We live in the era of innovation. Every industry is revolutionized by data and information. And hence software is creating productivity and knowledge as never seen before. And the pace of change will increase as we will be able to use the power of global platforms, machine learning and artificial intelligence. This week, Google, Microsoft and Amazon amazed us all by their staggering growth figures. Double digits.
Most leaders of todays companies were professionally raised with a bias for production, productivity, going concern and ´exploitation´: making money in known and present markets. Increasingly they spend their time however on exploration: finding tomorrows product market combinations, selecting technology options, attracting new talent and coaching start-ups. Alltogether, the emphasis of leadership activity has drifted towards exploration of the unknown. The challenge for todays leadership is to balance exploitation and exploration in such way that companies create continuity.
So, we at GeeFirm have a few simple questions for your CEO: how much time does he/she spend on innovation? How many projects are run in your company with the clear purpose to create tomorrow's propositions?
Not to innovate is not an option, innovation is imperative. This is especially true in professional services organizations that sell excellence to their customers. Visions, best practices, business cases and expert advice. But truth is, in general, many professional services organizations serve their customers in a legacy way of thinking or according to relevant law and order. This makes professional services firms lazy, when it comes to renewal. And it makes them vulnerable to new entrants: angry little fish that start eating the big fish tails. Compare how fintech startups have impacted banking institutions. No time to waste.