KEY POINTS:
Q. What are your "four forces of change" and why are they important?
A. The four forces of change are the major forces reshaping our business world. That feeling of confusion you have right now? That is caused by the four forces of change turning your business world upside down. The first force of change - increasing compression of time and space - describes our changing perceptions of time and the increasing irrelevance of distance when it comes to making decisions. Force two - increasing expectations, describes how the price of entry is changing and traditional realms of competitive advantage are now seen by consumers as the bare minimum. Increasing accountability describes the growing number of parties holding companies accountable for their actions: most notably top-down (legislative), lateral (competitive) and bottom-up (consumer) accountability. Increasing complexity is a function of the other forces of change, but also has its own unique impacts.
Q. How is new technology changing the business landscape?
A. How is new technology not changing the business landscape! Not only is technology allowing (forcing?) companies to service new markets as the tyranny of distance is relegated to the realms of history, but communicative technologies are allowing consumers to talk like never before. Word of mouth is fast being replaced by word of mouse!
Q. What is disruptive technology?
A. Disruptive technology is technology that fundamentally changes the way we do things and often replaces existing technology. It's a challenge to the technological status quo. The steam engine was disruptive because it replaced the horse and cart, and the iPod certainly disrupted the hell out of portable CD players!
Q. Is wisdom in the crowds or in the minds of the maverick?
A. Crowds have a very specific type of wisdom: they generally make sound collective decisions and, for instance, can find efficient ways to organise themselves. But they don't innovate. The type of innovative wisdom that is highly profitable and leaves an indelible mark on the world is almost never in the crowd, but on the lunatic fringe. Knowing when there is no wisdom in crowds is the real trick.
Q. What is Fast, Good, Cheap - Pick3?
A. Fast, good and cheap are no longer realms of competitive advantage, they are competitive necessities. They're the price of entry. As expectations rise, you have to find creative ways of differentiating yourself from the competition. Many companies are finding the superficial (being green, easy or fun) to be anything but superficial.
Q. What are some practical ways I can shake things up?
A. Here are three: Don't attend your industry conference this year, rather attend some other industry's conference and make a rule you will implement at least one idea from it; find the five highest performers in your company and give them a day off, a meeting room and a blank sheet of paper and tell them to go nuts with ideas; start a work Facebook group on fringe ideas, encourage everyone to get involved and check it each day.
* Peter Sheahan's new book FL!P is published by Random House and sells for $39.95.
