In another 48 hours from now, the church bells will be ringing, bringing in the merry cheer of Christmas and a range of emotions. Right now though, I’m reminded of a quote from a movie that I watched recently – Interstellar
“When I was a kid, it felt like they made something new everyday”, Donald responds. “Some gadget or idea- like everyday was Christmas”.
So true! We’re indeed living in an age of continuous and often disruptive innovation, bringing in surprises every other day . Sometimes the surprises that are nice to customers, may not be so nice to enterprises.
The origin of these surprises, throws us back to this amazing confluence of trends that we’re seeing in the marketplace today of new initiatives like design, mobile, cloud, analytics, social, internet of things etc coming together to create an environment that is bigger than the sum of its parts.
The coming together of these trends has given rise to a new set of products that offer an experience 10 times better than the ones already out there in the marketplace.Products like Uber, instagram, square etc.
As consumers get used to using these products and services, their expectations are getting completely re-shaped and they’re looking for the same high quality experience from traditional enterprises whether they be in banking, retail, insurance or automobile.
This is creating a huge imbalance in the marketplace, as traditional enterprises, unable to experience the gestalt of the new consumer are coming up with digital strategies that are piece meal like a mobile app here and there, and a social website but something that’s not wholistic.
We’re living in interesting times today where businesses are racing from zero to 10 billion dollars in 5 years flat , and companies that have weathered over a hundred years are being reduced to nothing in the same time. Think Uber. Think Super cell.
If enterprises need to survive and thrive in the new age, the fundamental assumptions underlying their worldview need to change and the products, services and processes need to be re-imagined ground up.This is what we call the Renaissance Enterprise.
An excellent example of a Renaissance enterprise would be some of the fast growing technology companies like Google, Linkedin, Netflix etc.
The nature of the Renaissance enterprise is very different from the traditional one. Below Infographics explains that
The Renaissance enterprise is one that has a long term strategic advantage that is derived from continuous engagement with users, generating rich engagement data, identifying opportunities for improvement and delivering them in real time.
A classic example is that of the contrast between Google and Bing. What differentiates Google from Bing today in the market is not that Bing is not able to attract high quality engineers and build a feature rich product. The challenge is that more people use Google in more unique contexts thereby, creating a perpetually rich trove of insights for Google, that allow them to continuously improve its product , make the experience context and user specific, and thereby deliver a long term sustainable advantage that money just can’t buy.
How can you be a Renaissance Enterprise, succeed in the new world, and give unto your startup or enterprise, the long term sustainable advantage that just keeps getting better?
Watch out for our forthcoming book “ The Renaissance Enterprise” for that and in the meantime, Merry Christmas & Happy New Year to you. Enjoy the holidays!!!