Presentation on theme: "Slide 1 of 14 MANAGING LEADING EDGE TECHNOLOGIES TO GAIN COMPETITIVE ADVANTAGE IN TODAYS DYNAMIC BUSINESS ENVIRONMENTS James Bowen, Ph.d., PMP, CMC"— Presentation transcript:
Slide 1 of 14 MANAGING LEADING EDGE TECHNOLOGIES TO GAIN COMPETITIVE ADVANTAGE IN TODAYS DYNAMIC BUSINESS ENVIRONMENTS James Bowen, Ph.d., PMP, CMC The 6 Rules about Technology
Slide 2 of 14 Technology has changed competition A tremendous set of shifts in the global economy brought about by technology. Our competitors are located anywhere from first world to third world countries. Shifting of manufacturing from developed countries to developing countries, and not just basic products but products of advanced technology. Services provided locally by foreign countries in our national market. Technology has brought competition to our corporate door.
Slide 3 of 14 Changed the way millions of people obtain financial services. Yet online service as a whole is NOT overly profitable. Contrary to what some thought, customers still want a local brick and mortar bank for some aspects of banking. Pure play Web-only business models have not worked out. Established brand name brokerage and banking firms can acquire online customers much less expensively than online pure-play financial service firms. Online Financial Services
Slide 4 of 14 Mortgage and lending, insurance, and real estate (and the other major financial service industries) seems to follow a pattern. In general, these Internet sites have attracted shoppers but fewer buyers. Most Web visitors are shopping for prices and terms, or other information such as pictures of houses for sale, and then purchase offline. AND yet the Web has dropped prices for insurance and loans and created a more competitive environment. Online Financial Services
Slide 5 of 14 RULE 1: Information is Differentiation Competition not on price/low cost or even services/quality Information around a service or product is the new differentiator Dont use technology just to create the product/service; use technology to enhance it from selection and ordering to receiving and service. Amazon.com - information about the book which sells the book
Slide 6 of 14 RULE 2: Evolving integrated expectations No one technology is the solution It is integrated Supply chains – physical, information and financial Distribution channels Etc. Expectations evolve for holistic solution
Slide 7 of 14 RULE 3: Technology is the core of the company From CRM, SCM, SCM, ebusiness, ecommerce, ERP, etc. A business, not technical, decision IT is a strategic enterprise wide decision An integrated application architecture results in serving the customer seamlessly All products/services are technology/information based
Slide 8 of 14 Revolutionary Technologies that could change the industry or the company's future. CEO Mcommerce Sustaining Necessary to implement the operational plans of the company or keep the company at par with the competition. President ebusiness Technology Responsibilities RULE 3
Slide 9 of 14 Emerging Potential isnt clear yet. Vice President of R&D VOIP Web services Interactive TV Distraction These are technologies that sound good but really are unnecessary. President Nano technology ? Wearable devices ? RULE 3
Slide 10 of 14 RULE 4: Use Metrics IMPLEMENTATION Where are we now and we do we want to go? Use a Metric as a guide Metric: A specific, measurable standard against which actual performance is compared
Slide 11 of 14 Example Metrics Consistency - Producing a product and service that unfailing satisfies customer's expectations. Speed - Responding quickly to customer or market demands and to incorporate new ideas quickly into products. Innovativeness - Generating new ideas and to combine existing elements to create new sources of value. Agility - Adapting simultaneously to many different business environments. RULE 4
Slide 12 of 14 Rule 5: Managementing Technology Concentrate on execution Continuously strategize Be able to have patience - Markets and technology never seem to be ready on time.
Slide 13 of 14 RULE 6: The future is not binary Typically, people think of events in binary terms - it will effect us, or it will not effect us. In fact, the effect of an event is that it can effect in indirect ways, maybe now or maybe later. Need to see whether its a matter of time and not dismiss it because there were no immediate effects. Constantly anticipate the future
Slide 14 of 14 Greatest mistakes a manager can make Betting on the wrong possible outcomes or trends A manager must know how to work with information and the advice of others and recognize when possible scenarios are right, likely, unlikely or just plain wrong. Doing something too late or early or not at all This advice speaks of anticipating more than timing. Perfect timing is probably more luck than foresight but anticipating and moving along with the trends is a skill that can be learned. RULE 6