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Ram Charan - Building A New Destiny for You and Your Organization

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World has changed. Ram Charan, Renowned consultant and author There are some universal truths that are here to stay. I like you to think about those truths. They are in many ways new compared to 2000, compared to the beginning of COVID-19, and going forward these are here to stay. The first one is your business software-driven? Be honest. Be candid. If it is not, it's not too late, but it can become too late. Number two, the consumer today worldwide is digital, uses digital, its behavior is changing point. Each business must serve each customer individually. Everybody in the audience who uses Amazon, JD.com, Alibaba, they all serve each individual customer, cannot do without software. Number three. If you are business-to-business, you must have sensors, you must use robotics, all software driven, reliability, fast response. And your costs must reduce between 30% to 50% because the digital giants coming in into your business have that cost reduction. Number four, we know this, do not be bamboozled because these are large companies, look into what they are doing. At Tesla, you may think is not relevant, for most of you may not be relevant, but there is one thing about them. Software now adjusts remotely the speed, the direction. If you're B2B, software adjusts the speed, the response rate in oil drilling, software adjusts the movement of vehicles in the warehouses. Next, a very big shift, people buying $5 million, $10 million, $20 million equipment. Today, the new business model is subscription. It is you pay for what you use, you don't need heavy capital investments. More to come in the future. Another one, you engage your customer frequently, look at new needs, and have recurring revenues. Know their pain points, know their convenience and cheaper. So ask the question, are you a software-driven company? Are you a machine learning-driven company? Kill the myths that they are expensive, they take a long time. As I will go through the presentation with you, it is now inexpensive. You can do in a short period. You can see the return in six months or less. I have only six items on this. I've covered the essence that I hope each of you ask. Let's take the first one in building your new destiny, it's a prosperous and radically different future. Leaders shape it, leaders master it. It's a radical change. Many of us got hurt in COVID-19 because we didn't have cash. We're getting over it. But I want us to look now the future. We have roughly $80 trillion economy globally. Why do I ask all of us to look globally even though we are a small business? Because the Internet enables us to reach anybody, anywhere. All these giants like Amazon were nobodies in 1997. Use of Internet and software and machine learning is able to penetrate across the globe, penetrate cultures, penetrate government walls. A company called Stitch Fix, nobody, nothing. It reach its people through the Internet. It can reach billion people. Markets and emerging markets, India, Indonesia, Brazil, Colombia. It is not a physical distance, it is now the imagination. Nailing down what the customers pain point, what they don't have, what they will like. I am very serious when I say you only need four people to start. One of them is the master of algorithms, software. Second is a person who understand the consumer. Third, who understand the business. And fourth, a leader who can build partnerships. Second thing is the leadership, your leadership. Please note the phrases, new skills, new priorities, a new money making model. So what's new? New expectations of the consumers, new pain points. Convenience, one-hour delivery. It's up to you to be tenacious, imaginative, and persistence. RM number three, no AI or artificial engine, no business, no profitable strategy, no future. I'm using a single word, no software-driven company, no future. It's not too late. So here, we should kill the myth that we are too small, we cannot digitize, we don't have money, we don't have expensive digital scientists. There were companies that did not digitize before COVID, they have lagged behind, some will not come back. There were nuns, who did it, they prospered, they started new things, they got revenues, they got cash. Knew a legacy talent, balancing it and refreshing it continuously. Our old core competencies some are relevant and some have declined an irrelevant. Core competencies are built on talent. It is a emotional issue for many. Your people help you build a business in the past. They have not learned new things. Their attitude has become a little narrow, even sarcastic that they're not learning. They're becoming impediments. They got to deal with the issue. We can help them out. We can give them new assignments of individual contribution, but they cannot be in leadership positions at any level, 2% of the people make 98% of the impact. Find them. Who are they? How up to date are they? And then you do need new talent. Talent that makes decision on database. Talent that loves a transparency. Talent that does not care for hierarchy. Talent care for learning accomplishments, wants feedback. On slot of continuous flow of new knowledge, new data from so many places, and then devoting your time to read it and call from it the nuggets. What's new? It's a technological renaissance, technology is it, consumer behavior is it. Watch those two. It will help you build your strategic plan. The last point I have is the high velocity organization, a new aspects of culture. New aspects of culture I just mentioned, talk is cheap, we are customer-centric. In my life of 50 years working with companies, a lot of talk, very few people who are really customer-centric. Often I sit with the top teams and ask the question about consumer behavior. There's several market research report as it that's not good enough. Can you tell from your heart what the customer wants? What the customer pain point? What the customer will need? You and I can both guess who was the best at it in the world. I'll give you my viewpoint, and that is the Steve Jobs. He produced products. And I mean products compelling aesthetic, higher price, higher margin. A customer did not know that customer wanted it, but when they saw it, I must have it. Children take it to school, other children come to their parents even though they can't afford, I want it. But they were not just good looking, they improve productivity. They improve lives. 2007 iPhone comes, today iPhone is a computer. Just think what we do automatically every moment. How many of us use Google on the iPhone? Can you live without it? Do you get the information you want 99% of the time and you learn, verify. Productivity, lives, knowledge.

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Duration: 10 minutes and 56 seconds
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Language: English
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Views: 6
Posted by: wobi on May 5, 2021

Ram Charan - Building A New Destiny for You and Your Organization

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