Today, more than ever, businesses must embrace change and harness the extreme advancements in information technology including big data, artificial intelligence, and mobile applications.
Are you fighting to survive and stay in the business game or are you considering the major business industry shifts and planning to adapt and evolve?
The game is changing. Your survival depends upon the actions you take now.
Applying game theory to the foundation of business while considering that survival and growth must be balanced objectives in an infinite game, it is clear that companies have to change the rules to stay in the game. As new players change the rules and challenge existing industries, stagnant companies will inevitably become extinct.
Leaders who understand that this is occurring are hiring visionaries and innovators who are forward-focused and grasp the need to adapt. Good leaders never lose sight of their required day to day processes to effectively manage their business. However, great leaders understand that these processes become less efficient with time and learn to lead with continual adaptation and innovation.
Timing the change and managing the associated risk are critical. Great leaders understand how to control the speed of change, which can be managed internally and more importantly the baud rate of change for customers and suppliers.
The infinite game leader board is consistently populated by the companies that change the rules of engagement. The visionaries and innovators are driven to break things that are working and push the boundaries of proficiency through their entire ecosystem, all for the benefit of the members.
The 6 rules to follow when adapting and evolving your business game:
1. The new advancement must be simple from the perspective of the primary user group, but sophisticated and transformative from an executive leadership view.
2. The advancements must be digital and substantially automated.
3. The data foundation and app environments must be scalable.
4. The change must be of material value. Value that can be measured; including its velocity and its sustainability.
5. The data must be normalized to the business core including people, revenue lines, things and contract engagements.
6. The process must allow for cost-effective constant iteration and refinement.
“The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg