StrategyDriven Launches Operational Risk Management Resource Forum

Strategy Driven

StrategyDriven is proud to announce the launch of a risk management resource forum; providing innovative thought leadership and collaboration opportunities to help leaders effectively address their most pressing operational risks. Integrated Enterprise Risk Assurance Mapping – visualization of the relationships between enterprise risks and their associated processes while concurrently revealing the degree of oversight applied to these processes.

28 Leadership Development Recommendations for your Individual Development Plan

Great Leadership By Dan

Welcome to the September edition of the Leadership Development Carnival ! For this month’s edition, I asked an all-star cadre of leadership development bloggers, authors, and consultants to submit an answer to the following question: “We all know that individual development plans (IDPs) need to be tailored for each leader. In an organizational setting this applies equally, where people empower themselves through creativity, innovation and superior customer service.”.

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Lead by Providing Bearing, Room, and Backup

Lead Change Blog

Especially when you want to transform to a network organization (yet also in an “ordinary” organization), developing scenarios is a way to deepen the bearing a team should aspire to. Backup is about being there and facilitating the taking of risks. A team member in an innovative environment will by the very nature of the task need to take calculated risks. Especially when a team member takes a risk and it doesn’t pan out, the way you deal with this is crucial.

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Every Manager Is a Risk Manager

Harvard Business Review

An MBA student once asked me to give her a simple explanation of the "risk management function." After a few minutes of fumbling, I told her that risk management is the process of identifying, prioritizing, and mitigating the impact of unforeseen (and usually negative) events. Her question got me thinking about who is actually responsible for managing risk in an organization. budgetary risks (how do we get our work done if the budget is cut?);

Four Tips for Creating Your Team’s Rescue Plan

Strategy Driven

If you have been given the ultimate task of creating new or developing existing rescue plans, this article is for you. Whether you’ll be the one supervising the site and rescue plan if it’s required, you’ll need to find some innovative ideas to keep your team safe and happy.

Ideas Don't Equal Innovation | N2Growth Blog

N2Growth Blog

As a result of our conversation, I decided to dust-off an old post, give it a few updates, and pass along my thoughts, which can be best summarized as “ Ideas Don’t Equal Innovation. Those of you familiar with my work are probably wondering if it is really me authoring this text…if you’re baffled at how a champion of innovation can simultaneously be an idea-basher, I urge you to read on, and I promise the congruity will become apparent.

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The Big Picture of Business – Business Success Checklist

Strategy Driven

Sometimes the difficulty of managing your time makes for a haphazard operation. It is important to identify swings and trends so that innovation can remain a strength of your business. Development of technical abilities, specialties and expertise. Development of core business supplier relationships. Time management and “just in time” concepts are applied. Assets are adequately valued and managed. Business development.

The Big Picture of Business – Quality is Important for Business: Real Quality vs. Arbitrary Metrics

Strategy Driven

Quality is not something that managers assign others to achieve. Rather than assume all is wrong or right with an organization and take a defensive posture, management must view quality as essential to their economic survival or growth. It is not enough for management to endorse quality programs; they must actively participate. Willingness requires complete and never-ending commitment by management. Bad managers will fall by the wayside. Faster innovation.

The Big Picture of Business – Achieving the Best by Preparing for the Worst: Lessons Learned from High-Profile Crises, part 2 of 4

Strategy Driven

Business development. Current management of both companies were ill-advised on handling the crises. Thus, efforts to treat a fraction of one percent took resources away from addressing the other 99.999% of companies’ full-scope planning, training and marketplace development. Resulting from inflexible conditions, obsolete policies-procedures, procrastination, attitude, resistance to innovation, failure to change. Wrong Actions, Mis-Actions.

The Big Picture of Business – Becoming a Legend

Strategy Driven

Business development. Professional innovation. I remarked to Sonny that I often quoted his song “The Beat Goes On” as analogous to change management, and he was pleased. Are you a legend? Do you admire people who went the distance? Have you celebrated organizations that succeeded? I hope that you are and will continue to be distinctive. This essay is to give insights into those who leave legacies.

The Making of Legends

Strategy Driven

I developed the concept of integrating Pop Culture Wisdom with management training and business planning over the last 40 years. There have been books on fundraising and some articles on volunteer management and the business aspects of running non-profit organizations. Innovating programs, strategies and methodologies. Communicating and developing people skills. I have written several books, on business, entertainment, history and pop culture.

The Big Picture of Business – Yesterdayism… Learning from the Past, Planning for the Future

Strategy Driven

They embrace innovations, while keeping the best traditions. Change is innovative. Business development. Innovated It… and Teach You Why. Innovative Then and Now… Still Creating. Apply thinking processes to be truly innovative. This Annual Report issue celebrates the year, as basis for helping business people to prepare for the future. People are interesting combinations of the old, the new, the tried and the true.

How We Think About Innovation at Cisco

Harvard Business

To keep up, new standards, architectures, and infrastructures will have to develop at the same pace. The question confronting Cisco and other companies is how to do that – how to speed the process of innovation, especially as technological change threatens to upend our current business models. A 2013 study found that companies with a diverse workforce – both culturally and in terms of professional experience – “out-innovate and out-perform others.

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Was the State of the Public Cloud Being Used Effectively by IT Managers in 2020?

Strategy Driven

IT managers in businesses with more than 5,000 members within the UK, US, and APAC were questioned to arrive at its conclusions. Another 50% of these IT managers made use of the hybrid cloud. Only 13% of IT managers reported that their businesses had a fully-fledged public cloud system.

Innovation Should Be a Top Priority for Boards. So Why Isn’t It?

Harvard Business

Corporate directors and executives alike recognize that today’s pace of change continues to accelerate and that firms need to innovate to stay ahead. But are boards doing enough to support innovation, as they should? We found that, overall, innovation does not rank as a top strategic challenge for the majority of boards. We found that concerns about innovation fall behind other issues for most directors. These firms also had higher-rated processes for innovation.

The 5 Skills That Innovative Leaders Have in Common

Harvard Business

Innovation is critical in a knowledge economy — driving growth, new products, and new methods of delivering value to customers. According to PwC’s 2015 study on Global Innovation , U.S. And yet, despite its importance, innovation is a difficult quality to cultivate both in leaders and in organizations. Analyses were done to identify the competencies that innovative leaders share. Stop and look at the downside risk of every decision.

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The Leadership Lesson They Don’t Teach In Business School But Should

N2Growth Blog

The sad reality is that in many cases, the education, training and development leaders receive today is woefully inadequate. We are producing analysts and risk managers and labeling them leaders. We’ve taught them to be practical, analytical, and risk adverse, but have failed to equip them to lead. Innovation Leadership Success leadership and business school Mike Myatt N2growth should i go to business school whats wrong with business school

Match Your Innovation Process to the Results You Want

Harvard Business Review

We are often asked whether the best way to structure for innovation is top-down or bottom-up. Bottom-up approaches work well for incremental (keeps you in the game) innovations. Breakthrough (changes the game) innovations, contrary to popular belief, need a top-down approach. It tends to be short-term, uses familiar (traditional) metrics and development systems like Stage Gate. The risks-rewards are relatively low. Innovation Managing people Risk management

Four Simple Low Resolution Innovation Tests

Harvard Business Review

We recently developed a novel idea for a consumer electronics company. Imagine you had an idea for a one-week seminar that intersects strategic innovation and design thinking, bringing together world-class speakers, global attendees and unique tools. A few years ago we helping a startup develop an idea for a medical tourism business where customers seeking elective procedures would fly to exotic but lower-cost destinations. Disruptive innovation Innovation Risk management

Research: Self-Disruption Can Hurt the Companies That Need It the Most

Harvard Business

When innovations threaten to disrupt an industry by replacing an old business model with a new one, incumbents need to invest in that model in order to survive. ” If you’re dealing with innovations that have led to a dominant new business model in your industry, that advice is sound, as the leaders of Netflix and Blockbuster can tell you. But what if an innovation poses a threat, and you can’t yet tell whether it has genuinely transformative potential?

Small and Young Businesses Are Especially Vulnerable to Extreme Weather

Harvard Business

These threats change the risk management calculus of firms hoping to succeed in a more turbulent world. Owning up to our own behavioral biases is a worthwhile starting point to discussing the problem of managing infrequent, severe events. Start-ups are particularly at risk today because of both their size and age. Generally speaking, entrepreneurs may need to rethink their risks to improve the chances that their innovations succeed.

Consumer Warning Labels Aren’t Working

Harvard Business

They alert us to the risks of eating unhealthy foods, smoking cigarettes, taking prescription drugs, driving cars, using power tools, and performing many other activities. Ideally, these warnings provide requisite risk information, allowing people to decide for themselves whether an activity or a product’s benefits outweigh its risks, whether to take those risks, and, if so, with what precautions. A few innovations impose major risks, or even worse.

A Payment Model That Prevents Unnecessary Medical Treatment

Harvard Business

The Center for Orthopedic Research and Education (or CORE Institute ) — a group of musculoskeletal, neurologic, and rehabilitative physicians in Arizona and Michigan that includes orthopedic, spine, and pain-management physicians and a number of other types of clinicians — is pioneering an approach that represents a middle ground. Innovating for Value in Health Care. Why is CORE willing to take on such global risk? As payers and providers in the U.S.

The Risks and Benefits of Using AI to Detect Crime

Harvard Business

Businesses are constantly experimenting with new ways to use artificial intelligence for better risk management and faster, more responsive fraud detection — and even to predict and prevent crimes. Given the wealth of data available today, and the rising expectations of customers and public authorities when it comes to protecting and managing that data, many companies have decided that this is one of the only ways to keep up with increasingly sophisticated criminals.

Ten Ways to Inhibit Innovation

Harvard Business Review

But a better starting point is to think about what gets in the way of innovation , especially in firms that already have lots of talented, creative, and motivated people. In other words, by identifying and removing barriers, it might be possible to accelerate innovation simply by leveraging the capability that's already there. In that spirit, here are ten common inhibitors that can dampen an organization's ability to innovate effectively.

When a CFO’s “Head In The Cloud” Is a Good Thing

N2Growth Blog

My approach to these placements comprised a thorough analysis of its evolutionary road from a traditional finance function to a strategic, tech-savvy, global leadership finance position that has a pivotal role in C-level management. .

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Why the Australian Defence Organization Is Recruiting Cyber Analysts on the Autism Spectrum

Harvard Business

To help address it, ADO has, with the help of some innovative business firms, leapt to the forefront with a new approach to sourcing cybersecurity talent: “Dandelion programs.” The analogy to people with autism suggests that they are weeds only if we try to fit them into organizations in standard ways, using traditional management. DXC developed the Dandelion Program based on this metaphor, in collaboration with a number leading universities and independent advisors.

What Investors Need to Know About Zimbabwe After Mugabe

Harvard Business

Mugabe’s ouster and replacement with his one-time deputy, Emmerson Mnangagwa, was the most significant development in the Southern African nation since it gained independence from Britain in 1980. ” Once one of Africa’s most developed markets – with a solid education system, good infrastructure, and a relatively large middle class – decades of mismanagement have cost Zimbabwe. Most importantly, executives have to follow developments closely.

Structure Your Global Team for Innovation

Harvard Business Review

Many firms struggle to exploit the innovation potential of their global networks. That's partly because they manage global projects like traditional ones. To get the most from dispersed innovation, managers need a different playbook. Here are three ways to set up and manage global innovation for success: 1. Assign oversight and support responsibility to a senior manager. Use rigorous project management and seasoned project leaders.

Structure Your Global Team for Innovation

Harvard Business Review

Many firms struggle to exploit the innovation potential of their global networks. That's partly because they manage global projects like traditional ones. To get the most from dispersed innovation, managers need a different playbook. Here are three ways to set up and manage global innovation for success: 1. Assign oversight and support responsibility to a senior manager. Use rigorous project management and seasoned project leaders.

Is the Cost of Innovation Falling?

Harvard Business Review

If the cost of innovation is falling, that should enable more of it from poorer countries, companies or cooperatives. If it's not, the already big and already rich will dominate innovation. They then generalize from there to show how cheaper innovation has enabled tiny research centers to pack more punch than the most massive laboratories of yesteryear. Part of the issue here is lumping together incremental innovation with disruptive innovation.

How to Be a Real Leader And Great Manager

Lead from Within

From time to time through the years, I’ve written on the difference between leadership and management. I am revisiting the subject now because it’s not enough to understand that leadership and management are two different things. Of course we do have defined tasks as leaders, and managers have a specific role to play too. People look to managers not just to assign them a task but also to define a purpose for them—something that’s usually a role of leadership.

These Are Hard Times for Leaders

Leading Blog

So this book is about what leaders need to know to develop contextual expertise. Other contextual issues like money as influence, the anxiety of innovation, competitive need to be first, class distinctions, cultural pressures, divisiveness, special interest groups, environmental issues, risk management, have all intensified. Risk management is not something that we generally like to spend our time thinking about.

14 Principles that Made Amazon

Skip Prichard

Steve Anderson spent his career in the insurance industry focused on risk and business growth. He is a leading authority on insurance, risk management, technology, and innovation. Management Advice from Jeff Bezos. The biggest surprise after studying the Amazon letters to shareholders written by Jeff Bezos is how much management advice he provides. The S-Team (senior leadership team) developed Amazon’s flywheel. How You Can Learn from Amazon.

Why Companies Are Betting Against Big Ideas

Harvard Business Review

This idea of prospect theory, developed by Tversky and Kahneman and reported in a classic 1979 article (for which the Nobel prize was awarded) demonstrated that individuals do not make decisions rationally by selecting options with the highest expected value, because they are risk-averse and 'losses loom larger than gains.'. Firms and key decision makers are simply risk-averse. They're unlikely to tee up major innovations that don't fall into their space.

Prototype Your Product, Protect Your Brand

Harvard Business Review

The concern can be valid, but by answering a few questions, and playing with a few variables, you can usually find a way to conduct market experiments that does not put your relationship with customers at risk. If you’re in automotive, you might look at other highly regulated industries, like healthcare and finance, which manage to experiment considerably despite stringent regulatory environments. Innovation Product development Risk management Tech industry

Why Leaders Need to Think More Like Professional Gamblers

Leading Blog

We tend to see situations in one of two ways: either events are certain and can, therefore, be managed by planning, investment, and reliable budgets; or they are uncertain, and we cannot manage them. Many years later, French mathematician Pierre-Simon Laplace developed Bayes’s idea into a powerful theory, which we now know as the Bayes Theorem. Our instinct for determinism may well have been an evolutionary innovation.

GPS Tracks You — And You're Happy About It!

Harvard Business Review

Imagine the potential further developments. In the wrong hands, such information could be a security risk. Innovation Risk management TechnologySome years ago, doing some research for our book MarketBusters , my colleague Ian MacMillan and I ran across some interesting experiments Progressive Insurance was doing to change the business model in the car insurance market.

Malaysia Airlines Managers Had Better Data at Their Fingertips

Harvard Business Review

Looked at in this light, the terrible delay in finding Flight 370 can be seen as a failure of management practice to keep up with new technology. My take on this lapse is that there’s a gap between the power of IoT technology, and management’s ability to conceive strategies to capitalize on it, which I refer to as “IoT Thinking.” Innovation Internet Risk management

Why Organizations Forget What They Learn from Failures

Harvard Business Review

But court rulings related to the second explosion found that cost cutting had proceeded, despite the safety risks. We built on qualitative data from NASA’s Challenger and Columbia accidents to develop a model about the role of serious errors in organizations’ cycling between learning and forgetting. At the same time, a serious drug error pulls a drug company away from focus on innovation – the number of new patent applications declines.

How CMOs and CROs Can Be Allies

Harvard Business Review

Chief Marketing Officers (CMOs) and Chief Risk Officers (CROs) may seem to have little in common. Both practices have long developed insights into their customers based on data and analytics. But in the aftermath of the financial crisis, risk managers have become increasingly involved in business strategy and decisions. Use risk data as an avenue for innovation. The risk function can do the same. Protect and manage reputations.

Sell Your Product Before It Exists

Harvard Business Review

Coin has managed to test the market without ever actually releasing the physical product. It’s important to note that they undoubtedly developed and tested prototypes, but many customers made the decision to pre-order without ever holding a prototype. In addition to the benefits of an MVP strategy, Coin’s strategy allowed them to mitigate our internal bias against innovative new ideas. Product development Risk management Sales

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The Most Efficient Die Early

Harvard Business Review

Yet after more than a decade at war, there have been only minor changes in the systems that govern training and human resources, which still focus on efficiency at the expense of experimentation and innovation. The quest for perfection that makes sense on a factory floor or in a distribution schedule makes no sense in developing executives or exploring new markets, and it's a mistake to think of talent and supply situations in the same way. Innovation Military Risk management