Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant, Authors: W. Chan Kim and Rénee Mauborgne.
Blue Ocean Shift: Beyond Competing – Proven Steps to Inspire Confidence and Seize New Growth, Authors: W. Chan Kim and Rénee Mauborgne.
By Steve Denning – Instead of struggling to survive in the bloody shark-infested “Red Oceans” of vicious competition, why not move to the “Blue Oceans” where there was little or no competition?
What inspired the authors was not “dividing up markets or the globe,” but rather organizations and individuals that created “new frontiers of opportunity, growth, and jobs,” where success was not about fighting for a bigger slice of an existing, often shrinking pie, but about “creating a larger economic pie for all.” The book was a publishing sensation. It sold more than 4 million copies and has been translated into 44 different languages.
Now, 12 years later, the authors offer an exciting new book that synthesizes their experience in assisting with the implementation of Blue Ocean strategy.
In effect, Blue Ocean strategy involves market-creating innovation. It opens up new possibilities that are not available to organizations operating within the existing cost-value structure. It expands the universe as to what is possible, often enabling higher value at lower cost.
Perhaps the most important chapter is Chapter 3, which delineates the Blue Ocean mindset and the distinctive opportunity-based thinking that is at the foundation of Blue Ocean strategy.
It is a perspective that enables strategists “to ask a fundamentally different set of questions,” the answers to which “in turn enable them to perceive and appreciate the fallacies behind long-held assumptions and the artificial boundaries we unknowingly impose on ourselves.” more> https://goo.gl/hNPdDG
Posted in Book review, Business, Economy, Education, How to, Leadership
Tagged Business improvement, cost, Leadership, Organization, Strategy, value
Wiser: Getting Beyond Groupthink to Make Groups Smarter, Authors: Reid Hastie and Cass Sunstein.
The Conversation – Traditional groups exacerbate some individual judgment and decision biases. Examples include the planning fallacy, in which people underestimate how much time will be needed to complete a task, and the sunk costs fallacy, irrationally investing more in a project because so much has been put into it already, when it would be better to just let it go.
But groups also cure some individual bad habits. Among these are anchoring (a tendency to rely on the first piece of evidence offered), availability (overestimating unlikely events) and some forms of narrow framing.
This is where the important role of leaders come into play, to prevent groupthink and bring out the best in their employees. more> https://goo.gl/tX215a
A Better Way To Fly A Jet? Qantas Pilots Have An App For That.
By Amy Kover – As a flight crew fuel manager, Qantas First Officer Dave Summergreene was “blown away by the wealth of data” the airline possessed. “But as a pilot, we had no way of knowing how to improve our own operational flying efficiency because we didn’t have the data,” he says. “We needed to get this data into the hands of pilots.”
As it turns out, GE had the same idea in mind when it developed a prototype for a fuel-efficiency app for pilots. However, what GE was missing was pilots, who could provide the insight and everyday experience to make the idea work.
But in late 2016, everything clicked. Qantas and GE agreed to collaborate, and within a few months, 20 eager pilots signed on to test out the beta version of the app. The end result: FlightPulse, a new flight data and analytics application that enables pilots to measure fuel use during every stage of a flight.
John Mansfield, chief digital officer for GE Aviation and a former pilot, notes that even though the data remains anonymous, “we are all really kind of competitive. We want to get better at everything we do.”
With FlightPulse, pilots can now see data from every flight, illuminating how much fuel savings they realized, where they can make improvements and how their use of the tool compares with that of their peers.
Before FlightPulse, pilots just stuck to industry standards — model-based estimates of the most efficient ways to fly. Now, they can tweak their flying daily to precisely gauge the impact of operational decisions. more> https://goo.gl/b2nQYe
Posted in Economy, Education, Energy & emissions, Science, Technology, Transportation
Tagged Big data, Business improvement, customization, flight data, Fuel efficiency, GE
Collaboration and partners
By Pia Kåll – When I was still in high school and even during my matriculation exam, I was convinced that University of the Arts was the place to be for me. However, at the time of applying I changed my mind and applied to Aalto University to study applied physics because it sounded challenging. It also felt like the right thing to do – to let art be a hobby and get a job from another field.
After I graduated, I started my dissertation. However, I didn’t finish it because I visited a McKinsey recruitment event and decided to grab the opportunity to influence the development and strategy of large, global companies as a consultant.
When I was offered a seat on the Executive Board of Outotec, I just couldn’t decline the challenge. At first, I led Strategy and M&A and later on broader responsibilities including product development and development of business processes and operational models.
In that position I realized that I enjoy working in different situations and with different people in as many different fields, and among as various questions as possible. In private equity , these sides are combined. When I transferred to CapMan, I first worked as a Partner in Buyout, and starting from June 2017 I have worked as a Managing Partner. more> https://goo.gl/DzM5Na
Posted in Business, Economy, Education, Science, Technology
Tagged Aalto University, Business, Jobs, Leadership, Productivity, Skills, Technology
By William Magnuson – It has been 10 years since the last financial crisis, and some have already started to predict that the next one is near. But when it comes, it will likely have its roots in Silicon Valley, not Wall Street.
Our banks are better capitalized than ever. Our regulators conduct regular stress tests of large institutions. And the Dodd-Frank Act imposes strict requirements on systemically important financial institutions.
But while these reforms have managed to reduce the risks that caused the last crisis, they have ignored, and in some cases exacerbated, the emerging risks that may cause the next one.
These financial technology (or “fintech”) markets are populated by small startup companies, the exact opposite of the large, concentrated Wall Street banks that have for so long dominated finance. And they have brought great benefits for investors and consumers. By automating decision-making and reducing the costs of transactions, fintech has greased the wheels of finance, making it faster and more efficient.
But revolutions often end in destruction. And the fintech revolution has created an environment ripe for instability and disruption. It does so in three ways. …
Wall Street is no longer the future of finance. Silicon Valley is. more> https://goo.gl/LK6CsY
Posted in Banking, Broadband, Business, CONGRESS WATCH, Economic development, Economy, History, Leadership, Media, Net, Regulations
Tagged Banking reform, Capital, Congress Watch, Financial crisis, Fintech, Government, Internet, Leadership, United States