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Professor, University of California: how to do business in the Fourth Industrial Revolution
Director of Corporate Relations at INSEAD with 30 years of C-level management experience, Professor of Strategic Management and Entrepreneurship at the University of California, Executive Vice President and CEO of Prisma Netsourcing Inc. Michael Peshkam told students at the CAPS Business School about the peculiarities of doing business under the conditions of the Fourth Industrial Revolution.
I will publish his most interesting thoughts about the personal transformation of leaders, the creation of djittal products and the importance of transformational technologies.
The importance of transformational innovation
We ask ourselves: why some countries have grown and others are not?
How did it happen that in the 14th century, 25% of the human population lived under the Mongol empire? At the beginning of the XV century, China had the most important thing in the world - the most powerful at that time ships, but then everything was lost. How has politically powerful Venice in the XV century?
In the 17th century, Germany was larger than the British Empire, but in 1920 it was twice as big as Germany. America was the same as Brazil, and in one hundred years it was four times bigger than it and six times more than Mexico.
A lot of literary works are devoted to the fact that the reason for such changes was geography. Another argument is that the countries grew through openness to Christianity. However, the Ottoman Empire and China were not Christian.
Recent studies show that "transformational innovation" was a common feature for all countries. It was they that influenced how countries became empires.
Such innovations now matter and for you personally. You have to change to survive and grow during the Fourth Industrial Revolution.
The Romanian concrete was the transformative innovation for the Romans, through which they began to build roads.
Of course, management was very important, but something was significant. They began to use this concrete in everyday life, it became an imperative for the Romans.
For the Mongols, these were horses. The Mongol horses are small and fast, this gave them the benefits of battles. For the Chinese they were ships, they were large and multifunctional. However, the situation in China has changed.
Too much freedom gives space for innovation, but it takes control of the situation in a limited group of people. Therefore, this limited group of people was killing innovation and thus stopped the development of China in the XVI century.
The Portuguese realized that not all ships were comfortable to cross the Atlantic Ocean and invented caravelas.
For the British, transformative innovation has become patents. They defended those who came up with crazy ideas and made discoveries. For Americans, mass production has become the cornerstone.
So transformational innovation is critical. What are the common factors that helped these innovations to exist and what is our role in this?
First of all, it should be open to ideas. China did not survive because it was afraid of ideas. Such openness is closely linked to the existence of diversity.
Currently, the USA is the most diverse, so they become the most transformative innovations. The more monolithic society, the less innovative it becomes.
There is even an example from a botanist, where the flowers of the same variety were grown in a separate space, far from flowers of another variety. When they were located in the same building, growth became more active.
The second factor is Microsoft's Seo: empovering people. Extend the rights and opportunities of people to make innovations. You should also inspire yourself.
If this is your business, you should give the staff opportunity if the instructor is to inspire students.
The last thing is the presence of the competition. It is very important, otherwise you create a monopoly that can not survive. This is a competition, first of all, between entrepreneurs, and not countries.
About creating a product
All we have to do is create value. We have created value since the XIX century, but now we are talking about creating a djital value.
This is why many companies are losing, because digital and digitized are not the same thing. Many people use it as synonyms, but it's not right.
DigiTayzd is what happened in the 1990s.These are business processes where technology helps to improve processes and increase operational efficiency.
Djijatal is something that changes the value proposition for customers, and not only increases operational efficiency.
It is important to distinguish between business value and technology. People, processes, technologies have always been fundamental, but now you are creating something completely different. You have to do both things at the same time: and you've been doing, and the great ones.
A big problem is when the desyitization of processes without their actual optimization. So you just automate the nonsense. Your processes are ineffective and nothing really works. Some companies have not done this yet. According to statistics, 71% of European companies have not undergone the process of digital transformation.
You need to be sure: everything you offer is about availability, convenience and efficiency. Now the offer has to carry some sort of personalized experience for the buyer, that is, what we are looking for as buyers with you.
This helps us with our environment. Around us are a lot of data, 90% of them were created over the past two years and 80% of these data are still not structured.
Do you know what is a digital footprint (digital footprint)? Everything we do in social networks is our digital footprint. Data is a new gold and you have access to it.
According to The Future of Jobs Report 2018, 85% of large companies plan to implement large data analysis tools by 2022. In 2019, entrepreneurs will spend $ 2 trillion on the decent-transformation.
The importance of the jump
In 1978, I was a first year student in the UK, where it is always cloudy and rainy. It was June and I was waiting for the results of the year's exam. Very nervous, you either take the exam and go further, or not.
The head of our department was Dr. Jerry Cone, I still remember his name. I met him in the corridor when I went to the dean's office. He saw me and asked, "What are you doing here? Why are you so worried?"
I said that I am waiting for the results of the exam. He replied: "Are you crazy at all? You will become one of the best students, go get drunk!"
It was one of the most transformational moments in my life.
First, before that nobody told me that I could do something. Except when I was eight years old and my dad taught me to play chess. I could not play at all then and my dad inspired me.
Secondly, I was advised to drink! In our family, nobody ever drunk and did not understand it. I could not, but the very fact that I was offered to do something that was still prohibited is very important. It gave me a boost for the jump.
I was an average student, but after the "jump" I became a leading student of not only the group but also the faculty. I received an invitation from all the best universities.
After that I "jumped" a few more times. My last jump was in 2017. I changed a lot of professions and decided to relax a bit and write a book about personal transformation.
I collected various data and research to help those who are stuck. You jump on the rock until you reach the limit.
If you do not jump on a rock, do not transform yourself, do not expect the partition to disappear itself. We must understand that it is not easy to overcome this distance.
A good example of such a jump is the history of Netflix. They lost a lot of millions of dollars to go from DVD to streaming videos. They had to lose something to get more, because they knew that there was a future.
All my students "jumped" apart from one. He said he could not, because he did not know what was on that side.
The other two invited me to a wedding. They met five years, but the boy for a long time did not dare to call the girl to marry. The biggest thing that stops us is the chance to take a chance.
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