One of my key themes through the years has been that “faster is the new fast” — that the biggest challenge that organizations must face is how to keep up with the high-velocity economy.
I’m now observing that in many markets and industries, the pace of change is so fast that we need to put in place a senior executive whose sole area of responsibility is ensuring that the organization can keep up with ever-increasing rates of change.
Organizations need to adapt to all kinds of different issues when it comes to the velocity of change: rapidly changing business models, the emergence of new competitors, ever shrinking product lifecylces, a faster pace of new product development, furious rates of technological innovation, furiously fast new trends in terms of customer interaction, the decreasing shelf-life of knowledge and the more rapid emergence of specialized skills: the list could go on!
Hence, the likely emergence of the new position of “Chief Momentum Officer.”
This individual will carry a number of responsibilities, such as:
- managing the product innovation pipeline, so that the organization has a constant supply of new, innovative products, as existing products become obsolete, marginalized, or unprofitable
- managing the talent pipeline, so that the organization has the ability to quickly ingest all kinds of specialized new skills
- managing the technology pipeline, so that the organization can adapt itself to constantly improving and ever-more sophisticated IT tools that will help to better manage, run, grow and transform the business
- maintain and continually enhance brand and corporate image; as I’ve written here many times before, brands can become “tired” and irrelevant if they aren’t continually freshened and refreshed
- ensuring that the organization is continuing to explore new areas for opportunity, and that it has the right degrees of innovation momentum
- that the business processes and structure of the organization are fine-tuned on a continuous basis so that it can keep up with all the fast-change swirling around it
- ensuring that a sufficient number of “experiential” programs are underway with respect to product, branding, markets, and other areas so that the overall expertise level of the organization is continually enhanced
In other words, the CMO has two key responsibilities:
- keeping a fine tuned eye on the trends which will impact the organization in the future, and which will serve to increase the velocity that the organization is subjected to and;
- keeping their hands on the appropriate levers throughout the organization such that it can keep evolving at the pace that these future trends will demand.
I don’t know if that makes perfect sense, but I think its a good issue to think about.