As the business world becomes increasingly fast-paced and competitive, reacting quickly and flexibly to changing environments has become more critical than ever.
Mid-sized companies, in particular, face the challenge of competing with larger, more established organizations while also trying to keep up with the rapid pace of change. However, the good news is that today’s technological innovations are providing new opportunities for mid-sized companies to overcome the limitations of traditional diagnostic management control systems and gain a competitive advantage.
One key factor that enables mid-sized organizations to respond quickly and flexibly is advanced technologies and digital tools. Today’s technological innovations —the metaverse, cloud computing, AI, and more— are addressing collective challenges and unlocking new opportunities for organizations in various industries, helping them overcome the limitations of traditional diagnostic management control systems.
Example of the healthcare industry
To illustrate the concept, a customer company in the healthcare industry has successfully leveraged technology and its culture of innovation to respond quickly and flexibly. When a major supplier suddenly went out of business, the company faced the challenge of finding a new supplier on short notice.
Instead of relying on conventional diagnostic management control systems, they used real-time data visualization and machine learning algorithms to track key performance indicators (KPIs) and identify potential suppliers that could meet their needs. This allowed them to find a new supplier quickly and efficiently, rather than relying on slow processes that might have yet to identify the problem in time.
Using these tools and being proactive in its response, the company quickly identified and secured a new supplier, minimizing the impact on its operations and maintaining a competitive advantage.
Similarly, agile project management methodologies and tools can help organizations be more flexible and responsive to changing priorities and needs, enabling them to deliver value more quickly and efficiently.
Culture of innovation and experimentation
In addition to leveraging technology and digital tools, organizations can also benefit from building a culture of innovation and experimentation that encourages employees to test new ideas and approaches and learn from their successes and failures. This helps create a more agile and responsive organization that can better adapt to changing circumstances and needs.
In conclusion, the ability to respond quickly and flexibly is crucial for mid-sized companies looking to compete in today’s business environment. By leveraging today’s technological innovations and building a culture of innovation and experimentation, mid-sized companies can overcome the limitations of traditional diagnostic management control systems and maintain a competitive advantage in high-innovation settings.
*I used OpenAI’s GPT-3 and Grammarly tools to generate some of the content for this post.
During the fall of 2014, attending the executive program of Singularity University at the heart of the Silicon Valley, the idea that Blockchain would be as significant to the growth of the internet in the next fifteen years as the internet has been in the previous 25 years started to grow in my mind.
Two market cycles after, I have seen many of the world’s best minds and billions of dollars in investment pouring into the space to figure out how to use the technology to make a fully digital society a reality. The adoption of Bitcoin has increased its positioning as a store of value; smart contracts have enabled crowdfunding, stablecoins, non-fungible tokens (NFTs), and Decentralized finance (DeFi).
Companies in various industries use blockchain to streamline processes and foster greater transparency and trust. According to Fortune Business Insights, the global blockchain market is projected to grow from $7.18 billion in 2022 to $163.83 billion by 2029, at a CAGR of 56.3% in the forecast period.
Blockchain is more than Bitcoin, Stable Coins, NFTs, DeFi, and Crypto.
Considering the pandemic, we have seen that the two main factors driving the expansion of the blockchain market are the financial services sector’s competitiveness and the health sector’s digitalization. Also, growth is fueled by the increased demand for data security, and there is already noticeable progress in the supply chain, gaming, music, and the arts.
Our Web3 innovation practice has been helping firms in the fintech, financial services, energy, healthcare, entertainment, manufacturing, and telecommunications sectors to assess the impact of blockchain and other exponential technology and trends on their business, develop integrated programs to enhance their current business models, create new ones, and gain and track their competitive advantages.
We know from experience that blockchain is still in its infancy and that it has yet to demonstrate its potential to transform the current internet into the internet of the future. But every business needs to dip a toe into the web3 wave. While in most businesses, it might still be early to commit entirely, there are certain areas where the race has already started.
We are moving from the sharing economy into the ownership economy with new ways people organize around a project; communities and decentralized organizations will play a critical role. Blockchain technology becomes essential for business and society if you believe that material contributions should have clear ownership and provenance.
Blockchain is a platform for disintermediation; it is about trust, decentralization, and ownership. Consumers can own their data, and the technology enables tools to reward contributors and user behavior, boosting creativity, collaboration, and digital communities.
Communities are starting to engage their members, simplifying the technology and the user experience, and from there, they are beginning to explore opportunities. Therefore, adoption driven by digital communities will be critical and effective.
When technology is simple to use and solves a real problem, it is quickly embraced by the public. As it is, blockchain will not be an exception. Businesses must explore, build, measure, learn, and repeat to develop the skills required to flourish in the web3.
How to gain web3 competitive edge?
Below are the components of a disruptive innovation system to help organizations embrace blockchain disruption, gain competitive advantages, and make web3 happen.
- Begin with a Massive Transformative Purpose that can be taken by your organization and your community or one that can draw a new community.
- Proactively and pragmatically assess market trends impacting your business to identify opportunities where trust, ownership, and disintermediation have the potential to change the future of your industry.
- Leverage your Purpose, develop relationships, and nurture community; this way, the right people will find you.
- Engage your community, and educate yourself on web3 to better identify the problems your organization can solve and the jobs to be done with the customer at the core.
- Set aggressive objectives and 3-5 measurable key results (OKRs), run experiments, fall fast, and learn quickly.
- Establish and maintain a business rhythm and help your team to identify what they need to create new business models and monetization mechanisms.
- Use data, dashboards, and real-time information to make informed decisions about where and how to invest across the web3 innovation portfolio.
- Understand and measure your key success factors (KSFs), and hold yourself and your team accountable. Identify the #1 most prominent specific and measurement activity to success.
- Wash, rinse, and repeat; and make sure you extend your web3 disruption innovation culture.
Those who don’t start climbing the web3 learning curve may miss the most significant value-creation opportunity of our lifetimes, just as many people did during the transition to the world wide web in the 90s and the second wave during the 00s, where the user-generated content business models emerged.
If you have any comments or suggestions or would like to continue the conversation, do get in touch with us.
The Fourth Industrial Revolution is a reality; many industries feel the effects of technological and generation disruption. Airbnb is a prime example of a company that has effectively leveraged the Internet to grow from small businesses to disrupt the hotel industry. Today, founded in 2008, Airbnb is more significant than the world’s top five hotel brands put together.
Successful companies wanting to lead or at least stay ahead of their industry disruption embrace the rapid progression of technological advancements to explore with new approaches what it is holding for their industry. They must be ready to learn from inexpensive failures. They will need to learn how to connect and scale the abundance of opportunities in terms of, for example, talent, data, or capital.
We see fully tech-enabled experiences in traditional fragmented industries such as property management, health & wellness, and conference planning. Technology plays a pivotal role in streamlining the operational complexities of managing hundreds of properties, patients, or events/trade shows and disintermediating these industries by replacing middlemen with little value.
We believe for an existing business, the path is in transforming, not just innovating their industry. Successful CEOs will need to change their core business and build new edge business units simultaneously. This transformation is not a simple task, but it is possible. Moreover, it is the best way to combat the immune system of organizations. Amazon/AWS and Apple/iPhone are great examples of how large companies create new successful business units on the EDGE to drive top-line growth while adjusting their core business and culture to respond more rapidly to changes in the external world.
Exponential transformation is a detailed implementation handbook for becoming an Exponential Organization enabling organizations to speed up their transformation and overcome the obstacles to success. At Escalate Group, we have practical experience creating new exponential business units while transforming your traditional business.
It is possible to remove friction, pain, and cost from traditional fragmented industries, such as reimagining rental, healthcare, learning, or networking experiences and helping to improve the quality of service and increase the productivity of the participants in such fragmented industries.
With a shared goal, we can unlock more digital value for our customers.
Escalate Group is committed to the Exponential Organization framework and proactively leverage the community and Crowd attribute for many functions traditionally handled inside the enterprises, including idea generation, funding, design, software development, distribution, marketing, and sales.
The Microsoft Partner Network is a hub of people, resources, and offerings that give Escalate Group everything we need to build and deliver successful solutions for our customers. We use the network to train our team, create innovative solutions, differentiate in the marketplace, and importantly connect with new customers. Together, we can accomplish more.
Partnering with Microsoft
“As a Microsoft partner, Escalate Group has instant access to exclusive resources, programs, tools, and connections. We are excited to be part of a community designed to foster business growth.” – Olga Calvache, Co-founder at Escalate Group.
Our experience with the Microsoft community goes beyond the transaction. It is a community built around a common purpose that attracts and engaged passionate members. It is about peer2peer engagement in live and online training and events that nurture the community. The interactions around the partner center platform, the co-marketing and the co-selling programs with other partners automate the peer-to-peer engagement.
There must be a better way to organize ourselves. We’ve learned how to scale technology; now it’s time we determine how to scale organizations. Community and Crowd go beyond outsourcing. We believe that Community and Crowd is a fundamental attribute, you cannot be an Exponential Organization if you do not leverage this attribute as part of your organization.
“Today, if you are not disrupting yourself, someone else is. Your fate is to be either the disruptor or the disrupted. There is no middle ground.” – Salim Ismail, Founder OpenExO.
Through the long-term partnership with OpenExO and since the inception, Escalate Group has been using proven OpenExO transformation methodology and a global ecosystem of ExO certified coaches and emerging technologies specialists to enable the co-creation of meaningful business opportunities.
Escalate Group Services
Escalate Group Awake sessions and Workshops makes executives aware of the implications of accelerating technologies and new business models leading your industry to disruption and mark your path for transformation. The ExO Sprint is a tested and proven 10-week customer-focused process that allows any organization to address industry disruption and overcome internal resistance to change.
As an OpenExO Certified Partner, Escalate Group is on the cutting edge of innovation, bringing thought leadership and a proven transformation solution to our clients. Besides, we instantly scale our organization with 1000+ people in 100+ countries and 300+ certified coaches & trainers.
“With our guidance, customers in the healthcare, telecom and fintech sectors have been able to identify solutions based on accelerated technologies and to scale their organization to solve new challenges,” Olga Calvache, Managing Partner, Escalate Group.
To transform the world for a better future, OpenExo wants to become the world’s leading global ExO transformation ecosystem by building Exponential Organizations (ExOs).
Escalate Group unlocks digital value, helping organizations envision, accelerate and scale sustainable/impactful projects and solutions.