The Times They Are A-Changin’
My first year in college included a course in slide rule. Today, the iPhone has replaced my watch and provides a calendar, several email accounts, a contact list, a browser and a camera. In addition, there are apps for the Bible, Google, Facebook, YouTube, navigation, weather, travel, movies, news, music, alerts, voice memos and games.
Does anyone remember the record player, a reel-to-reel tape, or an eight-track tape? For most users, Pandora or other music apps have eliminated the need for tangible music media.
The time needs have changed, too. Near the end of the Bronze Age, when Egypt considered invading a neighboring country, it was the norm to send spies into the country to document its strength and resources before an invasion was initiated. Several months later, the spies returned to reveal that the neighboring country had iron weapons that could easily defeat Egypt’s brass weapons, which canceled the invasion. Note that during this period, it took several months to gather the data to make an educated decision.
Times are changing. About 15 years ago, I offered a “Navigation of the Internet” course. Students were told that there was a professional hockey team in Prince Albert, Canada. They were to find the name of the hockey team and their playing schedule. After entering the search text in the Mosaic browser, these students had the answer in a minute or so, and they were in awe. Today, speaking “hockey team in Prince Albert, Canada” into the smartphone’s Google app will return the same results in a few seconds … without awe. Times are changing.
Today, organizations must adapt to pressures and changes with speed and agility, but to remain viable over time, their decision-making velocity must increase.
A few years ago at a COMDEX, a major vendor proudly displayed a computer “motherboard” that had taken one year to develop and test, but the technical specifications revealed slow performance. At another booth, a vendor presented their present “motherboard” offering and the prototype that would replace it in three months. They also revealed an alpha version that would probably ship in eight months. The major vendor no longer offers PC products, but the vendor that constantly tried to improve their product expanded to include other computer electronic products. Times are changing. Technological innovations (e.g., the Internet and the rise of social media) have fostered a relentless pace of change during uncertain and often controversial times. An organization’s ability to adapt to a changing environment is governed by effective management and leadership. John Kotter of Harvard Business Review “proposes that management and leadership are different but complementary, and that in a changing world, one cannot function without the other. Managers promote stability, while leaders press for change, and only organizations that embrace both sides of that contradiction can thrive in turbulent times.”
In the late 1960s, many Swiss watch companies were focused on producing mechanical movements and chose to ignore the early quartz technology. With the release of the Japanese quartz watches, Swiss watch production dropped from 40 million per year to 3 million per year over a decade. These Swiss companies were apparently well-managed, as they were producing high-quality products in volume, but lacked the leadership to address changing technology.
Apple Inc. has been in business for more than 30 years. They produce the Macintosh line of computers, the Apple iPad, iPod, iPhone, iWatch and more. Since its inception, the company has flourished by focusing on success through product innovations that people need and want. The Apple success story is an example of excellent management and leadership.
According to Father Guido Sarducci’s Five Minute University YouTube video, “Business is buying something and selling it for more.” In reality, business has to make decisions that address human resources, inventory, finance, competitors, ethics, cultures, expansions, compliance and security issues. Not only is it challenging to manage today’s business to maintain stability, but also, leadership needs to provide a direction in a volatile commercial environment.
Technology can deliver data and information for decision-making at a near real-time pace, but the integrity and the effective interpretation of data for decision-making remains a challenge. Managing information—deciding what is important and what is irrelevant—requires sound judgment. An effective leader often has to react quickly to seize an important window of opportunity. Management and leadership must work together to achieve organizational success.
Sources: Harvard Business Review, CIO Insight and Ivey Business Journal