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MANAGING LEADING EDGE TECHNOLOGIES TO GAIN COMPETITIVE ADVANTAGE IN TODAY’S DYNAMIC BUSINESS ENVIRONMENTS. The 6 Rules about Technology. James Bowen, Ph.d., PMP, CMC jbowen@ces.on.ca. Technology has changed competition.

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MANAGING LEADING EDGE TECHNOLOGIES TO GAIN COMPETITIVE ADVANTAGE IN TODAY’S DYNAMIC BUSINESS ENVIRONMENTS

The 6 Rules about Technology

James Bowen, Ph.d., PMP, CMC

jbowen@ces.on.ca

slide2

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.
slide3

Online Financial Services

  • Changed the way millions of people obtain financial services. Yet onlineservice 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.
slide4

Online Financial Services

  • 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.
r ule 1 information is differentiation
RULE1: Information is Differentiation
    • Competition not on price/low cost or even services/quality
  • Information around a service or product is the new differentiator
    • Don’t 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
rule 2 evolving integrated expectations
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
rule 3 technology is the core of the company
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/servicesare technology/information based

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RULE 3

Technology Responsibilities

  • Revolutionary
    • Technologies that could change the industry or thecompany'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
slide9

RULE 3

Emerging

  • Potential isn’t 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 4 use metrics
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

example metrics

RULE 4

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 5 managementing technology
Rule 5: Managementing Technology
  • Concentrate on execution
  • Continuously strategize
  • Be able to have patience - Markets and technology never seem to be ready on time.
rule 6 the future is not binary
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 it’s a matter of time and not dismiss it because there were no immediate effects.
  • Constantly anticipate the future
g reatest mistakes a manager can make

RULE 6

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.