Jim delivered a dinner keynote for dozens of CEOs of some of the world’s largest sporting goods companies, taking a look at the new consumer, the new media spend, and the rapidly changing world of sport and leisure markets.
Caterpillar: Moving Upscale – Partnership Strategies and Avoiding Commoditzation
Jim addressed their global dealers meeting to provide insight into the unique and innovative ways that they could enhance customer relationships to reduce the risks of product commoditization
10 Unique Characteristics of 21st Century Skills
There’s been a lot of talk about the skills crisis lately. Most of it is focused on the wrong thing — people seem most worried by the fact that a lot of baby boomers are set to retire, and are taking their skills out of the economy.
That’s a big issue, but that’s not the big issue.
If an organization is to survive the high-velocity economy, it needs to be doing a lot of innovation with the 10 Unique Characteristics of 21st Century Skills:
- skills are more specialized. Rapid knowledge growth means that it is increasingly difficult for people to keep on top of what they need to know. That means people need to specialize; knowledge niches are the reality for most professions and careers. As they specialize, simple supply/demand reduces skills availability, leading to skills inflation. It’s going to cost more to get the right specialized skills — that’s a big problem.
- skills are disloyal. A recent survey out of Belfast indicated that 36% of people indicated that on their very first day on a new job, they were already thinking about looking for another job! I don’t think that’s unique to the Irish — (and I am of Irish descent….) — I believe that it confirms that a massive philosophical shift towards a “job” and “career” is underway. The death of corporate loyalty means an increasing difficulty to get the right skills.
- skills are degradable. The half life of knowledge is decreasing at a furious rate. Most organizations are discovering that the skills they do have are becoming increasingly useless as knowledge obsolesence takes hold. Skills are ready to walk out the door as soon as they arrive — and if they hang around, their value decreases rather quickly!
- skills are renewable: Fortunately, out of date skills can be given new life. if people and companies can develop the ability to generate just-in-time-knowledge — a phrase I coined over a decade ago — they’ll learn how to adapt and evolve.
- some skills have no urgency: The challenge is that a lot of skills don’t really worry about the points above. Some professions, and many staff in organizations, simply don’t think about the reality of skills extinction as a real trend. They have no desire to upgrade, enhance, or change their capabilities. The lack of urgency leads to a sclerosis that impacts the overall ability of the organization to change, innovate and create.
- skills are disposable: The unique thing about skills today is that companies clearly don’t need staff anymore — they simply need the right skills at the right time for the right purpose. After that need has gone, they will need different skills for a different purpose. In the high-velocity economy, the idea of a permanent skills base is a quaint concept from the 20th century.
- skills are increasingly portable. That’s the good thing we’ve learned with globalization: with the depth of the emerging skills crisis, it doesn’t really matter anymore where the skills are — as long as you can get them, that’s all that counts!
- skills can be transferable: the boomer retirement issue is real. Smart organizations are spending big money to ensure that important knowledge is captured, retained and archived.
- skills should be experiential. This goes back to my ’21st century capital’ post: I think that one of the most important assets a company requires is the depth of it’s experiential capital — that is, the knowledge is has learned through innovation, risk, failure and success. Boost that skills capability and you’ve done something that flows onto the bottom line.
- skills are generational: We’re going to have a lot of active 80 year olds in the economy as the end of the concept of retirement draws near, at the same time that companies seek skills from bright, knowledge aggressive 15 year olds. We are going to have the longest life-span economy that has ever existed. If we prepare for that culturally and organizationally, we’ve got a good strong plan for dealing with the skills challenges of the future.
Some months back, in an entry I wrote a blog entry on the concept of “21st century capital”. One item I included was the concept of capital including a “strong skills accessibility capability”, noting that “talent, not money, will be the new corporate battlefront …. “
That’s an important battle, and it’s going to require a lot of innovation and creativity in terms of solutions.
Sporting Goods Business: “Trend Expert Will Keynote SGMA Conference”
This press release came out mid-August while I was off busy building sandcastles….
Trend Expert Will Keynote SGMA Conference; (3:15) Today’s teens and pre-teens live, breathe, learn, teach, talk, listen, create, and innovate through a widely networked world that facilitates feedback so quickly that it’s rapidly changing how this generation will expect results and satisfaction from new products. Those are the preliminary thoughts of futurist and trends expert Jim Carroll who refers to today’s teens and pre-teens as “GenConnect.”
Carroll will focus on “GenConnect” when he delivers a keynote speech, “The Velocity of Change,” at SGMA’s Sports + Technology Convergence this fall (October 24-26; Estancia Resort & Spa; La Jolla, CA).
Carroll estimates, partly from research and partly from the sociological observations of his own two young techies at home, that “GenConnect” is so wired and multi-tasked that it’s rapidly lowering their attention spans and dramatically raising their expectations for product performance.
For “GenConnect,” return on investment is all about the customer experience. As they become more technologically involved, their expectations for product innovations revolve around interactivity and connectivity. And as technology advances, their patience diminishes.
“GenConnect” is the beneficiary of super-fast, on-demand technology – and companies building products would do well to remember this. With this principle in mind, Carroll finds sporting goods a great place to capture the attention of this young consumer. According to Carroll, “every sport thing we know has become wired.”
It’s apparent that the sporting goods industry seems to have found many applications of technology in building a new user experience. From the integration of monitoring devices and athletic shoes comes smart feedback for fitness buffs. For a real thrill, Carroll points to the snowboard and ski industry. From Burton’s deal with Motorola for BlueTooth integration to on-board motion analysis to smart-goggles for maps/trail conditions to on-hill marketing opportunities through ski and snowboard connectivity, there’s “a lot going on with sticks and planks,” noted Carroll.
Jim will address The Velocity of Change and the keys to more agile innovation in the product lifecycle process.
Why innovation thrives in sandcastle building
We’re in big time summer slowdown here now for quite a few weeks ….. yet you can never stop thinking about how to ensure that creativity and innovation can continue to blossom.
With that line of thinking,. here’s my list of “10 Reasons Why Innovation Thrives in the Building of Sandcastles: and What We Can Learn From Such Creativity.”
- Hierarchy has disappeared: In most cases, there isn’t a boss, a reporting structure, or anything else that can cause organizational sclerosis. People just pitch in and do what needs to be done. The lack of a hierarchy is implicit to most successful teams.
- Creativity is implicit: Anyone can build a sandcastle. There are no rules or preconceived notions, other than some sand and water. The same thinking should drive corporate innovation efforts. Make do with what you’ve got and what you can find, and use creativity as your main asset.
- If it doesn’t work the first time, do it again: It’s inevitable that a rogue wave will destroy your work. This only encourages you to fix the design, or rebuild it altogether. Setbacks are meaningless, and indeed, are part of the plan.
- Experience doesn’t cloud insight: Parents listen to kids, kids get bored and move on to another rampart and do something awesome. The key to sandcastle building is the combined insight of several different generations: likely one of the most important foundations for success in corporate innovation today. (See my 10 Ideas post for more on this theme.)
- Everyone picks up on the passion: People just join in and help to build. Eventually beach-neighbors join in, and the growing castle becomes a big collaborative effort. Organizations that can build similar levels of interest in the concept of innovation don’t simply succeed: they exceed!
- Feedback is instant: You know right away how well your design works, particularly if it is at the waters edge, since everyone will make a comment on it as they walk by. That parallels’ the instantaneity of today’s markets: things are changing so fast, that you must have a constant ear tuned in to understand what your customers are telling you.
- Competition is easily scoped: Need new ideas? Want to learn from the competition? Spend a few minutes walking up and down the beach and check out the other sandcastles. Study their design, their assumptions, and see how you can improve upon them. Do the same in the corporate world: develop a finely tuned radar that signals to you how and where your world is changing.
- No idea is too dumb: There’s not a lot of criticism and bias in the building of sandcastles. Any idea is welcomed. People can contribute the skills they have. Everyone is a designer, a builder and an owner. Somehow the combination just works.
- The reward is clear: At the end of the day, a great sandcastle provides a sense of accomplishment. Photos are taken, and the team talks about the experience. That’s why every innovation effort needs to be celebrated, highlighted, and championed into the corporate record.
- It’s fun: Enough said. If an organization approaches a problem the same way, innovation and creativity can thrive.
10 major health care / pharmaceutical trends
I’m off to do a half day session with a major player in the pharmaceutical industry; I’ve compiled a list of the 10 key pharmaceutical / health care trends that they should be thinking about.
I’ll be walking through these issues, and will then lead a workshop focused on the question: how do we ensure we have the agility, insight and execution in order to survive and thrive in this period of rapid change?
I’ve done extensive work within the healthcare sector over the last many years; this is one industry where the rapidity of scientific driven change is simply unprecedented. Think about what is really happening around us, and think about what needs to be done:
- A transformative shift – Personalized medicine drives the agenda: the big picture item is that we are in the midst of a fundamental, significant shift in healthcare philosophy and medical research: from a world in which we “react” to disease and illness after it has happened, to one in which we will be doing far more to “prevent” health care problems through highly personalized medicine.This is primarily coming about because of furious rates of discovery related to genomics. This more than anything will dominate the health care / pharmaceutical research / delivery agenda through the next years.
- Knowledge growth becomes exponential; pace of innovation / discovery picks up: medical knowledge is now doubling every eight years. Expect it to be doubling every two years by 2010 — with the result that medical professionals will be struggling to an even greater degree in keeping up than they are today. Research taps out practical results faster than ever before. The key for everyone is tapping into global collaborative discoveries / keeping up / developing agility for rapid innovation, response, development, and implementation. For pharmaceutical and health care suppliers, it’s about rapid development and rapid time to market.
- Discovery moves offshore: for a good chunk of the pharmaceutical industry, the proces of R&D, approval and application will increasingly move offshore, particularly to China / India, due to different regulatory requirements (or lack thereof). Also, such things as stem-cell research limitations, US visa policies and other factors play a factor in the diminishing role of the US as a pharmaceutical industry hub. The pharmaceutical industry will continue to spend a huge amount of time learning to work within the new shifting zones of influence in the world of research.
- Theory into practice becomes the primary focus; operational excellence is key: already, health care can’t keep up with the rate of scientific discovery: “Because of the rapid discovery of new medical knowledge, you’ll get the most up to date treatment today only 50% of the time” is one key stat to remember. Tomorrow, the prime focus in the medical community will be how to ingest and incorporate this new knowledge into practice. In terms of the pharmaceutical industry, the key goal will be “operational excellence,” i.e. ….from the Financial Times 6 Jun article on Roche, “…the Avastin story also highlights a central issue for innovation-led companies: how to make sure advances in the laboratory are brought to market quickly and efficiently.” There’s a whole line of thinking emerging in that article and elsewhere that puts into perspective that collaborative excellence in managing complex teams is quickly becoming a key and critical success factor.
- Skills fragment and a battle for skills drives decisions: hyper-growth in knowledge and new medical discoveries means that every medical profession is becoming more specialized, leading to a greater degree of niche-oriented medical skills than we see today. In the pharmaceutical industry, small biotech companies will continue to dominate the research agenda over big-pharma, by focusing on ever tighter niche markets, as well as by discovering disease-oriented drugs based on specific genetic markers. Skills fragmentation results in challenges, but so does the looming baby boomer retirement wave. A war for medical talent drives much of the agenda of the industry by 2010, and the battleground is global in scope.
- Complexity partnerships take on an increasing role: because of the skills crisis, rapid discovery, need for operational excellence, knowledge growth and discovery, big/medium the pharmaceutical industry will continue to look to shed additional component pieces of the discovery / regulatory approval process; outsourcing takes on a whole new meaning.
- Bio-informatics emerges, core competence becomes critical: Microsoft estimates that at least 50,000 people worldwide are working in the field of bio-informatics – the folks who are developing the highly sophisticated computer databases and computational methodologies that can do the billions of measurements on an individual patient that is leading us into the era of personalized medicine.
- Bio-connectivity becomes the next big thing: a new generation of intelligent, Internet-connected medical devices flood the industry, providing new opportunities for monitoring and management of difficult health care conditions. Furious pace of innovation occurs here as consumer tech trends (collapsing product lifecycles) come to medical devices and medical technology.
- Hospitals get “de-physical”, customer service comes to the industry: today, a health care institution is thought of as the building or campus that makes up its constituent parts. Tomorrow, it will be defined by the reach of its virtual network, and the hospital will be thought of as the extended community network by which a good portion of its services are provided. Walmart is coming to health care; the Minute-Clinic business model and others like it mean that we are seeing a revolution in customer service come to the industry.
- Generational attitude transforms the system: the entrance of Gen-Y — kids who are in 2005 aged 15 — into the health care system — will bring a flood of new ideas, innovation and new ways of thinking helping to break some of the organizational sclerosis that has clogged up the opportunity for change in the world of health care.
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