India ranks sixth on eight great powers in 2017: magazine 01-27

India is ranked at the sixth spot, behind China and Japan, in a list of eight great powers for the year 2017 by a leading American foreign policy magazine which is topped by the US. The list is topped by the US, whereas Chin and Japan are at tie for being on the second spot. Russia (fourth) and Germany (fifth) are the other two countries ahead of India. Iran is ranked seventh and Israel is on the eighth spot. "Like Japan, India is often overlooked in lists of the world's great powers, but it occupies a rare and enviable position on the world stage," The American Interest magazine said in its latest annual report of eight great powers.

India is the world's largest democracy, home to the second-largest English-speaking population in the world and boasting a diversified and rapidly growing economy, it said. On the geopolitical front, India has many suitors: China, Japan and the United States are all seeking to incorporate India into their preferred Asian security architecture, while the EU and Russia court New Delhi for lucrative trade and defence agreements, it noted. "Under the leadership of Prime Minister Narendra Modi, India has deftly steered its way among these competing powers while seeking to unleash its potential with modernising economic reforms," it said.

According to the magazine, despite internal problems in the aftermath of demonetisation, and the Pakistan scare, India found its footing elsewhere in 2016. "Long hesitant to pick sides, New Delhi took several clear steps this year to deter a rising and aggressive China, announcing that it would fast-track its defence infrastructure projects in the Indian Ocean, amid fears that China was trying to encircle India with a 'string of pearls'," it said.

"Likewise, Modi explored new naval cooperation with both the US and Japan, and signed a host of defence deals with Russia, France and Israel to modernise the Indian military," it observed. "From the Middle East and East Africa to Southeast Asia, India is making its presence felt in both economics and security policy in ways that traditional great powers like Britain and France only wish they could match," The American interest said.

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Unexpected Benefits of Digital Transformation 01-22

Digital tools can be used in many different “right” — and surprising — ways to add value to an organization.

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                                                                                                                                                           Many different fields of study — such as psychology, human-computer interaction, and ecology —
have employed the concept of “affordances.” The term refers to the different possible actions that someone can take with an object in a particular environment. For example, someone can interact with a beach ball by batting it in the air, letting it float in water, sitting on it, or popping it. The importance of affordances is the shift in focus from the characteristics of the object to what one can do with an object in a particular situation.

The concept of affordances can be particularly useful when applied to digital technologies in organizations. It overcomes many of the key mistakes companies make when trying to update their organizations to compete in an increasingly digital environment.

Having the Technology Is Not Enough

Perhaps the most fundamental implication introduced by the concept of affordances is the shift from the characteristics of the technology itself to what your company can actually do with it. Digital technologies only enable possible actions for people and organizations to engage in; they do not make those actions happen on their own. Simply owning or implementing digital technologies is not enough to derive business value from it.

This insight may sound obvious, but it is stunning how often managers forget this simple fact in practice. They either believe that the mere adoption of the latest technology will improve their business prospects, or they focus all of their efforts on implementation without applying the time or resources to make the types of organizational changes needed to benefit from the possibilities the technologies offer.

For example, one company adopted Twitter in order to be more responsive to customers, but it kept existing processes in place — processes that required multiple approvals before publicly responding on behalf of the company. This negated the benefit of Twitter because it limited the way the technology could be used to respond quickly to customers. This example may be egregious, but it is common for companies to adopt digital technologies without considering how work needs to change to take advantage of the benefits they enable.

There Are Many Different ‘Right’ Ways to Use Digital Technologies

Just as a beach ball can be used in a number of different ways, so can digital technologies enable a number of different possible actions within organizations. One of Twitter’s greatest strengths (and a reason many people and companies find it confusing) is the multiple possible actions it can enable. Some companies — many of the major media outlets, for example — use Twitter as a means of broadening the reach of their content. Others, such as Delta, JetBlue, and KLM, use Twitter as an effective customer service tool, enabling them to support customers in a very fluid service environment. Still others use Twitter as a business intelligence tool. Companies such as Kaiser Permanente used data generated by companies on Twitter to identify areas of improvement in business operations, and T-Mobile used it to identify competitors’ weaknesses to inform their business strategy. The concept of affordances brings the question of how a particular technology will be used within an organization to the forefront.

The Most Valuable Applications Aren’t Always Known in Advance

The affordance literature also introduces the concept of “hidden” affordances, which describes possible actions enabled that are not necessarily known in advance, which is also true of digital technologies in organizations. For example, one company adopted an expertise identification tool to help determine who in the organization needed knowledge. The tool analyzed digital content generated by employees and automatically generated knowledge profiles for them. Although the intention of the technology was to make others in the organization aware of what knowledge employees possessed, the greater impact was in helping employees understand what knowledge they possessed that was most valuable to others. This often differed considerably from their formal roles or how the employees thought they were most valuable. In another organization, the same technology had a very different unanticipated impact, helping improve the performance of women, lower-rank, and newer employees. The technology democratized access to knowledge in the company, access that had previously been controlled through the social networks of senior male employees. Recognition of hidden affordances helps keep managers aware of unexpected or unanticipated benefits of digital technologies that may not have been considered in advance.

A Digital Organization-Affordance Cycle

The final benefit of an affordance view of digital technologies in organizations is the recognition of a mutually dependent relationship between the organization and its digital technologies. Digital technologies can change the organizational environment of which they are a part, creating the

possibility of a new set of affordances. Organizations can also implement or emphasize new features in the digital technologies, as the most valuable affordances they enable become more apparent. An affordance perspective suggests that digital transformation, rather than a linear progression, is a recursive process in which technologies and the organizational environment mutually influence one another over time. Digital technology creates new opportunities to work differently, and working differently creates new opportunities to infuse technology into the work process.

Shifting toward an affordance view requires managers to shift from thinking about digital tools themselves to a focus on what the tools help companies do differently. As managers think about whether these changes in how work happens will add value to an organization, they will be able to more easily consider what legacy technologies fulfill similar tasks, and whether these different systems will complement or compete with one another. 



Reproduced from MIT Sloan Management Review















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Competing Through Joint Innovation 01-22

The Chinese telecommunications company Huawei recently has made significant inroads into European markets using a strategy of innovation partnerships with customers and governments.

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Emerging markets such as China and India have become the growth drivers of corporate R&D initiatives from all around the world. Although there is growing evidence that Chinese companies are shifting their innovation focus from cost savings to knowledge-based research, the view by many in the West remains that companies based in emerging markets are not ready to take over the role of leading innovators from their Western competitors. As a result, Chinese multinationals have been at a competitive disadvantage, particularly in strategic technology industries.

What can Chinese multinationals do to overcome Western barriers to entry in strategically important technology industries in which “Made in China” or “Designed in China” are viewed as negatives? What dynamic innovation capabilities — or, put another way, what culturally specific processes — should companies focus on to gain acceptance in the competitive global marketplace?

To answer these questions, I studied Huawei Technologies Co. Ltd., the Chinese telecommunications company that has recently made significant inroads in Europe’s mature and strategically important telecommunications industry. (See “About the Research.”) Huawei, which is based in Shenzhen, is one of the first Chinese multinationals to be competitive in the West in a strategic technology industry, making it a potential role model for companies in China and other parts of Asia that hope to transition from being a follower to being a market leader.

To achieve its position, Huawei has aggressively pursued a strategy of joint innovation with leading European customers and governments. In this article, I will discuss how Huawei worked closely with European customers to develop joint innovation capabilities. In the process, the company was able to emerge as a leader in telecommunications in Europe.

Engaging With Startups in Emerging Markets 01-22

Startups in developing economies are addressing local problems through creative technologies and solutions. For large global companies, the prospect of working with such startups is appealing — and complicated.

 

For large global companies, forging effective partnerships with high-potential startups is easier said than done. The very traits that make such startups potentially complementary as partners also make it difficult for large companies to engage with them in the first place. Multinational corporations often struggle even to identify promising potential startup partners; startups, for their part, find it difficult to identify and reach the relevant decision makers within the often-confusing hierarchies of gigantic multinational companies.

The challenge, for both sides, is all the more vexing in emerging markets. Furthermore, most academic studies of the challenges that large companies and entrepreneurial ventures face in partnering — and the solutions the studies suggest — focus on mature markets, such as the United States and Europe. Far less is known about how multinational corporations should engage with startups in emerging markets such as China and India — even though those markets already boast the presence of prominent multinational companies such as Amazon, Google, IBM, Microsoft, and SAP.

To understand how multinational companies have partnered successfully with startups in emerging markets, we undertook a study in three major emerging market economies: India, China, and South Africa. (See “About the Research.”) Our research uncovered four key factors that multinational companies confront in such partnerships in emerging markets. We also unearthed four strategies — one corresponding to each of the factors — to help global companies engage with startups in emerging markets more effectively. (See “Key Factors in Partnerships With Startups in Emerging Markets.”) While some factors may be more potent than others for a given multinational corporation, all four of these strategies are worth paying attention to. They are mutually reinforcing, interrelated strategies and should be viewed holistically rather than in a piecemeal fashion.

Squeezing more ideas from product teardowns 01-22

Some companies are using product teardowns to dismantle silo culture in product development.

Engineers and purchasers love product teardowns—the practice of dismantling products into parts as a way to spark fresh thinking. Few manufacturers, however, elevate the practice above Skunk Works status, and many executives pigeonhole it as a tactical exercise in cost cutting. Some companies, however, are throwing open the doors of their Skunk Works labs and using teardowns as opportunities to increase cross-functional collaboration. Along the way, they are saving more money, capitalizing better on customer insights, and improving the revenue potential of their products.


Technophiles of all stripes love product teardowns—the timehonored practice of dismantling products to their constituent parts to spark fresh thinking. Yet few manufacturers get the full value teardowns afford. Many senior executives marginalize the practice, viewing teardowns as Skunk Works exercises for engineers  or cost-cutting tactics on the part of the purchasing department. Such views retard creativity and ensure that the ideas generated  in teardowns go unexplored, moldering in functional silos.

But some companies go further. This interactive explores marginimprovement opportunities from teardowns that we’ve identified in our research and examines how companies are rethinking  their approaches to teardowns to save more money, break down the silo mentality, and even improve the revenue potential of  their products.

Industrial: Redesign for lower costs A manufacturer of materialshandling equipment was developing a new forklift truck with the goal of minimizing  both its own manufacturing costs and the customers’ cost of operating the product. Recognizing that the vehicle’s weight was the key design factor (a lighter vehicle would require less fuel to run  and would have lower materials costs) the company’s R&D engineers conducted systematic teardowns of competitor’s products to study new design possibilities.

Meanwhile, executives brought in marketers, who learned that customers would indeed value the  lower cost of ownership—and reduced CO2 emissions—brought about by the new design, but they would be unwilling to pay a premium for them. This knowledge spurred the company’s engineers and purchasers to work together to reduce the weight of the new forklift truck by 7% (200 kg), while ultimately lowering manufactur- ing costs by 12% through a combination of design changes, sourcing from low-cost countries, “clean-sheet” costing, and other traditional approaches.

The resulting vehicle con- sumed 4% less fuel than  its predecessor and emitted eight tons less CO2 over  its lifespan—making it more appealing to customers.

Front-tire diameter reduced, and front axle moved closer to payload allowing for lighter counterweight in rear of vehicle

Engine, gearbox moved closer to rear of vehicle, shifting center of gravity rearward to support new counterweight Counterweight reduced, repositioned to support vehicle’s new center of gravity
Front-tire diameter reduced, and front axle moved closer to payload allowing for lighter counterweight in rear of vehicle

Changes in fan design  from blower fan to box fan: 35% cheaper

Elimination of metal base-plate on product’s  cart: 4% reduction in cost of cart

Integrated plug and fuse assembly: 12% cheaper; faster to assemble

Fewer printed circuit  boards (PCB): 14% reduction  in PCB cost

Self-tapping screws  versus threaded inserts:  50% cheaper

High tech: Break down silos A medical-products company planned a series of teardowns to improve the design of its therapeutic medical device. To generate new ideas, executives invited colleagues from purchasing, marketing, engineering, and sales to see how their product stacked up against four rival ones.

Seeing the products together was an “Aha!” moment for the purchasers, who quickly identified a series of straightforward design changes that, while invisible to customers, would significantly
lower the cost of manufacturing the device. Meanwhile, seeing the configurations of competitors’ circuit boards spurred the team’s salespeople, marketers, and engineers to discuss the manufacturing implications of the company’s modular approach to design. The engineers had long assumed that being able to mix and match various features after final assembly was advantageous and had emphasized this capability in the product’s design. Yet the salespeople reported that most customers hardly ever ordered more than a handful of modules at purchase and rarely ordered more after assembly.

The conversations ultimately led to simplifications in the product’s circuitry that lowered purchasing costs  by 23% and helped marketers identify a new customer segment where the product might command a higher price.

Consumer goods: Reduce packaging costs The use of product teardowns extends to a product’s packaging too. However few companies examine the cost of trade-offs implicit in their packaging decisions, much less look to their competitors for ideas. Such decisions tend to be the domain of
marketers, given the importance of packaging in communicating a company’s brand to consumers. Yet we have seen organizations reap considerable savings. One consumer goods maker we know reduced its packaging costs for a key product by 10% by making straightforward design changes that allowed it to use less plastic in manufacturing the product’s bottle.

In this example, based on McKinsey research into packaging and manufacturing costs in the European fast-moving-consumergoods industry, we highlight selected cost trade-offs associated with shampoo.

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Recycled materials. White or clear-colored

                

Interactive
           

Squeezing more ideas from product teardowns

Some companies are using product teardowns to dismantle silo culture in product development.

In this interactive, we explore margin-improvement opportunities from teardowns that we’ve identified in the consumer goods industry and highlight how companies in the high-tech and construction-equipment industries are using this venerable tool in new ways.

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How to Monetize Your Data 01-22

These days, most companies are awash in data. But figuring out how to derive a profit from the data deluge can help distinguish your company in the marketplace. 

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The possession of rich amounts of data is hardly unique in today’s world. Indeed, data itself is increasingly a commodity. But the ability to monetize data effectively — and not simply hoard it — can be a source of competitive advantage in the digital economy.

Companies can take three approaches to monetizing their data: (1) improving internal business processes and decisions, (2) wrapping information around core products and services, and (3) selling information offerings to new and existing markets. These approaches differ significantly in the types of capabilities and commitments they require, but each represents an important opportunity for a company to distinguish itself in the marketplace.

Theoretically, companies can pursue more than one approach to data monetization at the same time. In practice, adopting each approach requires management commitment to specific organizational changes and targeted technology and data management upgrades. Thus, it’s best to identify your most promising opportunity and start there. In doing so, you will enhance your data in ways that will accelerate subsequent efforts related to the other approaches. More importantly, you’ll build your company’s capacity for monetizing its data.

Improving Internal Processes

Using data to improve operational processes and boost decision-making quality may not be the most glamorous path to monetizing data, but it is the most immediate. Executives often underestimate the financial returns that can be generated by using data to create operational efficiencies. Companies see positive results when they put data and analytics in the hands of employees who are positioned to make decisions, such as those who interact with customers, oversee product development, or run production processes. With data-based insights and clear decision rules, people can deliver more meaningful services, better assess and address customer demands, and optimize production.

When Satya Nadella became CEO of Microsoft Corp. in February 2014, he urged employees to find ways to improve the company’s processes with data. Within sales, executives believed that, with the right tools and systems, they could improve the productivity of their salespeople by 30%. To do so, Microsoft’s sales leaders sought to deploy tools that would help salespeople spend more of their time engaging with customers — and in more effective ways — by arming them with key computed insights such as how likely a sale is to close and when.

To deliver actionable insights, sales executives first had to define shared concepts (for example, what is meant by “a lead”). They then needed to locate data sources that could be used to calculate performance. They quickly learned that sales data was located in too many different systems to easily create a comprehensive snapshot of a salesperson’s business. Within a year, they created a new, integrated customer system that could produce 360-degree views of Microsoft’s relationships with corporate customers, including what those customers bought, what issues they encountered, and how the company engaged with them.

The new system saved 10 to 15 minutes per sales opportunity by eliminating the need for Microsoft salespeople to manually search for and prepare data. The system also helped sales executives more accurately manage their pipelines; it used predictive analytics and machine learning to compute the likelihood of a successful sales engagement based on data that the salesperson provided about an opportunity. For example, buying and deploying enterprise software is complex and often requires a partner’s involvement, so the system may calculate a higher likelihood for success when customers already have partners involved. Information about an opportunity’s likelihood of success, along with suggestions on how to advance engagements along the sales pipeline, helped salespeople prioritize their leads and act in ways most likely to achieve their goals. Over time, Microsoft salespeople learned how to forecast more accurately (for example, the accuracy of forecasts regarding global accounts has risen from 55% to 70%), which has led to better sales-pipeline data and, in turn, improved pipeline management.

Wrapping Information Around Products

Most companies have opportunities — often quite significant ones — to enrich their products, services, and customer experiences using data and analytics, a phenomenon that we call “wrapping.” Companies are wrapping their offerings with data to escape commoditization and satisfy increasingly hard-to-please customers — with the goals of generating sales increases, higher prices, and deeper customer loyalty. FedEx Corp. was an early exemplar of wrapping when it introduced online package tracking as a free service in the 1990s. Now examples abound as companies bundle reporting, alerts, and other information to add value to products ranging from credit cards to health monitors.

Wrapping is a creative exercise in which companies identify what problems their customers have and then find ways to solve those problems using data and analytics. For example, Capital One Financial Corp., a diversified bank based in McLean, Virginia, learned that many of its credit card holders are concerned about fraudulent transactions but find the task of examining every charge to be tedious. So the company helps customers identify fraud more easily and more quickly by displaying merchant logos and maps with each transaction in online statements. The visual cues jog cardholders’ memories about whether they made a purchase or not. As a result, customers are more satisfied with the credit card and more likely to use it more often.

Johnson & Johnson has discovered the value of providing pattern identification to users of its health-monitoring products, including those for diabetics. The company offers its OneTouch Verio Sync Meter customers historical reporting on their blood glucose levels along with tools to help them understand patterns of changes. The reporting is intended to help customers identify the possible causes for the glucose level variations and thus identify behavioral changes that can result in healthier living.

Wrapping activities are best viewed as extensions of a company’s product management processes. This means offering data and analytics to customers at the same level of quality as the core product. Doing so requires comparable levels of scrutiny and control. Most companies don’t manage and cannot deliver data and analytics in this way. In fact, exposing data to customers could reveal quality problems and a lack of analytical sophistication. Thus, in most cases, wrapping requires companies to “up their game” in their information capabilities so that wrapping doesn’t damage their reputation or undermine their value proposition. This effort may entail heavy investment in data-quality programs, advanced computing platforms (for instance, Hadoop), or data-science talent.

Selling Data

Many executives are eager to sell their company’s data, convinced that it has inherent value and can generate important new revenues for the company. We caution that selling represents the hardest way to monetize data, mainly because it requires a unique business model that most companies are not set up to execute. Yet it can be done to potentially great effect under the right circumstances.
State Street Corp. is a Boston, Massachusetts–based financial services company that reported $10.4 billion in 2015 revenue. It provides products and services to institutional investors such as mutual funds, corporate and public retirement plans, and insurance companies.

In 2013, State Street announced a new information-business division called State Street Global Exchange that would combine existing State Street data and analytics capabilities with new research to develop information-based solutions that clients would be willing to buy independently of the company’s core services. State Street established a new division for the information business in recognition of its unique business model needs — something the company had not done in 30 years.

Even though it started out as a discrete unit, State Street Global Exchange focused on developing products that were tightly associated with State Street’s core business. For example, State Street is one of the largest administrators of private equity assets, which means that it collects data about the financial capital that is not noted on a public exchange; this kind of data is of great value to markets that require an accurate representation of the private equity industry. State Street Global Exchange appreciated that the data was not automatically monetizable. Executives secured permission from 3,000 private equity clients to aggregate and anonymize that data — and then created an index that conveyed the financial performance of the private equity industry.

State Street leaders realized that they would need an entirely new operating model to support the information business. For one, sales processes had to change because, although State Street Global Exchange often sold to State Street clients, a buyer of Global Exchange products was frequently a different person or cost center than the kind of buyer traditional State Street products attract. In addition, the information business required salespeople with different selling experience and skills in selling stand-alone data and analytics-based products.

State Street understood that establishing an information business is hard and takes time. State Street Global Exchange had to learn to achieve balance between maintaining key ties with State Street (to create benefits from being a part of the larger organization) and responding quickly to new markets and new needs. Executives believe that State Street Global Exchange is gaining significant traction with its clients — and that their commitment will pay off. But we caution that such a model is not easy to replicate. Other companies should think carefully about the operational capabilities, investment, and commitment required to successfully sell data.

The Importance of Accountability

Chances are you have two major obstacles to monetizing your data. The first is the accessibility and quality of your data. Our research has found that only about a quarter of companies offer employees and customers easy access to the data they most need. You can’t monetize data no one can use.
The second obstacle is lack of accountability. All three approaches to data monetization require committed leaders who can redirect the behaviors of employees to deliver an important new value proposition.

Your inclination may be to solve the data quality issue first with big investments in new infrastructure. We propose that addressing the second issue of accountability will create urgency and commitment to addressing data quality issues — and so we recommend starting there.
Data monetization through process improvement requires strong process leaders. These leaders systematically use data to analyze the outcomes of existing processes and test hypotheses about proposed improvements. At Microsoft, for example, sales managers designated specific people to reshape and institutionalize new ways of selling. Process leaders are ultimately responsible for the design of best practices, the capture of the right data, the availability of tools, and the training of all staff regarding how to use data to do their jobs.

Data monetization through wrapping requires strong product leaders. These leaders treat the data that accompanies a core product or service much like any other product innovation — they hold it to the same quality standards. At Capital One, product leaders know the value of adding a data or analytics feature to a credit card because they predict — and then track — the lift in revenue from the information as well as the cost of providing it. Product leaders assemble teams to design experiments and methodologies that help analyze the impacts of information features and make appropriate adjustments.

Monetizing data by selling it requires a strong business-unit leader. That leader, in turn, must assemble a team that can launch and grow what is for most companies a new line of business. The head of that business will start by ensuring the value of the data and related services to potential customers. But the business head and his or her team must also design data, analytics, and dashboards to monitor the business and enable rapid response to new business opportunities.
Each of the data-monetization strategies requires new processes, new skills, and new cultures to generate maximum returns. Companies with data-monetization experience have learned that it is insufficient to simply put data and tools into the hands of employees. Microsoft refined goals, cleaned up data, honed reports and algorithms, grew talent, and changed habits. Capital One and Johnson & Johnson reshaped product-management talent, platforms, and capabilities. State Street redesigned its organization and created a new profit formula that would generate stand-alone revenues from information.

Impressive results from data monetization do not transpire from single “aha” moments. Instead, they stem from a clear data-monetization strategy, combined with investment and commitment.

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Jack Ma: America has wasted its wealth 01-22

Jack Ma, one of China’s most successful and richest entrepreneurs, has responded to America’s growing globalization backlash, arguing that the superpower has benefited immensely from the process – but that it has largely squandered its wealth.

“American international companies made millions and millions of dollars from globalization,” Ma – the founder of Alibaba, the world’s largest online retailer – told participants on the second day of Davos. “The past 30 years, companies like IBM, Cisco and Microsoft made tons of money.”

The question is: where did that money go? It was wasted, Ma explained.

“In the past 30 years, America has had 13 wars at a cost of $14.2 trillion. That’s where the money went.” He also questioned America’s decision to bankroll Wall Street after the 2008 financial crash, arguing the money would have been better spent in other areas.

“What if they had spent part of that money on building up their infrastructure, helping white-collar and blue-collar workers? You’re supposed to spend money on your own people.”

It’s not globalization – and everything that comes along with it, like free trade and outsourcing – that’s to blame for America’s woes. It’s the way the country’s elite managed the process.

“It’s not that other countries steal American jobs; it is your strategy – that you did not distribute the money in a proper way.”

But it wasn’t all doom and gloom in the session. In fact, Ma remains hopeful that globalization can still be a great force for good – for both the US and China. It just needs to be reformed.

“I believe globalization is good, but it needs to be improved. It should be inclusive globalization.”

Ma thinks that should be achievable – and he says President-elect Donald Trump is on board with him. “He’s open-minded and he’s listening,” he told participants.

The two men met recently in New York and had a lot more in common than might be expected.

“We spoke about how we can help small American businesses sell their products in China and Asia through our network, which can create a lot of jobs for them.”

For all the talk of trade wars between the two economic powerhouses, Ma says that’s unthinkable, and thinks they would instead benefit from working together on this more inclusive form of globalization.

“China and the US will never have a trade war… It would be a disaster for both countries and the world.”

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