“You say you want a revolution. Well, you know we'd all want to change the world.
You tell me that it's evolution. Well you know we'd all want to change the world.” - The Beatles, Revolution, 1968
On day one of the 2011 SIG Global Leadership Summit, over 120 legal, procurement and outsourcing professionals from around the world came together to attend the Corporate Revolution Roundtable hosted by #1 Ranked sourcing advisory and benchmarking firm, Alsbridge, Inc.
The Beatles’ “Revolution” playing in the background as attendees walked in set the tone for the two hour collaborative discussion focused on how to put innovation into practice to cause a corporate revolution. Attendees were given three main topics which they then addressed openly, resulting in the following key findings.
TOPIC #1: Is Cash still King? – Corporations have a higher share of cash on their balance sheets today than at any time in nearly half a century, is cash still king?
Companies are employing creative deal structures for payment timing and discounts in order to manage their cash balances
Many companies are beginning to use the cash to fund strategic and tactical acquisitions
For a project to be approved, time to payback must be 12 months or less
Transparency of spend and savings via dashboards/analytics have become a higher priority
Companies are shifting focus from make to buy and the strategic use of consultants
Companies are reshaping both their internal organizations and external relationships
TOPIC #2: Evolution…or Revolution? –How do companies innovate in order to become the best?
M&A activity driving revolutionary change for some, but most attendees felt their organizations are undergoing an evolution during revolutionary times
They are seeking to avoid technology’s bleeding edge, but experimenting with pilots
There is an overarching need to select partners that can evolve at the same pace
Social media is driving change in corporate behavior and management styles are changing due to mobility, demographic shifts and technology
TOPIC #3: Leadership in Revolutionary Times – How do you lead your organization to success in this ever changing landscape?
Care more and carry less; allow team to try…even if they fail
Timing is critical to success ; timely and effective communication
Frame the objective early for the team
Must be courageous to make “big bets” on tough decisions
Agility is key to leading the changing work force
The Corporate Revolution Roundtable was an ideal forum for open collaboration on current and relevant topics facing many companies today including ethics, integrity, leadership and vision. In these revolutionary times, these types of frank and honest discussions will help to greatly improve the industry for everyone involved.