We have reached an inflection point right now, not least due to the pandemic, which has accelerated digitization and companies need to consider a different, more agile strategic approach and different business models not only to survive but also to grow. Here are the four recommendations about innovation, transformation, value creation, and cultivation that our experts left us with:

INFLECTION POINTS – YOUR BUSINESS IS NOT DESTINED TO FAIL  

Innovative companies need to discover when and how to pivot their businesses, especially in the current social and economic climate. Building resilience for companies against the known and the unknown requires planning techniques and leadership recommendations. Rita McGrath gave us insights into avenues of innovation opportunity, the centricity of trust in value creation, and salvation from the discovery-driven approach.

THE INVERTED FIRM – PLATFORM IS THE NEW NORM 

As consumerism migrates online en masse as a result of the inflection point, businesses turn to digital transformation as an imminent need. The movement promotes the idea of the inverted firm and how Platform Strategies can allow swift responsiveness and adaptation. Geoff Parker gave us insights into looking at scaling your business with a different lens, how traditional metrics of evaluating business growth may not apply in the platform economy, and how businesses can learn to operate in this Post-COVID world.

BRINGING STRATEGY BACK TO LIFE  

Transforming to the digital platform through the inverted firm presents new obstacles that the old practice of Strategy does not address. Harvard Business School professor with research emphasis on corporate strategy, industry analysis, and global competition, David Collis invited us to think about the different value types and what strategy really is today. He shared insights into modernizing strategy, tackling digitalization problems, and how value should not just be about capture but also creation and realization to achieve business success.

IS YOUR BUSINESS SMART ENOUGH TO GROW? 

Growing your company while acclimating your business to the digital platform may seem impossible, but you may come out a champion if you know the paths to get there. The key element of what helps the best companies grow today is taking advantage of internal and external levers to position themselves for explosive growth. Tiffani Bova taught us the importance of focusing on getting the job done, fostering company culture, working with competitors, and the positive business outcomes of social responsibility.

CONCLUSION 

Adapting to the modernization and digitalization of businesses requires new approaches, leadership, and strategies— especially in the pandemic era. Identifying inflection points is critical for leadership to steer the ship towards innovation through phased trial and error. As businesses join the digital platform economy, shifting traditional to digital strategies provides new opportunities for production alterations, rapid reception, and customer reach. With a growing progressive audience, thinking in different value structuring types will allow businesses to become resilient as the landscape continually evolves. Growing during digital development may seem daunting, but by positioning your business in the ecosystem through co-opetition and customer co-creation, your business will successfully transform and dominate the field.

This was the recap of The Interaction Field Series of our LinkedIn Live Events. Please connect with us on our LinkedIn page to stay updated with our upcoming conversations.

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Some key Growth principles from Tiffany Bova:

1. The way to hack growth is to shift the mindset from focusing on the product alone to getting the job done. Growth is a thinking game. It is thinking about the competition, the engagement that can be formed from the product, and decoupling services to respond to what customers need today. Shifting the company mindset from pushing the product to solving for the problem across the landscape allows companies to disrupt the industry and create distinctive value.

Tiffani shared how Apple has made a disruption by thinking about customers’ pain points who use mp3 players such as their own iPod. By combining the two things people always carry which are the iPod and their phone, they created an innovative solution. It has become a standard for every phone in the market today. Still, they remain dominant because of the created value and culture they orchestrated along with the outstanding product.

“If you look at anyone who has really disrupted, it’s the one that has looked out across the landscape. They had the ability to think about what was someone going to need five or ten years from now.” – Tiffani Bova

2. Working with competitors or Co-opetition can solve systemic problems within the ecosystem. Co-opetition is cooperating with the perceived competitor through a partnership or a combined service. Looking at where companies overlap and don’t overlap in their products and services can help solve their shared audience’s problems while serving implicit problems within their landscape.

Tiffani gave us an example of how co-opetition played out within the airline industry. Recently, the one thing that travelers might not encounter as much as they did before is the inconvenience of transferring from a connecting flight by going through the second round of check-ins and luggage claims. It was solved by competing airlines cooperating and making the process more seamless for their travelers.

“For me, as a customer, as a passenger, it’s much better if the airlines work together because it makes a better experience for me. While they may overlap in very small markets, the bigger part of the pie that they don’t— that gives me a better experience.” – Tiffani Bova

3. “Doing well by doing good— if you can, then you should!” Borrowing the principles of nonprofit organizations, using the mindset of giving back to society could open new opportunities and unexpected partnerships. By starting with the customer, there is a prospect to create a platform of change.

Salesforce’s partnership with CVS is a great example. During the pandemic’s height, the CEO of CVS committed to provide and donate personal protective equipment to those in need. Through this response, Salesforce secured a partnership with CVS to help workers get back to the office safely.

“It isn’t just that we drive the profits— we drive the growth, and we compete in a marketplace. Here is a strategy to make more money, and if we feel good, we donate or have some social purpose to the business. I think that’s important in this day and age—we are all connected.” – Erich Joachimsthaler

Intelligent Growth Tips:

• Fostering company culture translates to customer experience: Companies must take care of both their employees and customers. The result of how the company cultivates its employees’ culture ultimately translates to how customers perceive the service or product offered by the company.
• Beat competitors through capitalizing uniqueness and make it memorable: Capturing a particular way your company could serve the customers should be capitalized. It’s not about being unique in product variation. It’s about keeping collaboration and communication with customers open and fluid.
• Identify the conflict of interest to overcome stagnant growth: Whether the conflict of interest is about regulatory, brand, or control conflicts, determining and deconstructing the dominant obstruction will clear growth roadblocks.

Conclusion
In Growth IQ, Tiffani, a self-identified Growth Anthropologist, wrote 30 short stories and case stories about businesses who have succeeded and learned from decisions that affected their business growth model. Today’s companies can learn from each other and benefit from blurring the traditional lines across organizations, customers, and competitors. The idea of companies understanding their ecosystem players and mindfully increasing connectivity to solve big problems for consumers is based on the interaction field business model. Companies that deconstruct obstacles may help brands create opportunities for unlikely co-opetition or partnerships.

Watch the full event here:

• 7:55 – Taking a hard look at people & process for the right kind of growth 
• 11:40 – Solution to stagnant growth 
• 13:57 – Thinking shift from product to the job needs to be done  
• 14:32 – Growth is a thinking game– think iPods 
• 15:30 – Importance of fostering an innovation culture 
• 16:09 – Employee happiness translates to customer experience 
• 17:00 – You need a company that has no organizational boundaries 
• 17:42 – Role of silos and the importance of connection  
• 19:00 – Tiffani explains how to blur boundary lines bet customers and employees 
• 19:55 – Understand what makes your company unique and capitalize it  
• 24:40 – Use the not for profit model to give back 
• 28:15 – Explanation of Co-opetition and airline example 
• 31:32 – Amazon as a co-opetition example 
• 32:51 – Importance of looking into the supply chain especially during the pandemic 
• 33:40 – Salesforce’s unexpected partnership with CVS led to new opportunities 
• 37:10 – Proprietary planning and alignment with consumers (where she holds up the USB cord) 
• 39:36 – Policy and regulation changes can be changed through partnerships 
• 41:33 – Value creation is made through collaboration, participation, and connection— not through competition 
• 42:01 – Decoupling a stack of services 
• 43:55 – Investigate company workflows 

This segment was part of The Interaction Field Series of our LinkedIn Live Events. Please connect with us on our LinkedIn page to stay updated with our upcoming conversations.

The post Intelligent Growth With Tiffani Bova: Is Your Business Smart Enough To Grow? appeared first on Vivaldi.

Here are some of the key principles from Dr. David Collis:

1. The way companies perceive and utilize strategy has not been fully transported to the modern era of businesses. There is still enormous value in learning the basic ideas of Classic Strategy, but it is easy to fall in the rumination trap of value capture alone. A Strategy playbook for competitive differentiation or change management cannot merely be a cure-all diagnosis. The Opportunity Set or the shift in the external environments gives cues on restructuring the firm’s functional elements to adapt and create different types of value.

“There is an existing strategy. You don’t change the strategy, but you change important aspects of the activities of the firm.” – Dr. David Collis

2. The downsides of value creation through digitalization also has its opportunities. The biggest problem and concern for companies who undertake digital transformation and platforms is data privacy. There are questions about the possibility of splintering trust among consumers with data collection, but companies can decide on the limitations on what they share in their ecosystem.

A way to view how data sharing could benefit a collective is through healthcare. It is reasonable for customers to be apprehensive about sharing symptoms and treatments, but through data sharing, there have been significant improvements in prescribing, treating, and diagnosing life-threatening diseases.

“I think that consumers are also smart and they say, ‘Look, there is a benefit that I can also gain from that or everybody else can gain from that.’ It’s what we call first-party data.” – Erich Joachimsthaler

3. Value has three types: Value Creation, Value Capture, and Value Realization. Value capture has been in the spotlight for decades in strategy but strategizing for all three types of value leads businesses to success.

• Value Creation is building your new business models and sustaining it to have a competitive advantage within the ecosystem.
• Value Capture is creating a strategic industry resilience and its profitability within the competitive landscape.
• Value Realization is answering how the company’s offering would be worth to customers through designing administrative and innovation initiatives.

“Is Tesla going to be worth anywhere close to its current value? I would say no, but you get that by looking at the complete landscape of value creation, value capture, and value realization. You have to look at all of them to be able to come up with judgment, and it is a judgment about the potential value of a Tesla.” – Dr. David Collis

Strategy Redefined:

• Out with the old, in with the New Strategy: The basic principles of Strategy are still relevant foundations, but what might have worked decades ago cannot be applied in modern times. In the growing platform economy today, building new business models within the ecosystem, designing the company’s activities, and generating for avenues of value are the more effective Strategy practices.
• Increase the Shareholder pie, not the share of the pie: The traditional way of looking at Strategy is providing a share of the company to stakeholders. Maximizing the stakeholder value through value creation provides more universal benefits while still serving the shareholders.
• Plan for the three types of value: Value creation, value capture, and value realization allows companies to build resilience through different perspectives and scenarios. Focusing on just one type of value will only solve short-term obstacles.

Conclusion

Strategy is anything but stagnant and concrete. Strategy needs to acclimate itself as businesses shift to platform models and develop innovative business models. Looking into value creation, value capture, and value realization will support enterprises mature into the modern competitive landscape. 

Watch the full event here:

• 6:05 – Two ways of getting a competitive advantage 
• 7:43 – Value in classic strategy 
• 8:09 – Strategy: value creation, value capture, and value realization 
• 10:0 – Why Strategy has not been helpful in modern business models 
• 12:00 – Continuous adaptation is not in traditional strategy 
• 12:48 – False dichotomy in strategy 
• 15:00 – How Burger King has changed 
• 17:15 – Direct value creation 
• 19:22 – Ecosystem value creation through Kamatzu example 
• 25:52 – Shareholder value and share of the pie 
• 32:00 – Addressing problems in digital value creation  
• 31:58 – How data collection in healthcare is useful and first-party data 
• 36:38 – Walkthrough of how Tesla goes through the three types of value 
• 40:06 – Three types of value definitions 
• 42:25 – How can companies start value creation?  

This segment was part of The Interaction Field Series of our LinkedIn Live Events. Please connect with us on our LinkedIn page to stay updated with our upcoming conversations.

The post Bringing Strategy Back To Life with Dr. David Collis appeared first on Vivaldi.