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Summary Digital STrategy & Innovation - The Invincible Company
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Summary of "The invincible company"
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paulinevandenbroucke
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Voorbeeld van de inhoud
DIGITAL STRATEGY &INNOVATION – THE INVINCIBLE
COMPANY
IBM3
DIGITAL STRATEGY & INNOVATION 2023-2024
,0. Intro
1. The Invincible company
An organization that constantly reinvents itself before it becomes obsolete. The invincible company expores the future, while excelling
at exploiting the present. It cultivates an innovation and execution culture that lives in harmony under the same roof. It competes on
superior business models and transcends traditional industry boundaries.
2. How to become an invincible company
0.2.1. Constantly reinvent yourself.
- To stay ahead of everybody else and beat disruption you need to constantly reinvent yourself. Business Models expire faster than
ever before, and you don’t want to become obsolete alongside their decline. Competition increasingly comes from unexpected
places like insurgent startups in (addition to traditional incumbent rivals. Invincible Companies constantly reinvent who they are
and where and how they compete to stay relevant and ahead.
- Discover how to manage and improve what you have and simultaneously explore the future with business model portfolios.
Design, implement, and manage an innovation culture to constantly feed your innovation funnel and stay relevant.
0.2.2. Compete on superior business models.
- It is increasingly a rat race to compete on new products, services, price, and technologies alone. Leave competitors behind and
maximize market opportunities, new customer needs, and emerging technologies models. Design, test, and build superior
business models that disrupt others and are hard to disrupt.
- Discover how to design, test, and manage superior business models. Apply business model patterns to make the best out of
market opportunities, new technologies, and product and service innovations.
0.2.3. Transcend industry boundaries.
- The most successful organizations aren’t I confined by industry boundaries or industry forces. In fact, they often crush industry
boundaries and disrupt others. Their business model or portfolio of businesses is not the result of the area they work in; it comes
from an organization that constantly explores new ways to create value around market opportunities.
- Discover how to create and manage an ambidextrous organization, that can improve your core business improving your core
business opportunities beyond traditional industry boundaries. Learn how the Chinese company ping An evolved from a
traditional banking and insurance conglomerate to a technology group that competes in five distinct arenas and became one of
the world’s largest companies.
3. How to create more value
0.3.1. For society
- Small and large companies that constantly reinvent themselves have an enormously positive impact on society. They provide
economic growth and potentially game-changing innovations. The best of them put environmental and societal impacts at the
center of their endeavors to change the world for the better. On the other hand, the decline or death of companies can j be
devastating for cities and entire regions that will suffer from economic decline.
0.3.2. For the team
- Invincible Companies thrive over centuries and provide long-term job security, while others that fail to reinvent themselves must
let go of thousands of employees. Invincible companies provide execution and innovation talent alike and they feature world-
class organizational structures and processes that are fit for the challenges of the 21st century.
0.3.3. For customers
- Companies that constantly innovate and explore new business models, constantly create new and better value propositions at
more attractive prices, some innovations may be banal and just lead to more consumption. Yet, many will create substantial
value for customers in the form of convenience, entertainment, well-being, and fulfillment.
0.3.4. For owners
- Owners of Invincible Companies benefit from long-term growth, reduced disruption risk, and the attraction of world class
execution and innovation talent. Invincible Companies thrive over the long term because they harvest the fruits of managing the
present, while already sowing the seeds for tomorrow’s business. Their ability to exploit and explore simultaneously substantially
reduces the risk of disruption and obsolescence and attracts the best talent.
1
, 4. How to read this book?
- As leaders
- As innovation leaders and teams
- As entrepreneurs
1. Chapter 1: Tool
1. Business model portfolio (exploit-explore)
1.1.1. What is the business model portfolio?
- … is the collection of existing business models a company exploits and the new business models it explores to avoid disruption
and ensure longevity.
1.1.2. Chasing invincibility
- No company is invincible. Those that come closest are the ones that constantly reinvent themselves in the face of disruption.
These companies manage a portfolio of existing business models that they exploit and continuously improve. Simultaneously,
they manage a portfolio of new business models that they explore to systematically product new growth engines.
Portfolio map
- A strategic management tool to simultaneously visualize, analyze and manage the business models you are improving and
growing and the future business models you are searching for and testing.
Portfolio dichotomy
- We believe great business model portfolios are composed of 2 distinct portfolios with a completely different logic: the exploit
portfolio and explore portfolio.
- The exploit
o The former includes existing businesses, value propositions, products, and services that you are managing and
growing.
- The explore.
o The latter includes all your innovation projects, new business models, new value propositions, new products, and
services that you are testing.
1.1.3. Portfolio management
- Designing and maintaining a strong business model portfolio requires three main activities: visualize, analyze and manage.
Visualize
- The starting point for any good discussion, meeting, or workshop about your business model portfolio is a shared language to
visualize it. You need a shared understanding of which business models you have and which ones you are exploring.
Analyze
- A shared understanding of your business model portfolio allows you to identify if you are at risk of disruption and if you are doing
enough against it. This includes analyzing which of your business models are most profitable, which ones are most at risk, and
which ones you are exploring to ensure your future growth.
Manage
- Good portfolio management includes taking action to design and maintain a balanced portfolio that protects you from disruption.
This includes continuously growing and improving existing business models by shifting outdated ones to new business models
and protecting those that are established. It also includes exploring completely new business models of which many will fail, but
some will produce outsized returns and ensure your future.
2
, 2. Exploit & explore
1.2.1. The explore/exploit continuum
- Invincible Companies do not prioritize exploitation over exploration. They are world class at simultaneously managing the entire
continuum from exploring new businesses to exploiting existing ones. They keep a culture of “day one,” maintaining a start-up
spirit, while managing thousands or even hundreds of thousands of people and multibillion-dollar businesses. Increasingly, this
ability to manage exploration and exploitation is not just limited to large established companies. It is also a matter of survival for
SMEs and start-ups with the shortening lifespan of business models across industries.
1.2.2. The portfolio map
Explore portfolio
- Your portfolio of innovation projects, new business models, new
value propositions, and new products and services, all mapped
out in terms of expected Return and Innovation Risk.
- Expected return
o How lucrative a business idea could be for the
company if it turned out to be successful.
- Innovation risk
o The risk that a (convincing) business idea is going to
fail. Risk is high when there is little risk when there is
spreadsheets to support the success chances of an
idea. Risk decreases with the amount of evidence
that supports the desirability, feasibility, viability,
and adaptability of a business idea.
Exploit portfolio
- Your portfolio of existing businesses, value propositions, products, and services, all mapped out in terms of Return and Death
and Disruption Risk.
- Return
o How lucrative a business area is for the company.
- Death & disruption risk
o Going to die or get disrupted. 7 Risk is high when a business is either emerging and still vulnerable, or when a
business is under threat of disruption from technology, competition, regulatory changes, or other trends. Risk
decreases with the moats protecting your business.
3
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