Disruption key for transformation in business, life - Patrick Hylton
Patrick Hylton, group managing director of the National Commercial Bank (NCB), is maintaining that disrupting ourselves is key to transformation and growth, both in business and life.
"The need to transform today amidst unprecedented change and volatility is impatient of debate. Digital technology has changed the competitive and consumer dynamics for all industries. Barriers to entry are lower, global boundaries are diminishing and the level of interconnectedness is high and customers are increasingly informed and demanding. We know that we need to transform," Hylton said.
He was speaking at yesterday's Private Sector Organisation of Jamaica (PSOJ) President's Forum at The Jamaica Pegasus hotel. It was held under the theme: Mission It's Possible: Disrupting Yourself to Enable Transformation
He explained that organisations must look fundamentally different tomorrow from how they do today, and that means being willing to disrupt yourselves before you are disrupted. Hylton further cautioned PSOJ members to "avoid the tendency, especially for entrenched organisations, to see transformation as a defensive action rather than seeing it as an offensive and opportunistic one".
"The lack of willingness to proactively and intentionally disrupt ourselves is the biggest obstacle to meaningful transformation. Disrupting ourselves leaves us feeling uncomfortable, anxious, vulnerable, and afraid. We may even feel that disrupting the status quo is an indictment on our own leadership and success. No one likes to feel this way, but it is exactly these feelings that are the indicator that you are on the verge of being disruptive and transformational, and it takes courage to take this leap," Hylton told his riveted audience.
The NCB head posited key lessons for real transformation as the right mindset which would mean a disruption of our own business model in order to be proactive. The second lesson, it's not about the technology, because that is readily available everywhere today, it is an enabler to transformation. The third key is the reality that things will go wrong sometimes but that's okay. Therefore, leaders ought not to delay because they are waiting for the perfect sets of circumstances.
He also reminded the membership to have the right mindset to continuously transform their businesses, starting with themselves and to do so in the face of ever-present challenges. "The most important step that a leader can take is recognising the need to transform; until we have the courage to disrupt ourselves, we will always be at risk of being disrupted," Hylton said.
The forum sponsored by Colombus Business Solutions, Cable & Wireless Business Solutions and NCB, was also addressed by Joshua Geist, CEO of Geminare, and Gary Hendrickson, vice-president of the PSOJ.