Chapter 7: Technology Accelerators Group 5

Overview

  • Technology and the Hedgehog Concept
  • Which companies transitioned to great and how they used technology
  • Technology as an accelerator of change
  • Technology trap
  • The fear of being left behind

Technology and the Hedgehog Concept

  • Technological advances should be applied to each company's Hedgehog Concept
  • The most successful companies adapt to changes
  • Walgreens took an effective "crawl, walk, run" approach to develop an online pharmacy

Tech Accelerators in Good-to-Great Companies

  • Each company learned to take the new technology and change their company and industry
  • Gillette developed manufacturing technology to make high tolerance products for a low cost
  • Kroger pioneered computer and information technology like scanners to change supermarkets
  • Walgreens created an online system that connected pharmacies across the nation
  • Nucor pioneered the advanced mini-mill steel manufacturing technology

Technology: an Accelerator of Momentum

  • Technology cannot be the way to begin transition and to sustain greatness
  • Technology must be relevant to Hedgehog Concept
  • Chrysler strayed outside three circles and faced a large downturn

The Technology Trap

  • Technology is never a primary reason for company greatness or decline
  • A company is mediocre as a result of its management
  • Time magazine focused on the theme of the 20th century rather than the key people
  • Technology is a large player in the century but not a top factor in transition from good to great
  • 80% of executives interviewed did not think technology was among the top 5 factors

The Fear of Being Left Behind

  • Some leaders attempt to transition to great out of fear of mediocrity or public perception
  • The good-to-great executives focused on the improvements and excellence, not reactions
  • Great companies respond to change with creativity and drive for results, not out of fear
  • Ultimately, technology cannot change the company to be great

Source:

Collins, J. C. (2001). Good to great: Why some companies make the leap... and others don't. Random House.

Credits:

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