Future Generali

When should organizations pivot? Any markers for successful pivot?

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Rakesh Wadhwa:

How do you know when to pivot given that Most organizations have a commitment to three to five year plans and the choice of strategy also remain consistent?

 

George Day:

Wow. That's a that's a big package of questions but they all get at the core of the matter that is a how much time should you be spending in your organization now on the immediate crisis which is most of the time. And how much should you be spending looking at horizon two and horizon three. And by horizon two I mean how much time should you be spending pivoting and getting ready for whatever the new normal is.

So let me benchmark this against what we find in more normal circumstance, then I'll bring it up to date in terms of how we're coping with the pandemic. Under normal circumstances vigilant organizations spend about half their time looking over the horizon into the future. They're thinking about merging technologies, trends, events and how they can position their organization. Remember seeing sooner is all about getting weak signals that are available to everyone and interpreting them more accurately and then testing them. But by acting faster It doesn't mean that you make big irreversible commitments. What we mean by active faster is that you essentially buy a lot of real life option. You you've done the experiments you may have Bought a window into a new tech. So real options can be exercised when the time is right. And that's the whole idea between being prepared for versus being surprised. So that is the ability to act when the time is right. And I'd say that is exactly the case we've got right now. I can't imagine that any company can be confident that they know when. The lockdown is going to end. I'd be very concerned about a start stop. But that issue is very much horizon one issue but I would urge. Most of you listening spend some time thinking about the trends that are being brought forward very rapidly and how does going to impact your organization. And that's why vigilant organizations are going to come out ahead. when things really revert to some kind of a of a new normal. So that's the basic idea.

And when your organization shares information you've got all the weak signals and say okay now it looks as though things are opening up but it's all about preparedness. Getting ready for what's coming next. So I guess my answer would be that Right now we don't know. But the vigilant organizations would be one monitoring much more carefully and making moves to prepare themselves to take advantage of the new normal one of the emergencies.

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