It’s undeniable. We’re in the midst of a revolution. Just as the first Industrial Revolution marked a turning point in history, this revolution will fundamentally change almost every aspect of day-to-day living —And it’s happening with unprecedented velocity and scope. Customers now demand round-the-clock access to personalized products that are seamlessly integrated into their lives. Traditional companies have tried to keep up, yet despite their best efforts there are growing signs that many of them are being left behind — and what’s worse is some of them don’t even know it.
You can’t always tiptoe your way into the future. Sometimes you have to jump. In leading my organization on our own transformational journey, I’ve developed four major insights. It’s fortunate that we have a venue like SXSW to come together and share these ideas! From my experience, here’s what can help you lead rapid transformation at scale.
Speed. Speed is about more than being fast. History is littered with failed companies that rushed into markets too early. And getting there too early is often as bad as being late. Speed is really about position and timing. Think of an Olympic ski jumper — the winners are seldom the ones that focus on speed alone. The brilliant ones focus on the timing of their push-off, as well as their entire positioning throughout their jump, and they make it look effortless. If skiers only thought about going fast, without a care for their timing and positioning, they might not even make it down the hill!
Product. The new revolution is giving us tools we’ve never had before. There’s more to think about than just digitizing or automating your existing product or service. You can reimagine your product or service completely to create something dramatically new and much more powerful, designing it for the customer of the future and integrating it into their lives.
Boundaries. Put an end to “minding your own business.” Break free from previously drawn industry and business lines. The new revolution is reshaping entire industries, removing middle men, rendering experts obsolete, and upending our prior concepts of minimum scale. Your boundaries are no longer constrained by lines that were previously drawn, either on an org chart or between industries.
Execution. The new revolution has rendered most conventional organizational structures and ways of doing things obsolete. Execution is the most difficult piece of the puzzle because transformation can’t happen in one area. It can’t be bolted on. It has to happen everywhere, across every facet of the organization. When executed at scale, you’ll unleash creativity.
Transforming your entire business is not easy. You have to reimagine every aspect of your business, including your own role. By transforming your business at scale, by “making the jump,” you will be able to unleash the power of the new revolution that is on us. I hope you’ll join me at SXSW as I discuss Leading Rapid Transformation at Scale in the midst of this next revolution.
Content and image provided by Sanjiv Yajnik, President of Capital One Financial Services