Wednesday, August 18, 2021

g-f(2)432 THE BIG PICTURE OF THE DIGITAL AGE (8/18/2021), MIT SMR, Why Every Executive Should Be Focusing on Culture Change Now




ULTRA-condensed knowledge


Opportunity, Why Every Executive Should Be Focusing on Culture Change Now, MIT SMR
  • To make transformation a reality in their businesses post-pandemic, leaders must build a strong culture to support it.
  • While most executives recognize the transformation imperative, far fewer understand the essential connection between business transformation and culture change. 
  • A recent study by Boston Consulting Group found that companies that focused on culture were five times more likely to achieve breakthrough results in their digital transformation initiatives than those that didn’t.
          Lesson learned, A very different world
            • As the global community emerges from the COVID-19 pandemic, business leaders must lay the foundation for their organizations to thrive in a very different world. 
            • The pandemic accelerated three interlinked types of transformation affecting every industry: the adoption of digital technologies, the development of new business models, and the implementation of new ways of working. 
                Alert, The risk of becoming obsolete
                  • Most companies are now engaged in one or more of these types of transformation. 
                  • Businesses that aren’t — whether because they have ignored the signals or have failed to adapt quickly enough — risk becoming obsolete.
                    Opportunity, How Do You Change Culture?
                      • The first step is to recognize that culture change is hard work. It’s challenging enough to change one’s own habits, never mind those of thousands of employees. 
                      • Through our work with client organizations like this one, we developed a set of culture transformation principles that maximize the likelihood of success.
                      •  
                      Genioux knowledge fact condensed as an image


                      Condensed knowledge


                      Opportunity, Why Every Executive Should Be Focusing on Culture Change Now, MIT SMR
                      • To make transformation a reality in their businesses post-pandemic, leaders must build a strong culture to support it.
                      • While most executives recognize the transformation imperative, far fewer understand the essential connection between business transformation and culture change. 
                      • A recent study by Boston Consulting Group found that companies that focused on culture were five times more likely to achieve breakthrough results in their digital transformation initiatives than those that didn’t.
                              Lesson learned, A very different world
                                • As the global community emerges from the COVID-19 pandemic, business leaders must lay the foundation for their organizations to thrive in a very different world. 
                                • The pandemic accelerated three interlinked types of transformation affecting every industry: the adoption of digital technologies, the development of new business models, and the implementation of new ways of working. 
                                    Alert, The risk of becoming obsolete
                                      • Most companies are now engaged in one or more of these types of transformation. 
                                      • Businesses that aren’t — whether because they have ignored the signals or have failed to adapt quickly enough — risk becoming obsolete.
                                        Opportunity, How Do You Change Culture?
                                          • The first step is to recognize that culture change is hard work. It’s challenging enough to change one’s own habits, never mind those of thousands of employees. 
                                          • Through our work with client organizations like this one, we developed a set of culture transformation principles that maximize the likelihood of success.

                                          Category 2: The Big Picture of the Digital Age

                                          [genioux fact deduced or extracted from MIT SMR]

                                          This is a “genioux fact fast solution.”

                                          Tag Opportunities those travelling at high speed on GKPath

                                          Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).

                                          Type of validity of the "genioux fact". 

                                          • Inherited from sources + Supported by the knowledge of one or more experts.


                                          Authors of the genioux fact

                                          Fernando Machuca


                                          References


                                          Why Every Executive Should Be Focusing on Culture Change Now, Rose Hollister, Kathryn Tecosky, Michael Watkins, and Cindy Wolpert, August 18, 2021, MIT Sloan Management Review, MIT SMR.


                                          ABOUT THE AUTHORS


                                          Rose Hollister is managing director at Hollister Associates and a leadership consultant at Genesis Advisers. Previously, she taught courses on global leadership and change at Northwestern University, and she led the Leadership Institute at McDonald’s from 2010 to 2017. Kathryn Tecosky is a leadership consultant at Genesis Advisers. Michael Watkins is a professor of leadership and organizational change at IMD Business School, cofounder of Genesis Advisers, and author of The First 90 Days: Proven Strategies for Getting Up to Speed Faster and Smarter (Harvard Business Review Press, 2013). Cindy Wolpert is the Founder of Results-Based Coaching Associates and a leadership consultant at Genesis Advisers. 



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