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Do You Have the IT For the Coming Digital Wave?

Do You Have the IT For the Coming Digital Wave? | Excellent Business Blogs | Scoop.it

It must become a key management responsibility to scan the landscape for fresh perspectives on how new digital technologies can improve business performance. IT must become a business-driven, front-office function.

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About Excellent Business Blogs

About Excellent Business Blogs | Excellent Business Blogs | Scoop.it

The purpose of this site - Excellent Business Blogs - is to highlight some of my favorite articles, videos, graphics and audio that offers a fresh perspective on the transition we face in the modern workplace. 


Leaders cannot win in today’s business world with yesterday’s tools and strategies. In a slower moving, less confusing and more predictable world, things just didn’t change too much, too often or too dramatically.


The problem now is that world does not exist any more! As a result, the mindsets, attitudes, beliefs, processes and leadership competencies that have served us in the past, are not likely to be appropriate today, or in the nearorite articles, videos, graphics and audio that offers a fresh perspective on the transition we face in the modern workplace. 

 

                                                 ★★★★★ 


About Kenneth Mikkelsen


I believe that knowledge is everything. Knowledge is ideas. Knowledge is power. Knowledge is hope. 

But only if it is shared and applied.


That is why I created Excellent Business Blogs on Scoop.it. My personal aim is to provide you with stories you can learn and grow from. The kind of stories that provokes personal reflection and constructive action. 

I'm co-founder of Future Associates, a consultancy that helps visionary companies identify and tackle the big shifts in the world by cultivating the skills, mindsets, and organizational cultures needed to succeed in times of change.


You're welcome to connect via: 

 

LinkedIn: www.linkedin.com/in/kennethmikkelsen

Google+: https://plus.google.com/+KennethMikkelsen

Twitter: www.twitter.com/LeadershipABC

 

I hope you'll be inspired.

 

Enjoy!

 

Kenneth

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Digital Double-Down: How Digital Transformers will Leap Ahead

Digital Double-Down: How Digital Transformers will Leap Ahead | Excellent Business Blogs | Scoop.it

There's a sharp differences between companies that see digital technology simply as a tool for improving performance and those for which digital technology is a strategic focus. For these market leaders, the terms “digital” and “strategy” may soon be synonymous.


Kenneth Mikkelsen's insight:

Read how some companies are increasing investments to drive digital transformation and accelerate ahead of their competition.

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Our Obsession With Scalability Must End

Our Obsession With Scalability Must End | Excellent Business Blogs | Scoop.it

Our obsession with scalability is getting in the way of unleashing the potential of the 21st century. We are so fixated with scalability we have taken our eye off of delivering value at every scale including the most important scale of one. The Industrial Era did that to us.


Kenneth Mikkelsen's insight:

Business schools minted CEOs who became share-taking clones of one another. It was all about scale. Bigger was always better. So what if the predominant business model doesn’t serve everyone’s needs? So what if it doesn’t even serve existing customers well? Scalability and share taking became about protecting the predominant business model by preventing the emergence of new business models. Incumbents do everything in their power to erect regulatory and legal moats to keep new business models out of the market.


Excellent blog post by Saul Kaplan. I highly recommend reading it and while you're at it follow Saul on Twitter here: @skap5

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The world needs to stop listening to American MBAs

The world needs to stop listening to American MBAs | Excellent Business Blogs | Scoop.it

The latest ranking of business schools has just been released by the Princeton Review and a certain type of business school continues to dominate—American ones. Having earned their reputation over the years by producing some of the world’s top business leaders, their influence stretches far beyond the lecture theater into the business world and society more widely.


But more questions must be asked of the huge level of influence they have. They have arguably had a disproportionate—and sometimes damaging—effect on the world of business. This isn’t necessarily an argument of quality. But the culture they have propounded has in many ways hurt the global economy—which business schools should exist to serve.

Kenneth Mikkelsen's insight:

In our current economic situation, there needs to be new clarity and a re-definition of what business schools are for, taking us back to basics. Business schools should be judged and valued on their relevance and what they contribute to business and to economies.


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The New Supercompetitors

The New Supercompetitors | Excellent Business Blogs | Scoop.it

Leading companies used to be diverse conglomerates that based their competitive strategy on assets, positions, and economies of scale. Today’s market leaders, by contrast, are more focused enterprises. They do not follow the traditional portfolio strategies of seeking short-term profitability or growth wherever they can find it. Rather, they recognize that value is created by their distinctive capabilities: what they can do consistently well.


Kenneth Mikkelsen's insight:

Companies that realize the power of their capabilities can shape how industries evolve.


A supercompetitor is a company that, by competing successfully with its distinctive capabilities, changes the dynamics of its business environment. A capability, in this context, is the ability to consistently deliver a specified outcome relevant to the business.


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The effect of virtual interactions on wellbeing

The effect of virtual interactions on wellbeing | Excellent Business Blogs | Scoop.it

Recently, tech giants Yahoo and Hewlett Packard took the radical decision of banning telework for most of their employees. Yahoo CEO Marissa Mayer declared that “we need to be one Yahoo! and that starts with physically being together”.


Kenneth Mikkelsen's insight:

The problem with virtual interactions is that their impact depends very much on the preferences and abilities of the employees using them. Failing to take these individual differences into account and imposing unilateral decisions upon all employees is unlikely to be productive.


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What strategists need: A meeting of the minds

What strategists need: A meeting of the minds | Excellent Business Blogs | Scoop.it

A unique gathering of strategists from academia, leading companies, and McKinsey debates the state of the discipline, with an emphasis on opportunities for innovation in a changing world. 


What comes next? How relevant are existing frameworks and tools to the needs of leaders seeking to develop and implement winning strategies? And what should be the relative contributions of academics and practitioners to the evolution of the field?

Kenneth Mikkelsen's insight:

Here are highlights of the discussion, moderated by McKinsey Quarterly's Allen Webb, among five practitioners, five business-school professors, and five current or former leaders of McKinsey’s Strategy Practice.

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Leading Transformational Strategy - Next Practices

Leading Transformational Strategy - Next Practices | Excellent Business Blogs | Scoop.it

Some strategies require transformational change. These strategies are usually required when companies are either in deep trouble or pursuing significant and new market opportunities. All strategies require the support and active involvement of the senior leaders but transformational strategies raise the bar for the leadership required to succeed. 

Kenneth Mikkelsen's insight:

This blog post offers some inspirational insights from leaders leaders who have pursued and successfully executed transformational strategies.


Learn more about: 


How did they do it? What did they do to succeed when so many others have failed? What was their mindset, how did they think about executing transformational strategy and what actions did they take to ensure success? 


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Lisa McCarthy's curator insight, September 24, 4:34 AM

All strategies require the support and active involvement of the senior leaders but transformational strategies raise the bar for the leadership required to succeed.

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Rethinking the Bank Branch in a Digital World

Rethinking the Bank Branch in a Digital World | Excellent Business Blogs | Scoop.it

Are we witnessing the death throes of brick-and-mortar retail banking? Will banking soon be like the business of selling recorded music - almost all done online?


Kenneth Mikkelsen's insight:

Physical banking is evolving rapidly but not disappearing. Branches may be fewer in number, but they will be more useful and efficient, and banks without branches are likely to find themselves at a competitive disadvantage.


The lesson for senior leaders is clear. When you hear the “everything’s going digital” alarm, ask yourself what your customers really want. Chances are they’re going to be seeking products and services that combine digital advances with the time-tested advantages of physical interactions.


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The Industries Plagued by the Most Uncertainty

The Industries Plagued by the Most Uncertainty | Excellent Business Blogs | Scoop.it

It’s a cliché to say that the world is more uncertain than ever before, but few realize just how much uncertainty has increased over the past 50 years.


To illustrate this, consider that patent applications in the U.S. have increased by 6x (from 100k to 600k annually) and, worldwide, start-ups have increased from 10 million to almost 100 million per year.


That means new technologies and new competitors are hitting the market at an unprecedented rate.  Although uncertainty is accelerating, it isn’t affecting all industries the same way.


That’s because there are two primary types of uncertainty — demand uncertainty (will customers buy your product?) and technological uncertainty(can we make a desirable solution?) — and how much uncertainty your industry faces depends on the interaction of the two.


Kenneth Mikkelsen's insight:

This HBR blog post looks at how the two primary types of uncertainty: demand uncertainty and technological uncertainty affects different industries.


The highest level of combined uncertainty is in medical equipment, computers, software, and pharma. While the least influenced industries are precious metals, utilities, wholesale, and insurance. 

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Emerging World's curator insight, September 18, 1:33 AM

This is a fascinating diagram.  What seems clear to me is that with so much uncertainty in industries like pharma, technology & healthcare, no one leader or company has all the answers.


Instead, companies working in these areas need to nurture adaptive leaders who can collaborate and co-create strategies and solutions to problems and do so on an ongoing basis. 

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Corporate Values Shape Organizational Culture

Corporate Values Shape Organizational Culture | Excellent Business Blogs | Scoop.it

Corporate values represent the guiding principles of the organization’s culture, including what guides members’ priorities and actions within the organization. Values are an increasingly important component in strategic planning because they drive the intent and direction of the organization’s leadership.


First step is to define a set of values that are clear, realistic, and hopefully not copied from someone else.


Then, develop a metric to measure the culture and see if the real values are consistent with the stated values:


  • Knowledge – Do people understand the values and can they identify behaviors linked to them?
  • Perceptions – What are people’s perceptions about the real values of the organization versus the stated ones?
  • Behavior – Count instances of behavior and decisions that are consistent or inconsistent with the values
  • Process – Assessment of policies, practices, and work/leadership processes that are consistent or inconsistent with the values
  • Outcomes – Awards/recognition, people fired or demoted for behavior inconsistent with values, image, audit findings, etc.


Kenneth Mikkelsen's insight:

Great company culture starts with core values. Corporate values shape organizational culture and define the character of your company.

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Making Mergers Work

Making Mergers Work | Excellent Business Blogs | Scoop.it

Executives too often overlook the vital question of identity when seeking synergies from mergers and acquisitions.

Kenneth Mikkelsen's insight:

The editors of MIT Sloan Management Review just announced the winners of the Richard Beckhard Memorial Prize.


This year's winners are Hamid Bouchikhi and John R. Kimberly for their article "Making Mergers Work" in which they discuss the importance of identity integration in successful mergers and
acquisitions.


The authors examine why mergers and acquisitions so often fail to achieve the results and synergies they promise. The article argues that much of the difficulty lies in the failure of executives of the acquiring company to seriously consider the quite different ways that not only operational but also psychological integration between previously separate corporate entities can be achieved.


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New Report: Does HR Matter in Innovation? Is there Innovation in HR?

New Report: Does HR Matter in Innovation? Is there Innovation in HR? | Excellent Business Blogs | Scoop.it

Many of the challenges faced by an organisation wanting to innovate boils down to talent management, areas often directly under the influence of HR. In this study, we explore whether HR has become a partner yet in innovation.

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Are Most CEOs Too Old to Innovate?

Are Most CEOs Too Old to Innovate? | Excellent Business Blogs | Scoop.it

Researchers have identified this type of curve in a wide range of creative professions, though the peak age varies by activity. On its face, this data suggests that by the time most CEOs make it to the corner office, their most creative, innovative years are behind them.


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OTHERWISE: Looking Ahead Into a New Economy

There's business as usual and there's business otherwise.


Interesting new magazine from EDHEC Business School. Sign up for free delivery of the magazine here


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Identifying the Biases Behind Your Bad Decisions

Identifying the Biases Behind Your Bad Decisions | Excellent Business Blogs | Scoop.it

By now the message from decades of decision-making research and recent popular books such as Daniel Kahneman’s Thinking, Fast and Slow should be clear: The irrational manner in which the human brain often works influences people’s decisions in ways that they and others around them fail to anticipate. The resulting errors prevent us from making sound business and personal decisions, even when we’ve accumulated abundant work experience and knowledge.

Kenneth Mikkelsen's insight:

Since it is so difficult to rewire the human brain in order to fundamentally undo the patterns that lead to biases, behavioral economics advocates that we accept human decision-making errors as given and instead focus on altering the decision-making context in ways that lead to better outcomes.


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David Hain's curator insight, November 1, 5:45 AM

We will never make perfect decisions, but we can learn how to approach and review the decisions we do make.

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How to (Gradually) Become a Different Company

How to (Gradually) Become a Different Company | Excellent Business Blogs | Scoop.it

How can a company, through a sustained process of acquiring and divesting assets, changes the mix of its business portfolio  purposefully shift the core of its activities?

Kenneth Mikkelsen's insight:

Five tips for shifting your core business.

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New Rules for the New Economy

New Rules for the New Economy | Excellent Business Blogs | Scoop.it

10 radical strategies for a connected world: 


1) Embrace the Swarm. As power flows away from the center, the competitive advantage belongs to those who learn how to embrace decentralized points of control.


2) Increasing Returns. As the number of connections between people and things add up, the consequences of those connections multiply out even faster, so that initial successes aren't self-limiting, but self-feeding.


3) Plentitude, Not Scarcity. As manufacturing techniques perfect the art of making copies plentiful, value is carried by abundance, rather than scarcity, inverting traditional business propositions.


4) Follow the Free. As resource scarcity gives way to abundance, generosity begets wealth. Following the free rehearses the inevitable fall of prices, and takes advantage of the only true scarcity: human attention.


5) Feed the Web First. As networks entangle all commerce, a firm's primary focus shifts from maximizing the firm's value to maximizing the network's value. Unless the net survives, the firm perishes.


6) Let Go at the Top. As innovation accelerates, abandoning the highly successful in order to escape from its eventual obsolescence becomes the most difficult and yet most essential task.


7) From Places to Spaces. As physical proximity (place) is replaced by multiple interactions with anything, anytime, anywhere (space), the opportunities for intermediaries, middlemen, and mid-size niches expand greatly.


8) No Harmony, All Flux. As turbulence and instability become the norm in business, the most effective survival stance is a constant but highly selective disruption that we call innovation.


9) Relationship Tech. As the soft trumps the hard, the most powerful technologies are those that enhance, amplify, extend, augment, distill, recall, expand, and develop soft relationships of all types.


10) Opportunities Before Efficiencies. As fortunes are made by training machines to be ever more efficient, there is yet far greater wealth to be had by unleashing the inefficient discovery and creation of new opportunities.





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Making Management as Simple as Frisbee

Making Management as Simple as Frisbee | Excellent Business Blogs | Scoop.it

In the 20th Century, organizations competed on scale efficiency and relied on hierarchical bureaucracies to run tight ships. Leaders learned that, to make the business succeed, it was sufficient to fix their gaze on shareholder value. 


Now that globalization and the Internet have changed everything, the heuristics are overdue for an update. Every business person feels the change in conditions. Their customers now have real choices, communities have gained access to instant reliable information, and people's ability to communicate and organize has risen dramatically. Power in the marketplace has shifted from seller to buyer. Customers demand nothing less than "better, cheaper, quicker, and smaller," along with "more convenient, reliable, and personalized."


Continuous innovation is now a requirement for survival.

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Nokia saw the future, but couldn't build it

Nokia saw the future, but couldn't build it | Excellent Business Blogs | Scoop.it

Nokia’s biggest failure was an unwillingness to embrace drastic change. The company sowed the seeds for its self-destruction when it made "the familiarity of the new" the tagline for its big Symbian upgrade those many years ago. It feared alienating current users by changing too much, so it ended up with a compromised mess of an operating system that wasn’t fit for the future. Even as it was making one mistake, however, Nokia was keenly aware of the threat of another.

Kenneth Mikkelsen's insight:

Everything that Apple and Google are today, Nokia wanted to become….Excellent story about the fall of Nokia. A recommended read.

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Anu Ojaranta's curator insight, September 29, 3:41 PM

Management issue! And espesially middlemanagement and poor communication? 

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Want to Change Employee or Customer Behavior? Learn from Behavioral Economics...

Want to Change Employee or Customer Behavior? Learn from Behavioral Economics... | Excellent Business Blogs | Scoop.it

Across industries, organizations can greatly benefit from making tiny changes in their processes to take into account how employees and customers really behave — including not liking being told what to do. Research shows that even some small tweaks can have a big impact.

Kenneth Mikkelsen's insight:

References in this blog post to Cass Sunstein and Richard Thaler's book: Nudge: Improving Decisions about Health, Wealth, and Happiness.


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Tracking the Enemies of Agility

Tracking the Enemies of Agility | Excellent Business Blogs | Scoop.it

The failure of big companies to adapt to their changing circumstances is one of the fundamental puzzles in the world of business. Occasionally, a genuinely “disruptive” technology, such as digital imaging, comes along and wipes out an entire industry. But usually the sources of failure are more prosaic and more avoidable.

Kenneth Mikkelsen's insight:

A fine blog post by Julian Birkinshaw from London Business School. 

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Your Company’s Purpose Is Not Its Vision, Mission, or Values

Your Company’s Purpose Is Not Its Vision, Mission, or Values | Excellent Business Blogs | Scoop.it

We hear more and more that organizations must have a compelling “purpose” — but what does that mean? Aren’t there already a host of labels out there that describe organizational direction? Do we need yet another?


Having a purpose takes outward focus to a whole new level, not just emphasizing the importance of serving customers or understanding their needs but also putting managers and employees incustomers’ shoes.  It says, “This is what we’re doing for someone else.” And it’s motivational, because it connects with the heart as well as the head.


Kenneth Mikkelsen's insight:

The distinction between a vision statement, a mission, values, and a core purpose matters. 

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Culture Eats Strategy – Innovation Psychology Explored

Culture Eats Strategy – Innovation Psychology Explored | Excellent Business Blogs | Scoop.it

The late, great Peter Drucker said “Culture Eats Strategy for Breakfast”.  Of his many insights, this might be the most important for Innovation.  However, just as a fish doesn’t see the water, culture is often invisible to those that operate inside of it, and can therefore be difficult to influence or even evaluate. Unlike strategy, which can be mapped out in a memo, or innovation processes, which can be taught at an offsite, culture needs to be grown and nurtured over time. When it is, it can be both powerful and resilient, even if it isn’t always obvious. 

Kenneth Mikkelsen's insight:

Excerpt from the article: 


So what is a great Innovation culture, and where can I buy one?  There is no one size fits all, but there are some components that are almost universally important for Innovation.


1.  Autonomy and Purpose: There is a significant body of evidence that suggests for creative tasks, as long as people receive enough compensation to be comfortable, it is intrinsic, rather than extrinsic motivation that drives performance.   That is, autonomy, alignment with purpose, and respect are all more likely than money to have a team ordering pizza at 9pm because they cannot put a problem down.  If you want to dig deeper into this, Dan Ariely has done a lot of work in this area, and Dan Pink has an excellent video/TED talk where he discusses the power of  Autonomy, Mastery and Purpose in driving intrinsic motivation.


2.  Mastery and T-Shaped Innovators: Mastery is critical.  We need to be very lucky to create something innovative without knowing what’s gone before.  The more established the field, the more mastery is typically needed, and acquiring it should be a life long process that evolves with the field, something that a learning culture should encourage.  A culture that values mastery can also value a fresh perspective, but without mastery, nine times out of ten, this will simply reinvent the wheel.  Interestingly, mastery comes in at least two flavors.  Deep knowledge of a subject is of course crucial, but emergent innovation usually comes from the integration of ideas from different areas.  This is where T-shaped innovators, or expert generalists become crucial to the process.  A culture therefore needs to reward both experts in a single field, and these more diversified experts who know a lot about a lot of different stuff, and who can bridge between experts.


3.  Failure as learning and Respect.  It’s now quite fashionable to embrace fast failure, but in many cases there remains a knowing-doing gap.  It’s easy to thoughtfully build it into a strategy, but still freak out when bad data comes in just ahead of an important stage gate in the process!  Also related to this is the productive pause, and taking time out to define a problem.  It is easy for a culture to become action orientated, and reward energetic ‘doers’.  However, taking time out to really define a problem, and think before acting can be at least as important. Respect lies at the heart of these cultural concepts, as few people will willfully fail, or sit around doing nothing.  A culture of respect assumes this.


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Eric Anderson's curator insight, August 24, 11:49 PM

Worth the read!

 

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Is the Web Really a Gift From God?

Is the Web Really a Gift From God? | Excellent Business Blogs | Scoop.it

As a company it is crucial to have your own social media policy and design, working out a clear-cut, preventive strategy.


Many companies, no matter how big, often delegate these tasks to their tech department, social media lab or innovation guys. Deadly wrong.


To be strong online, with a clear identity and an original message, you need vision, not a bunch of media-wise kids showing up at work in shorts and flip-flops. Is the CEO aware of the ambiguities, power and cunning ways of the web?


Has the board agreed on a common perspective, how to link to your clients, how to shape your own community, how friendly you want to appear on Twitter, Facebook, Pinterest?

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The 6 Elements of Persuasion

The 6 Elements of Persuasion | Excellent Business Blogs | Scoop.it

When you want to get your customer to say yes, keep these principles in mind.


Via Stefano Principato
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