Are there any panaceas to cure the troubled companies in those traditional industries?

 Heterogeneous senior leadership team could help to stimulate the deeper business thinking, create the new revenue stream, and expand the business globally.

This economic downturn has made many great companies fall, a few listed in Jim Collin’s "Good to Great" list, such as Circuit City. Jim already clarified those pitfalls in his new book "How the Mighty Fall", so my questions would be: are there any panaceas to cure the troubled companies in those traditional industries?

•BPM: business process management, it integrates business, process, IT into the management embedded with business intelligence, business optimization, to make business continue to improve efficiency and effectiveness. BPM could be the panacea to fix those falling mighty.

•SAAS: Software as a Service, deliver the software service on-demand via the internet, HBR calls it the best business model in the world, it may also bring up the new perspective to run enterprises.

•Cloud with virtualization: as we discussed before, those are the wind and wing to make falling mighty stand up or even fly over again by streamlining resources, new technology, and process.

•CRM & Unified Communication: Many troubled companies are customer-centric businesses such as airlines, hotels, retailers, banks, automobiles., etc., to deliver the best, personalized customer service would be the key to regain customers’ confidence and bring up the value for consumers in the 21st century. Besides IT, the leadership style and human factors could be some other key panacea solutions:

•Diversified executive with a global vision: Heterogeneous senior leadership team could help to stimulate the deeper business thinking, create the new revenue stream, and expand the business globally.

•Entrepreneurial spirit: To encourage not only the management team but also employees to think like the owner, take initiatives, take the calculated risks, and make the sacrifice if needed.

•Make stars in all industries: Not only Google and Google’s employees are stars if so, they only make influences at the one or two dots in the internet spot; attract the best and brightest to work in the diversified industries, to make an impact, to think differently and also gain the financial rewards when helping rejuvenating and curing the mighty.

Posted in: Change Management