Large companies that are established, traditional and with significant market share face a difficult challenge. How to compete with startup businesses that are agile, fast, employ new or emerging technology and with a close connection to customers; disrupt the established order. So far, we know this.
A little thought about how big corporate behemoths could guard against this disruption.
Utilising the same approach and methods that create the opportunities for startups – speed, agility, technology & focus. Combine this with flat decision making, remove barriers, and provide a focus on value.
Divide your business up into smaller, flatter business units with an entrepreneurial culture. Remove line of business silos, and replace with multi skilled teams that are organised around the customer. Understand that data and technology are enablers to create a better product or service. Remove personal KPI’s (old school) and add in result indicators focused on value.
Too many businesses only measure output, sometimes input – but this all exists at a ‘task’ level. It doesn’t inspire passion, purpose, or innovation. Get more of your employees touching the customer. Give them responsibility to align technology, analytics, organisation development to create real value.
You could create a culture that focuses more on the customer, true value creation, and innovation that could match the disruptive start up.
Businesses that are focused on customer experience, problem solving, innovation and speed – will deliver far more value to shareholders than businesses managed by a few C-level executives who focus on quarterly short term performance to line their own pockets.