leading change in emerging markets
TRANSCRIPT
LEADING CHANGE IN EMERGING
MARKETS AND THE ISSUES IN
MANAGING RISKS
Prof. Waswa Balunywa
PAPER FORMAT What is changing The demise of the accountant The changing global environment Risks in the changing global environment Leading change The role of creativity and innovation Skills in managing change
WHAT IS CHANGING The change that is taking place Social media The internet Mobile phone Mobile money Ease of travel Genetic food Email Paperless office Websites blogs
THE DEMISE OF THE ACCOUNTANT The double entry was invented by an
Italian Monk Luca Pacioli in 1494 It has never changed No amount of computer wizardly has
affected it Instead computer has simply taken it
over Very soon, we will not need accountants
CHANGING GLOBAL ENVIRONMENTDefined by risks Economic Risks Geopolitical risks Environmental risks Societal risks
technological risks
10 GLOBAL RISKS OF HIGHEST CONCERN IN 2014 Fiscal crisis in key economies Structurally high unemployment Water crisis Severe income disparity Failure of climatic change mitigation Extreme weather events Global governance failure Food crisis Failure of a major financial institution Profound political and social instability
MANAGING CHANGEManaging change is a process of assessing risks and managing them
This is based on understanding the environment (analysis).
The change we want must be created (creativity and innovation)
Change is orchestrated by visionary leaders (effective leadership)
Sony Walkman Apple iPod
Akio MoritaSteve Jobs
THE ROLE OF CREATIVITY AND INNOVATION
AIR CONDITIONER RCA American Company
Toshiba Japanese Company
THE ROLE OF CREATIVITY AND INNOVATION
ANALYSIS OF THE ENVIRONMENT Understanding risks
Understanding trends
Doing a strategic fit (SWOT Analysis)
Doing a strategic stretch (unusual products)
PROVIDING LEADERSHIP FOR CHANGE Craft the vision
Sell the vision and gain support
Show the WIIFIM factor
Draft and communicate change plan
Communicate desired change
Share results and benefits
Celebrate successes
THE ROLE OF CREATIVITY AND INNOVATION Understand the environment
Focus on customers needs
Create environment for ideas to blossom
Challenge people
Train people in innovation
Kill the creativity killers
CREATIVITY KILLERS This is not my job It is impossible Be practical That is not logical To make a mistake is wrong That is not the right answer Follow all the rules Quick dreaming It is too expensive It is too radical Let us form a committee
HOW TO IMPROVE CREATIVITY Brainstorming
Reverse brainstorming
Imagry
Free association
Meditating
SKILLS IN MANAGING CHANGE
Strategic thinking Leadership Creativity skills Communication skills
CONCLUSION Only about 20% change initiatives
succeed Technology is a key driver of change Creativity and innovation is a lifeblood
of change
RECOMMENDATION
Change or Die