Re-imagine, Reinvent, Transform
As a business leader, one of your most important jobs is to continuously transform your company. If you believe your company can survive and thrive in a stand still mode, you are mistaken. Regardless of whether your company chooses to transform or not, the marketplace is constantly changing.
Staying Ahead of the Curve
Many companies believe growth is a linear path, just continuing to do more of what they have done in the past. They must realize, however, that sustainable, healthy growth is a function of re-imagining and reinventing every aspect of their business constantly. History is full of examples of companies that fell in love with their then hugely successful products, only to find their business decimated in the coming years due to market changes.
Transformation may be revolutionary or evolutionary. Revolutionary transformation is disruptive and reconfigures the company. You often end up with a completely different company. Revolutionary transformation is necessary at times, however, if overused can tear a company apart and make it lose its bearings.
Evolutionary transformation is preferable. It allows a company to build on its strengths, question its assumptions in the face of changing marketplace conditions, challenge itself to drive product and process innovation and invention, and be ahead of the curve by not being afraid to take well-calculated risks.
Understanding and appreciating the need for transformation is one thing, to be able to execute your vision of change is another.
Knowing what must change and what must not change is critical to achieving success. Many companies try to change their fundamental business model without realizing the implications. Transformation must start by reaffirming the spirit, the business DNA of the organization. Doing so will ensure transformation does not violate the mission and core management philosophies/business model of the organization.
It is human nature to resist change and fear the unknown. Likewise, organizations, for many good reasons, protect their legacies. As a leader, you must create a sense of urgency for transformation. Marketing inside the organization to gain employee support is as important as marketing outside. The case for transformation cannot be made on emotions and passion alone. It must be made based on hard facts, data and thorough analysis. The pros and cons of staying with the status quo must be carefully articulated. And, the right expectations must be set about the magnitude of change, and the pace of change.
Reinventing the Baylor College of Medicine
Last year, Dr. Paul Klotman took over as the CEO of the Baylor College of Medicine (BCM), an institution established more than one hundred years ago. With an operating budget exceeding $1 billion and total research support of $400 million, BCM ranks as one of the top 25 medical schools for research in the U.S.
Do you transform a well-established and successful organization such as BCM? Absolutely. Dr. Klotman is leading an inspired charge to reinvent BCM. Dr. Klotman explains, Baylor has been a fabulous research institution, but he believes it must now rebalance itself to include greater emphasis on the clinical component. He has built a case which shows Baylor’s research will progress even faster when it closely and directly links to patient care and cure.
While BCM has built an enviable national reputation, Dr. Klotman is transforming BCM to build a global footprint. He points out, healthcare issues are no longer isolated or contained within one region of the world. The U.S. is vulnerable to outbreaks in other countries, and other countries across the globe are increasingly dealing with many of the health issues that we have faced such as diabetes, cancer and heart ailments. He is repositioning BCM to play a vital role in the healthcare education and research needs of the interconnected world.
Is a recognized business thought leader. Quoted in various publications including the Wall Street Journal and regularly interviewed by media outlets, Kathuria has been featured by the BusinessMakers show, CBS Radio, and is a monthly columnist for the SmartBusiness Magazine.
Kathuria is the author of the highly acclaimed book, The Coherent Company: The Struggle for the Next Level — A Business Parable. It is a realistic and intense story of how a CEO struggles to transform the business and, in the process, struggles with his personal transformation.
Kathuria is the founder and president of Cohegic Corporation, a management consulting, executive coaching and sales coaching firm. Halliburton, Hewlett-Packard, St. Lukes Episcopal Health System, AT&T, and Imperial Sugar Company executives have co-published seminal business articles with Kathuria in the Houston Business Journal on sales effectiveness, performance, corporate culture, and change management.
Invited to speak at large conferences and corporate meetings, Kathuria is a thought provoking and vivacious speaker. He has spoken at the 5th Annual Veterans Entrepreneurship Conference, Rice University, Business Forum on Emerging Markets, University of Houston's Wolff Center For Entrepreneurship, University of Texas' Fleming Center for Healthcare Management, Institute of Internal Auditors, Dover Club, Galleria Chamber of Commerce, American Business Women's Association, French American Chamber of Commerce, Business Resources Group, Financial Executives Networking Group, Silver Fox Advisors, Houston Technology Center and the 2011 SPE Americas E&P Health, Safety, Security, and Environmental Conference.