What To Do When Firms Are So Much Better Than Yours
In recent years, Exponential Organisations have revolutionised how a business can accelerate its growth by innovatively using technology. They eliminate the old incremental, linear way traditional companies grow by leveraging communities, big data, algorithms, and new technology, and as a result perform ten times better than their established peers. Meanwhile there are those who are attempting to mirror what traditional companies have done to be successful, oblivious to the fact that they are using antiquated models that have little place in the future.
We have been witnessing the birth of the exponential concept and the disruption it creates, but wait until the concept really begins to come of age! The arrival of Uber, Indiegogo and Airbnb, etc, is just the beginning, while on the other side of the coin, many established firms are like rabbits caught in the headlights.
In the first half of their book Exponential Organizations, Salim Ismail (co-founder of Singularity University)and co-authors Michael Malone and Yuri van Geest examine what attributes make up an exponential organisation – five external elements and five internal organisation strategies. The second half of the book provides a how-to guide that includes ways to use exponential technologies for a startup, how to employ them in a mid-market company and how to retro-fit them into the largest organisations.
Referencing the book in this article, Deloitte recently suggested that while new businesses leave existing enterprises vulnerable to disruption, CIOs can take a leadership role in developing a system to respond to—and perhaps even prevent—the resultant risks to the business. It involves accelerating business discovery, eliminating bias, scanning the horizon and expecting the unexpected.
What is clear is that leaders must move their firms out of the headlights and be wise enough to act upon the advice of thought leaders who are endeavouring to help them secure a future in a massively changing business environment.
Listen to Salim speak to an audience in France and buy the book.