Transformation Techniques

Post my various positions over 2 decades, across the globe and across diverse business lines, in early 2008, I was given the responsibility of creating and growing a B2C business for our group. What a time to start a new business! Wish I had a clue about the impending financial crisis that hit the whole world. Still we braved the tsunami and here we are strongly emerging as a first of its kind Consumer Technology organization to service the Youngistan (young Indians). Besides other supports that we gained from various stake holders of our business, our endeavor to transform is one strong reason for our progress so for.

As per Oxford Dictionary “Transform” means "make a marked change in the form, nature, appearance of” and this is followed by an example…." he wanted to transform himself into a successful businessman”.

We live in times where shocks to the economy have become more frequent (fig 1) ……and complexity and unknowns in business have grown manifold.

And every economic shock unleashes a slew of environmental & regulatory changes, unknowns and complexities necessitating several strategic, systemic and process changes within organizations. For example:

* today’s average automobile has more computer processing power than the first Apollo mission to moon
* Radio took 38 years to reach 50 million U.S. consumers, telephone took 25 years, mobile just ten years to reach over 500 millions in India
* Only less than 15 of top 100 US companies in business at the beginning of the last century still exist today
* when was the last time one went to dress maker for stitching a shirt - but tailors are prospering as designers and personalized dress makers
* what are we using to wake us – it’s not an alarm clock any more

And as these changes become more frequent and unavoidable, managing businesses and performing to the satisfaction of the stakeholders is becoming more and more challenging for the CxOs and business heads. Improvements such as Globalization, advancement of technology, speedy adoption of technology, changing consumer behavior, geography becoming history, dramatic increase in disposable income levels, swifter and reliable communication etc are here to compound the challenge further.

To address these challenges a modern CxO/Business head may have to adopt certain new techniques and transform in the way any business is created and run. So to say continuing a vanilla, historical management styles and business philosophies may not be appropriate; certain degree of customization is required at all levels from strategy to execution. A few in my experience are:

1. Create A Wave instead of waiting for one, as million others are in the queue already waiting – the days are gone where one would have been successful had he/she caught up with the wave at right time. With the improvements in education levels and communication channels the future waves will be like tsunamis. I-Pad sweeping the market in less than a month is an example of what a new wave can leave behind for others.

2. Be Aware Of New Techniques: The advancement of technology is bringing new tools and techniques that can be used. For example reaching millions of global customers need different marketing strategy, given the proliferation of SNS and mobiles. Reaching the right message to right target is now much easier, faster, effective and economical.
3. Lookout For Maverick Delivery Models: With growing advancement and adoption of technology one should be thinking about providing Do-It-Yourself or Do-It-Now service delivery models where customers can get what they want without any dependency or with minimum dependency, as and when the need arises. Say for example filing an income tax return or getting a loan or insurance online.

4. Plan A Non-Linear Fulfillment Model – future volumes could be simply unassuming – over 48% of Indian population is below 25 years (fig 2). While increase in volume is considered good for any business, challenges such as non-availability of experienced resources or growing cost of human resources will impact the bottom line and cash profits adversely, unless non-linear fulfillment techniques are implemented using technology.

5. Build Pyramids to ensure that whatever is built does stay forever, may it be the technology platform to deliver services or organization or the consumer base
As the changes and improvements are very frequent, constantly testing the business and business lines for the Predictability, Profitability and Sustainability is essential as the impact of external changes on these key critical success parameters needs to be assessed and addressed without any delay.