It worked for ConvaTec, a company that makes something no one ever wants to buy (but many people have to): colostomy and ostomy pouches. Those are the bags used by people who have a bowel blockage, which means they must eliminate bodily waste outside their body. It’s collected in pouches like the ones made by ConvaTec.
Not surprisingly, this is not something people want to chat about with strangers. But, Vosburgh hypothesized, putting them in a room with others facing the same challenges could make all the difference.
The COVID-19 pandemic has changed our lives in ways that seemed
unimaginable just a short time ago. Within a matter of weeks schools have been
shuttered, sporting events and conferences have been canceled, air travel has
ground to a halt, over 16 million workers have been laid off, and those able to
work from home are now doing so almost exclusively.
Commentators are already proclaiming that coronavirus will
permanently change the world. Many of the expected shifts, however, are hardly
new. They were nascent prior to coronavirus and emerging stronger than ever due
to the pandemic-led paradigm shift.
Nowhere is this more evident than in the migration to remote
work and the technologies that enable it. In the United States almost a quarter
of employed individuals already were working remotely, and
while this trend has steadily increased over the past decade, with coronavirus
forcing millions to work remotely, we may have reached a tipping point.
If remote work is indeed the new normal, how can businesses embrace it? Alonso Vargas and Andrew Andrews-Ramirez provide digital transformation, helping organizations with everything from ERP implementation to outsourcing, to migrating to cloud technology, utilizing platforms including NetSuite, SAP, Salesforce, Hubstaff, and Office 365. They have seen a shift in how organizations are operating and have keen insights into how companies can get ahead in the digital curve.
Technology is the most disruptive force in the business world today. It transforms everything that it touches, creating new opportunities while at the same time threatening incumbents and late-adopters.
Futurist Peter Diamandis describes the technology paradox in the following way: “Entrepreneurs will create more wealth in the next decade, than we have in the entire past century. We’ll also experience the reinvention of every industry. Understanding how to navigate accelerating technological change is essential for every leader. The problem with such dazzling change is that most people fear the future, rather than being excited by it. And fear is a terrible mindset from which to create and leverage the opportunities ahead.”
InterimExecs recently held a webinar with Chief Information Officers (CIOs) David Mitchelhill and Kevin Malover about how you should be thinking about technology and your business strategy as we enter 2020. Among the topics discussed were ways to navigate disruption to stay competitive, the value of outside viewpoints in technology, when to pursue new technology versus maximizing current assets, and balancing the fear of change with the fear of falling behind.
“Write down a change you would like to make in an organization that you are currently with…or change in the marketplace. Any kind. It can be a big change, it could be a small change – strategic, tactical, something you want people to start doing, something you want people to stop doing,” says Jeff Leitner as he looks around a room filled with CEOs, CFOs, CIOs, and other C-Suite executives at this year’s InterimExecs’ RED Team meeting. He continues “You’re change is absolutely, almost certainly going to fail. It’s not your fault. It has nothing to do with your particular genius – has nothing to do with your insights. Changes fail. They almost always fail.”
Jeff Leitner knows a thing or two about change and innovation. He spent the last 20 years improving organizations from the US State Department to NASA, Starbucks, Panera, and the Dalai Lama Center for Peace. In a world where innovation and disruption is key, the question is why does change rarely stick in organizations, markets, and society? Jeff has dedicated years to studying why change fails and in his most recent speaking circuit, issharing what leaders can do to be more effective in leading change initiatives.
In the tsunami of digital transformation, it has dawned on boards that disruptive technologies pose not only a great opportunity, but also bring inherent risks. New technologies bring great promise to help businesses grow, improve efficiencies, and seize new markets. On the other hand, when an organization decides to embrace new technologies, they will come face-to-face with new business models and regulations that are unlike what they have ever seen before.
Boards may not be fully equipped to face the onslaught and speed at which new technologies are infiltrating the business sector. In fact, according to the 2018–2019 NACD Private Company Governance Survey, 80% of directors say that boards need to expand their knowledge of the challenges and risks of emerging technologies.
As an executive who has spent his career growing companies, taking companies public, and successfully selling businesses, Charlie Shalvoy says the first thing he does when he parachutes into a company is begin with an assessment. Whether the company is venture-capital backed or private, or in manufacturing, energy, semiconductors, or industrial equipment, figuring out the current state of operations is always the first step. Charlie divides the stages an interim executive goes through in taking action in a new company into four phases:
Phase 1: Taking Hold (90 Days)
When a company seeks to expand into new markets or scale operations to support current and future growth, Charlie takes on a role ranging from Interim CEO to Executive Chairman, where he coaches and serves alongside the CEO and management team. He describes that in the taking hold phase, an interim executive identifies what’s broken – even fast growing companies need repairs. What is getting in the way? What is causing distress?
May 6 and 7 marked the fourth InterimExecs’ RED Roundtable (Rapid Executive Deployment), a gathering of top interim executives in Chicago. Executives across a range of specialties from CEO to CFO, COO, CIO, CMO, and CRO met for a mix of speakers, discussion, and sharing best practices on creating high performing companies.
The event kicked off Monday morning at William Blair’s headquarters where innovation expert, Jeff Leitner, drew on extensive research and 20 years’ experience improving operations to share why most change initiatives fail and what we can do about it. Interim executives discussed how Jeff’s findings applied to assignments they jump into where they often are called on to drive disruption, innovation, and powerful change.
Modern-day CEOs are taking on a barrage of new responsibilities in the age of rapid technological advancement and global expansion. Industry disruption seems to be an everyday occurrence and businesses are transforming at the speed of light. These new realities can pile never before seen challenges on a CEO’s plate that already runneth over.
How does a CEO conquer a growing list of to-do’s from establishing a strong organizational culture to developing growth strategies, and managing delicate political and stakeholder relations while forging ahead in this modern era? Opportunities to enter new markets and continuously innovate are top of mind in this day and age where technology has led to more competition and rapid change. The catch-22 is that a CEO is an army of one yet still are, charged with responding with agility and confidence to seize growth opportunities while ensuring organizational stability.
Native American economic development is critical for tribes seeking to effect a positive long-term impact on their communities. Federal 8(a) programs have been a great resource for Native American owned business, but tribal communities have evolved with an increasing focus on sustainable strategic economic development.
Tribal nations not only focus on the importance of cultural preservation and protected lands, but aspire to overcome big challenges facing their communities. From poverty to limited access to high-quality education, minimal healthcare resources, and inadequate workforce development, tribes work to solve these problems through economic growth. Tribes that thrive economically can better support funding for education, housing, and a multitude of crucial basic services.
Some tribal nations have excelled in the face of these challenges. Tribal economies have had a profound economic impact by growing Native American enterprises, increasing revenue, and acquiring operating companies. Prosperous tribes have also developed strong internal and external business partnerships.
“We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another”, says Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF).
Innovation has been accelerating for the past 300 years, but with today’s pace of technological advances, Schwab says the speed of current breakthroughs has no historical precedent. We are now entering a4th Industrial Revolutionwhere when compared to previous industrial revolutions, we are evolving at an exponential rate rather than linear rate.
Schwab describes: “The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.”
First-year Change Agent members have access to the Interim Institute’s 4 hour audio program on the Fundamentals of Interim Management, and a one-hour strategy session to help jumpstart their interim career.
*$200 additional charge for Accelerator Program only applies for first-year members. After the first year, membership renews at $485/year.
Interim Nonprofit Executive
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