10 out of 10 Associations and Non-Profits said they are experiencing moderate to severe disruption in this session at the Digital Now 2014 Association Leadership Conference in Nashville. This panel discussed how to deal with disruption using Rita McGrath's book, The End of Competitive Advantage as a starting point. Rita s one of only two speakers who keynoted twice in the fourteen years of the Digital Now Conference. This special panel featured several leading association executives - Mary Lynn Fayoumi, CAE, GPHR - President & CEO of Management Association; Greg Fine, CAE - Global CEO - Turnaround Management Association; R. Norris Orms, CAE, FACHE - EVP & COO - HIMSS Moderator - Tom Hood, CPA, CITP, CGMA - CEO of the Maryland Association of CPAs and the Business Learning Institute.
Text of Digital Now - End of Competitive Advantage - Reader Roundtable
The End of Compe--ve Advantage: How to Keep Your Strategy Moving as Fast as Your Business By Rita McGrath Key Ques-ons, Useful Resources & Session Slides May 20, 2014 Moderator: Tom Hood, CPA,CITP.CGMA, CEO & Chief Strategist, Maryland Associa-on of CPAs/Business Learning Ins-tute Mary Lynn Fayoumi, CAE, GPHR, President & CEO Management Associa-on Greg Fine, CAE, Global Chief Execu-ve Ocer Turnaround Management Associa-on R. Norris Orms, CAE, FACHE, Execu-ve Vice President & COO HIMSS
The End of Compe--ve Advantage: How to Keep Your Strategy Moving as Fast as Your Business By Rita McGrath Key Ques-ons for Discussion Are associations really that different than commercial organizations, is there really a strategy playbook? What would it look like? What is the best mechanism/forum to perform this type of assessment? Is there an association equivalent to competitive advantage? What are the implications for associations? If we accept McGraths notion of transient advantage what are the implications for associations? What kind of reaction would your volunteer leadership have in reading this book? What are the implications for staff and volunteer leaders? What considerations are there in the world of associations that really limit the applicability of Ritas strategy application?
Can your career survive the transient compe--ve advantage economy? 1. If my current employer let me go, it would be relatively easy to nd a similar role in another organization for equivalent compensation. 2. If I lost my job today, I am well prepared and know immediately what I will do next. 3. Ive worked in some meaningful capacity (employment, consulting, volunteering, partnering) with at least ve different organizations within the last two years. 4. Ive learned a meaningful new skill that I didnt have before in the last two years, whether it is work-related or not. 5. Ive attended a course or training program within the last two years, either in person or virtually. 6. I could name, off the top of my head, at least 10 people who would be good leads for new opportunities. 7. I actively engage with at least two professional or personal networks. 8. I have enough resources (savings or other) that I could take the time to retrain, work for a small salary, or volunteer in order to get access to a new opportunity. 9. I can make income from a variety of activities, not just my salary. 10. I am able to relocate or travel to nd new opportunities. Source: End of Competitive Advantage by Rita McGrath
Useful Resources Eec-ve Governance h[p://cpa.tc/4ou Strategy + Business - Career Perspec-ve h[p://cpa.tc/4ov Linked-In - How to Grow & Avoid Disrup-on h[p://cpa.tc/4ow Strategy in Vola-le and Uncertain Environments h[p://cpa.tc/4ox Forbes - Managing Our Way to Prosperity h[p://cpa.tc/4oy Google Campus Talks End of Compe--ve Advantage h[p://cpa.tc/4oz Three Things You Must Do to Conquer Complexity h[p://cpa.tc/4p0 Cant Aord to Grow? You Cant Aord Not To - h[p://cpa.tc/40a Say Goodbye to Your Compe--ve Advantage h[p://cpa.tc/4p1 Learn, Then Learn Some More, Its The Only Way Youll Survive h[p://cpa.tc/2vj Dont Assume Anything, Prove It h[p://cpa.tc/4p2
Session PowerPoint Slides
Rita McGrath Photo:Tom Hood & Rita McGrath at BLIThought Leader Symposium in Baltimore, MD How would you think dierently about your strategy if you knew your advantage might not last?
Are you at risk for disruption?
The Warning Signs I dont buy my own companys products or services We are investing at the same levels or even more and not getting margins or growth in return Customers are nding cheaper or simpler solutions to be good enough Competition is emerging from places we didnt expect Customers are no longer excited with what we have to offer We are not considered a top place to work by the people we would like to hire Some of our very best people are leaving The growth trajectory has slowed or reversed www.blionline.org/rita
So, the size of your enterprise, the scale, your access to capital all those things that gave you an edge to new entrants, no longer exists. Thats all extremely scary because that means that your job is no longer about managing the present but inventing the futureall the time. - Nilofer Merchant http://blogs.wsj.com/moneybeat/2013/12/30/how-to-handle-digital-disruption-in-2014/ From Paraminder Bahra in WSJ: How to handle digital disruption in 2014
Now what: The New Strategy Playbook www.blionline.org/rita Continuous Reconguration Healthy Disengagement Deft Resource Allocation Innovation Prociency Discovery Driven Mindset Entrepreneurial Career Management The New Strategy Playbook
www.blionline.org/rita Take the test and add up your score Source: Rita McGrath, End of Competitive Advantage
www.blionline.org/rita How do you measure up? Score Band Diagnosis Action Implication 14-28 Danger! Extreme exploitation orientation Urgent issue for senior team; major risk of being disrupted 19-42 Exploitation bias At risk of being trapped; urgently review business health 43-56 Most common; Pockets of agility but ghting with established businesses Innovation and disengagement need to be strengthened and made systematic; senior team needs to get involved 57-70 Moving faster, getting into a rhythm Support those working in new way; focus on resource allocation 71+ Learning to compete with transient advantage Remain watchful! Rita wants to meet you.
If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. Accounting Today Tom Hood, CPA, CITP, CGMA " Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 " Top 150 Influencer by Linked-In " Top 25 Influencers in Learning & HR by HR Examiner " Top 25 Public Accounting Thought Leaders by CPA Practice Adviser " Working on Learning Management with AICPA/ CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/