In this episode of the Chronicles from a Caribbean Cubicle podcast, Francis Wade argues that companies must accelerate their digital transformation to survive the rapid disruption of modern markets. He opens with a personal anecdote about purchasing glasses online through Zenni Optical, illustrating how technology can upend traditional retail models. Wade then outlines three actionable steps for 2021: (1) develop a clear, long‑term vision rather than reacting to crises; (2) look beyond local competitors and emulate world‑class role models; and (3) implement a rigorous, context‑specific pivot or change‑management process. He warns that firms lacking these elements risk obsolescence as industries are destroyed at unprecedented speed. The episode concludes with a call to action for Caribbean business leaders to visit his blog for further strategic guidance.
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Hello and welcome back to the Chronicles from a Caribbean Cubicle podcast. This is Francis Wade, and here's an article I wrote for the Jamaica Gleaner. It's entitled, "Is your company pivoting fast enough?" While no one thinks that business as usual will take you through these tumultuous times, how can you tell if your organization is transforming quickly enough to earn a place among the survivors. Are you watching for signs that reveal the truth about the pace of your digital transformation? Recently, my wife and I visited the optician. Unfortunately, buying glasses was the last thing on our minds. We only needed prescriptions because we intended to try an online service, Zenni Optical. Together we ended up spending about 2 fun hours on the website trying on 20 to 30 frames each. How is that done virtually? The company takes a short video of your head as it moves from side to side. Then it superimposes whatever frame you choose from its vast inventory as you vary the color and fit. All you need to provide is your prescription to place the order. They offer a 30-day return guarantee and added features such as sunglass clip-ons, tinting, and various coatings. Not only did I spend more time than I ever have trying different options, but I also ordered two pairs. The total price? Less than US$100. My package arrived yesterday, and with it, my first new glasses in over a decade. If I owned a local store or made a living selling glasses, I'd read the above story with a sense of dread. This particular digital transformation delivers the same product at the end of the day but disrupts the traditional choosing and ordering experience. Will the optician's office of the future consist of a doctor, a computer screen, and a MailPak account? Arguably, if an owner of a store selling glasses doesn't already have a strategic plan that involves a dramatic pivot, he or she should prepare to close up shop. It may be too late. But how about your industry? Are you planning to deliver superior value to your customers at dramatically better prices or Faster? Here are 3 simple steps to take in 2021 to ensure that you end the year as a survivor. Number 1: Drive a specific vision, not a mad scramble. Granted, in 2020 we were all caught in a "hear 'em, scare 'em" dash to save our companies. But now that the dust has settled, don't sit back and wait for the next disruption to come along. In fact, if you haven't defined a detailed mid- to long-term destination such as a 25-year vision Grace Kennedy-Crafton, 1995, you could be in trouble. Perhaps your stakeholders, tiring of the nonstop drama, may already be asking, "Why bother?" or "What's the point?" Reacting to one crisis or opportunity after another is exhausting, even if you do so effectively. Eventually, customers, employees, and shareholders start looking for alternatives. In fact, you should reject their blind "loyalty" as a temporary glitch. It only lulls you into complacency while delaying their inevitable withdrawal. Keep them engaged by redrawing and recommunicating your preferred vision of the future. 2. Find the best role models. Companies often relax their efforts to hit world-class levels arguing that Jamaican customers are willing to accept a lower standard. The truth is, my optician's customer service has been falling for years, evidenced by the sour looks we received when we informed them of our intentions to purchase elsewhere. My advice? Forget about local competitors. Instead, find the world leader, then push yourself to believe that it's coming to Jamaica soon. Now build your transformation plans around that presumption, aiming to pivot your business more quickly than others can. This may mean adding capabilities few understand or appreciate. For example, not a single person knew how to operate a SIM card mobile phone before Digital's entry. However, the value became apparent, so everyone learned—even those who can't read or write. Number 3: Use the best pivot process. I recall working with a board which decided in its wisdom to reduce its average age over time by 10 years. The logic was brutal. It desperately needed young blood. This kind of tough approach might not fit your company, but it's not enough to say no. You must create a change plan that works for your environment and delivers the results you want. In other words, you need to manage the transformation in all its dimensions so that you don't miss a step. Consider, if your organization is lacking the right vision, outstanding role models, and a credible change process, then you are sowing the seeds of your obsolescence. The harsh logic is that people are seeking value from wherever it may be found, just as they always have. New technology simply fast-forwards their search, disrupting everything. Today we are witnessing the destruction of industries at an unprecedented rate. You must pivot fast to keep up. Thanks for listening. Do you have an unsolved problem in your Caribbean company related to strategy, productivity, engagement, or business process improvement? Just visit a searchable listing of all my prior articles and you may be able to help yourself to a fresh line of thinking. Go to blog.fwconsulting.com or see the show notes.
