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INNOVATION AND TRANSFORMATION HOW CAN LEGACY BUSINESSES MEET THE CHALLENGES OF DIGITAL TIMES?

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Legacy companies face the huge challenge of having to innovate and transform for digital times. While there are very few examples for how this can be achieved, there are plenty of how to fail best. This presentation summarizes ten important rules for failure!

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INNOVATION AND TRANSFORMATION HOW CAN LEGACY BUSINESSES MEET THE CHALLENGES OF DIGITAL TIMES?

  1. 1. 1 Innovation and Transformation How can „legacy“ companies meet the challenges of „digital times“? Dr.Andreas Brill im Februar 2016
  2. 2. 2 „Deriving solutions from the future“ and „creating the processes, teams and culture required for responsiveness to exponential dynamics“ are key challenges for any business designed for digital times.
  3. 3. 3 Practically all digital champions meet these challenges by establishing both free spaces for the creation of bold moonshots and pursuing future born solutions in their everyday business.
  4. 4. 4 Most legacy businesses fail in bringing forth future born solutions, because they are designed to avoid experimentation. And because they lack the processes and skills required for the implementation of future solutions...
  5. 5. 5 Attempts to solve the transformation problem by insisting on „becoming a start-up like company“ ignore the necessity for a legacy company to remain the business it is („transformation paradox“). Businesses need different teams, processes, decision making processes, mindsets and a different culture in order to tackle future challenges Businesses need their existing teams, processes, decision making processes, mindsets different culture in order to reamin successful
  6. 6. 6 As a result, legacy businesses need to simultaneously build the abilities to create future born solutions and mastering the transformation paradox.
  7. 7. 7 The Apple turnaround story provides a strong example of how the creation of future born solutions and a thorough transformation can be synchronized.
  8. 8. 8 There are few examples of how to successfully transform a legacy business in a market hit by the digital tsunami... In reverse, there are countless examples of how to fail!
  9. 9. 9 Here come the rules for failure!
  10. 10. 10 Look for solutions that help protect your current business against digital change!
  11. 11. 11 Skip defining your future purpose! Start innovating and transforming based on your current business concept!
  12. 12. 12 Mistake technological innovation for ten times better solutions!
  13. 13. 13 Believe in quick investments in many „innovative“ ideas versus struggling to find the one big idea!
  14. 14. 14 Create your concept for digital times by narrowing down the scope of ideas and concepts to digital technology and channels!
  15. 15. 15 Create your concept for digital times by narrowing down the scope of ideas and concepts to the current structure of the value chain!
  16. 16. 16 Base your investment decisions on 5, 10 or 20 year business cases! And don‘t worry about continuous follow- up financing.
  17. 17. 17 Believe in transformation follows innovation.
  18. 18. 18 Isolate innovation processes and digital skills in separate organizational silos!
  19. 19. 19 Maintain your legacy IT infrastructure
  20. 20. 1 Thank you! b4b GmbH Schifferstr. 200 47059 Duisburg Sie haben Fragen? Ergänzungen? Diskussionsbedarf? Lassen Sie uns reden! email us: info@b4b.com call us: +49-203-713-959-00 www.b4b.com

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