digital now - end of competitive advantage - reader roundtable
DESCRIPTION
10 out of 10 Associations and Non-Profits said they are experiencing moderate to severe disruption in this session at the Digital Now 2014 Association Leadership Conference in Nashville. This panel discussed how to deal with disruption using Rita McGrath's book, The End of Competitive Advantage as a starting point. Rita s one of only two speakers who keynoted twice in the fourteen years of the Digital Now Conference. This special panel featured several leading association executives - Mary Lynn Fayoumi, CAE, GPHR - President & CEO of Management Association; Greg Fine, CAE - Global CEO - Turnaround Management Association; R. Norris Orms, CAE, FACHE - EVP & COO - HIMSS Moderator - Tom Hood, CPA, CITP, CGMA - CEO of the Maryland Association of CPAs and the Business Learning Institute.TRANSCRIPT
The End of Compe--ve Advantage: How to Keep Your Strategy Moving as Fast as Your Business By
Rita McGrath Key Ques-ons, Useful Resources & Session Slides
May 20, 2014
Moderator: Tom Hood, CPA,CITP.CGMA, CEO & Chief Strategist, Maryland Associa-on of CPAs/Business Learning Ins-tute Mary Lynn Fayoumi, CAE, GPHR, President & CEO Management Associa-on Greg Fine, CAE, Global Chief Execu-ve Officer Turnaround Management Associa-on R. Norris Orms, CAE, FACHE, Execu-ve Vice President & COO HIMSS
The End of Compe--ve Advantage: How to Keep Your Strategy Moving as Fast as Your Business By
Rita McGrath
Key Ques-ons for Discussion
• Are associations really that different than commercial organizations, is there really a strategy playbook?
• What would it look like? • What is the best mechanism/forum to perform this type of assessment? • Is there an association equivalent to “competitive advantage”? What are the
implications for associations? • If we accept McGrath’s notion of “transient advantage” what are the implications for
associations? • What kind of reaction would your volunteer leadership have in reading this book? • What are the implications for staff and volunteer leaders? • What considerations are there in the world of associations that really limit the applicability of Rita’s strategy application?
Can your career survive the transient compe--ve advantage economy?
1. If my current employer let me go, it would be relatively easy to find a similar role in another organization for equivalent compensation.
2. If I lost my job today, I am well prepared and know immediately what I will do next. 3. I’ve worked in some meaningful capacity (employment, consulting, volunteering, partnering)
with at least five different organizations within the last two years. 4. I’ve learned a meaningful new skill that I didn’t have before in the last two years, whether it
is work-related or not. 5. I’ve attended a course or training program within the last two years, either in person or
virtually. 6. I could name, off the top of my head, at least 10 people who would be good leads for new
opportunities. 7. I actively engage with at least two professional or personal networks. 8. I have enough resources (savings or other) that I could take the time to retrain, work for a
small salary, or volunteer in order to get access to a new opportunity. 9. I can make income from a variety of activities, not just my salary. 10. I am able to relocate or travel to find new opportunities.
Source: End of Competitive Advantage by Rita McGrath
Useful Resources
• Effec-ve Governance h[p://cpa.tc/4ou • Strategy + Business -‐ Career Perspec-ve h[p://cpa.tc/4ov • Linked-‐In -‐ How to Grow & Avoid Disrup-on h[p://cpa.tc/4ow • Strategy in Vola-le and Uncertain Environments h[p://cpa.tc/4ox • Forbes -‐ Managing Our Way to Prosperity h[p://cpa.tc/4oy • Google Campus Talks – End of Compe--ve Advantage
h[p://cpa.tc/4oz • Three Things You Must Do to Conquer Complexity
h[p://cpa.tc/4p0 • Can’t Afford to Grow? You Can’t Afford Not To -‐ h[p://cpa.tc/40a • Say Goodbye to Your Compe--ve Advantage h[p://cpa.tc/4p1 • Learn, Then Learn Some More, It’s The Only Way You’ll Survive
h[p://cpa.tc/2vj • Don’t Assume Anything, Prove It h[p://cpa.tc/4p2
Session PowerPoint Slides
Rita McGrath
Photo: Tom Hood & Rita McGrath at BLI Thought Leader Symposium in Baltimore, MD
“How would you think differently about your strategy if you knew your advantage might not last?”
Are you at risk for disruption?
The Warning Signs • I don’t buy my own company’s products or services • We are investing at the same levels or even more and
not getting margins or growth in return • Customers are finding cheaper or simpler solutions to be
“good enough” • Competition is emerging from places we didn’t expect • Customers are no longer excited with what we have to
offer • We are not considered a top place to work by the
people we would like to hire • Some of our very best people are leaving • The growth trajectory has slowed or reversed
www.blionline.org/rita
So, the size of your enterprise, the scale, your access to capital–all those things that gave you an edge to new entrants, no longer exists. That’s all extremely scary because that means that your job is no longer about managing the present but
inventing the future…all the time.” - Nilofer Merchant
http://blogs.wsj.com/moneybeat/2013/12/30/how-to-handle-digital-disruption-in-2014/
From Paraminder Bahra in WSJ: How to handle digital disruption in 2014
Now what: The New Strategy Playbook
www.blionline.org/rita
• Continuous Reconfiguration • Healthy Disengagement • Deft Resource Allocation • Innovation Proficiency • Discovery Driven Mindset • Entrepreneurial Career Management
The New Strategy Playbook
www.blionline.org/rita
Take the test and add up your score
Source: Rita McGrath, End of Competitive
Advantage
www.blionline.org/rita
How do you measure up?
Score Band Diagnosis Action Implication
14-28 Danger! Extreme exploitation orientation
Urgent issue for senior team; major risk of being disrupted
19-42 Exploitation bias At risk of being trapped; urgently review business health
43-56 Most common; Pockets of agility but fighting with established businesses
Innovation and disengagement need to be strengthened and made systematic; senior team needs to get involved
57-70 Moving faster, getting into a rhythm
Support those working in new way; focus on resource allocation
71+ Learning to compete with transient advantage
Remain watchful! Rita wants to meet you.
If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today
Tom Hood, CPA, CITP, CGMA
" Named the Second Most Influential in Accounting
by Accounting Today Magazine 2013 " Top 150 Influencer by Linked-In " Top 25 Influencers in Learning & HR by HR
Examiner " Top 25 Public Accounting Thought Leaders by
CPA Practice Adviser " Working on Learning Management with AICPA/
CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/