Technology has no doubt transformed the world we live in. From steam mowers to eCommerce and smartphones, there are so many case studies of how technology advancement dethroned market leaders or even wiped out entire industries (in their traditional form). Read more about disruptive technology in The Innovator’s Dilemma.
However, if you are counting on technology to create the breakthrough in your business, here’s a cautionary note – you may be placing your wagers on the wrong horse.
Let us elaborate.
In Good to Great by Jim Collins, the research team found that the best 11 companies which made the successful transition from “good” to great” (out of 1,435 companies examined) had a few things in common, including the way they think about technology.
Technology as Accelerators
Rather than focus on technology as the “magic bullet” for strategic change and long-term success, these companies understand that technology cannot create momentum. Instead, they get the fundamentals right in their organizations, then used technology as a powerful accelerator of momentum.
Let’s say you wish to see greater creativity and cohesiveness in your team, develop a more dynamic culture, or perhaps you want to steer your organization in a whole new direction.
Here’s the big tip – technology isn’t going to create these changes and transformation for you.
The change has to start from other areas, such as having the right leaders, hiring the right people, identifying the core focus for your business… With the right formula in place, technology then comes in as a powerful enabler and accelerator to multiply whatever successes you have created.
The reverse holds true – when you try to automate processes that don’t work, or use technology to deal with people (rather than systems) issues, things could just backfire. In summary:
Are you jumping on the wrong bandwagon?
So, before you decide to jump on the next technology bandwagon that comes along, ask yourself:
• Are you trying to use technology as the key success factor in your transitions, or are you strategically using technology as a tool to amplify what already works?
• In selecting the technology to invest in, did you ensure that it fits tightly with your Hedgehog Concept (HC) and strengthens rather than dilutes your area of focus?
If you are indeed in the midst of a charting a major shift for your company, then here are a few important strategy books that you’d want to read: Blue Ocean Strategy, The Innovator’s Dilemma, Good to Great, and The Fifth Discipline. You can digest all 4 books in just minutes using our book summaries and reading graphics. Or, get free daily tips when you register for free with us!
Use technology the right way to transform your business. Check out these useful links and resources!