innovation and transformation how can legacy businesses meet the challenges of digital times?
TRANSCRIPT
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Innovation and TransformationHow can „legacy“ companies meet the challenges of „digital times“?
Dr. Andreas Brill im Februar 2016
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„Deriving solutions from the future“ and „creating the processes, teams and culture required for responsiveness to exponential dynamics“ are key challenges for any business designed for digital times.
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Practically all digital champions meet these challenges by establishing both free spaces for the creation of bold moonshots and pursuing future born solutions in their everyday business.
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Most legacy businesses fail in bringing forth future born solutions, because they are designed to avoid experimentation. And because they lack the processes and skills required for the implementation of future solutions...
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Attempts to solve the transformation problem by insisting on „becoming a start-up like company“ ignore the necessity for a legacy company to remain the business it is („transformation paradox“).
Businesses need different teams, processes, decision making processes, mindsets and a different culture in order to tackle future challenges
Businesses need their existing teams, processes, decision making processes, mindsets different culture in order to reamin successful
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As a result, legacy businesses need to simultaneously build the abilities to create future born solutions and mastering the transformation paradox.
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The Apple turnaround story provides a strong example of how the creation of future born solutions and a thorough transformation can be synchronized.
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There are few examples of how to successfully transform a legacy business in a market hit by the digital tsunami...
In reverse, there are countless
examples of how to fail!
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Here come the rules for failure!
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Look for solutions that help protect your current business
against digital change!
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Skip defining your future purpose! Start innovating and transforming based on
your current business concept!
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Mistake technological innovation for ten times better solutions!
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Believe in quick investments in many „innovative“ ideas versus struggling to
find the one big idea!
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Create your concept for digital times by narrowing down the scope of ideas and
concepts to digital technology and channels!
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Create your concept for digital times by narrowing down the scope of ideas and
concepts to the current structure of the value chain!
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Base your investment decisions on 5, 10 or 20 year business cases!
And don‘t worry about continuous follow-up financing.
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Believe in transformation follows innovation.
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Isolate innovation processes and digital skills in separate
organizational silos!
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Maintain your legacy IT infrastructure
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Thank you!
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