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Tuesday, September 21, 2004

How CEOs Reinvent Their Companies via CE

Jay Desai writes,"The challenge of continually reinventing your company to survive in a business environment where change comes faster than ever is real and formidable. It means implementing repeated, sustainable change to achieve profitable growth in a fiercely competitive global marketplace".Relatively few companies—notably Dell, Wal-Mart, Southwest Airlines, Home Depot, Starbucks and eBay—have completely reinvented not just themselves but also their industries. Even fewer have been able to do so continuously to meet the realities of a rapidly changing business climate. But, the question remains, can these innovative powerhouses transform their sectors over and over and achieve even higher levels of growth? To reach this lofty but imperative goal, a company must evaluate its culture, leadership, organizational capabilities, measurements and rewards systems, and methodology. Dell, Wal-Mart and Southwest, it seems safe to say, all retain a mindset for continuous reinvention, although they’re limited somewhat by their respective industries’ growth rates. It’s too early to tell with eBay and Starbucks, and Home Depot faces steep challenges in this regard.Assessing their companies’ potential for continuous reinvention, CEOs also must consider three other factors: ultimate customer experience, unique business model and breakthrough innovation capability.Unlike reactive companies focused on incremental growth, so-called “built to reinvent” companies plan and implement a broad range of simultaneous, game-changing moves designed to achieve hypergrowth. Continuous reinvention is more than a glib catchphrase. It is the hard truth that can guide success in this new global business universe. To do otherwise is to stagnate, to fall behind and, ultimately, to die.
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