Read our series of insights and perspectives on growth and transformation from Innosight’s 2017 CEO Summits.
Dual Transformation In Action: Reinventing Today While Creating Tomorrow
Download Chapter Two of our CEO Summit Report
At Innosight’s 2017 CEO Summits in Boston and London, senior leaders from across industries gathered to share experiences about the challenge of creating new growth in times of rapid disruptive change.
“The gales of creative destruction have never blown more fiercely,” said Innosight managing partner Scott D. Anthony. That doesn’t mean that leaders need to abandon what has made them successful. Rather, the accelerating pace of change calls for taking a systematic approach to innovating products, services and business models.
But instead of a monolithic approach to change, we explored how “dual transformation” enables companies to pursue core and new growth simultaneously, ensuring both efforts get the resources they need to thrive.
The New Game Begins Before the Old One Ends
The most successful organizations are the ones most resistant to change. Leaders lack incentives to invest in innovation that won’t pay off within three to five years. In the absence of a clear and present crisis, leadership teams often cannot reach consensus on whether to do anything new and different.
Download Chapter One of our CEO Summit Report
These dilemmas of leadership can be formidable stumbling blocks for incumbents. At Innosight’s ninth annual set of CEO Summits, a select group of senior executives came together to tackle these and other central challenges. Over the course of one-day events in Boston and London, they discussed the theory and practice of transformation by sharing their setbacks and breakthroughs.
“The new game begins before the old one ends,” said Harvard Business School Professor and Innosight cofounder Clay Christensen, one of the summit leaders. “The new game begins even before you can tell anything is wrong in the old one.”