Summary. In our technology-dependent society, the effectiveness of cyber risk governance of companies affects its stock prices, as well as short-term and long-term shareholder value. New SEC cybersecurity rules provide a solid basis for transparency. Unfortunately, monitoring the long-term effectiveness of a cyber risk management strategy is not easy to grasp. This article provides four...
Summary. To clarify their strategy and communication around strategy, executives should create a simple document called a strategy spine. They should begin by imagining, as if they were an independent reporter, their company about five years into successful future. What would that success look like? What choices made it possible? Then, based on this imagined...
Summary. A top down approach to building company culture no longer works for several reasons. For one, Covid-19 has upended how leaders interact with employees and how coworkers connect with each other. Next, company culture has grown in importance, thanks to recent high-profile crises at big name companies. A new culture-building approach is already in place at...
A generation ago, a “Kodak moment” meant something that was worth saving and savoring. Today, the term increasingly serves as a corporate bogeyman that warns executives of the need to stand up and respond when disruptive developments encroach on their market. Unfortunately, as time marches on the subtleties of what actually happened to Eastman Kodak...
Summary: It’s problematic when companies decide to embark on a digital transformation agenda without having a clear definition, let alone vision, for what it means. The fundamental meaning of transformation is not about replacing old technologies with new ones, or capturing high volumes of data, or hiring an army of data scientists, or trying to copy some...
Summary: Companies across all industries are putting personalization at the center of their enterprise strategies. For example, Home Depot, JPMorgan Chase, Starbucks, and Nike have publicly announced that personalized and seamless omnichannel experiences are at the core of their corporate strategy. We are now at the point where competitive advantage will be based on the...
Summary: Digital transformation can mean a lot of different things. For leaders, it can be hard to know where you should be focusing investment — and what kind of digital transformation you’re really after. The authors outline four pillars of digital transformation: IT uplift, digitizing operations, digital marketing, and new ventures. Which pillar is the...
Summary: As reliance on data and analytics continues to expand across industries from agriculture to manufacturing, health care to financial services, it stands to reason that the next generation of data leaders will have far-reaching roles that impact strategy, decision-making, operations, and countless other functions. Once a year, I teach a course to aspiring data scientists. At the beginning...
By building on a hierarchy of goals, consultants and managers can work toward mutual interests. Each year management consultants in the United States receive more than $2 billion for their services.1 Much of this money pays for impractical data and poorly implemented recommendations.2 To reduce this waste, clients need a better understanding of what consulting assignments can accomplish. They...
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