPANIES?

DIAGNOSIS: WE HAVE PII AND IP… NOW WHAT?

W ho does not know the problem: Personally Identifiable Information, PII for short. Suddenly, it sounds great to use the term without really knowing what it is and what to do with it. My trip will lead to document review, but I should first describe the initial situation. It should be noted that the dilemma begins with defining the term. The National Institute of Security Technology (NIST) has adopted the following definition, which is unofficial but most commonly used: “Any information about an individual held by a government agency, including (1) all information used to distinguish or trace an individual's identity, such as name, social security number, date and place of birth, mother's maiden name or biometric records, and (2) any other information that can be linked to an individual, such…

DIAGNOSIS: WE HAVE PII AND IP… NOW WHAT?

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