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Will Technology’s Next Big Innovation Be Your Company’s Downfall?

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Business
Will Technology’s Next Big Innovation Be Your Company’s Downfall?

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This blog is provided by Terry Jones, founder of Travelocity.com and founding chairman of Kayak.com. It is a companion to his interview on Innovating Leadership, Co-creating Our Future titled Can Your Business Survive the Rapid Advance of Technology? that aired on June 9th, 2020.

 

It’s a scenario that gets played over and over in the corporate world.

One moment a company is riding high, the next it’s struggling to exist, its business model disrupted by new technology and a failure to keep up with an ever-changing competitive landscape.

Take as just one example Nokia, which at one time ruled the roost in the mobile-phone market, able to boast in the late 1990s that it was the world’s largest cellphone maker.

But when Apple introduced its iPhone in 2007, Nokia proved too slow to adapt as the market, the technology and the competition began to evolve all around it. Over the next several years, Nokia became an also-ran in an industry it previously dominated.

History is replete with similar stories, and you can expect more in the future as technology continues to advance at a head-spinning rate, says Terry Jones, founder of Travelocity.com, co-founder of Kayak.com, and author of the new book Disruption OFF: The Technological Disruption Coming for Your Company and What to Do About It (www.tbjones.com).

“Our constantly changing world is disrupting what many businesses do, whether it’s photography, the book industry, the music industry or many others,” Jones says. “In the business world, change is inevitable, but success is optional.”

“Technological change can come quickly. For example, 90% of hearing aids are now produced by 3D printing and that change happened in just four years. Companies that didn’t make the change are no longer with us.”

That doesn’t mean any particular company is necessarily doomed, though.

“There are a surprising number of 100-year-old companies out there,” he says. “Most of the ones I’ve talked to have mastered the ability to shed their old skin and renew themselves when required.”

Jones says a few ways businesses can avoid becoming a disruption casualty include:

  • Be willing to take risks. “Your company was probably founded on risk, but you don’t take risks anymore,” Jones says. “But you have to take risks to move forward.” He says he speaks with many corporations that are envious of the speed with which Silicon Valley startups make decisions. “These nimble companies are constantly trying, failing, changing and moving on,” Jones says. “Disruption is in their DNA. Most larger corporations are not like that. They generally are deliberative, risk averse and ponderously slow. They focus on delivery more than discovery. That approach might have worked in a time of limited disruption, but not today.”
  • Create a culture open to new ideas. “Many businesses are stuck in corporate pinball,” Jones says. By that he means this: Each time someone dreams up a new idea, that idea gets bounced from department to department, as if its hitting the bumpers of a giant pinball machine. Each department finds a reason to say “no” to the idea, which eventually ends up in the gutter. “You have to stop closing the door and saying, ‘No,’ ” Jones says. “Your job is to get the idea to the finish line. To get it over, to say, ‘Yes.’ ”
  • Become a disrupter yourself. In this world of disruption, it’s unlikely your largest competitor will be your undoing, Jones says. The problem is those 5,000 to 6,000 new startups per year that are attacking the traditional world. “You need to put their ideas to work and become a disruptor yourself,” he says. “Disruption and innovation really are two sides of the same coin. You just call it a disruption because you didn’t do it.”

“A company may currently be strong and it may be run by intelligent executives, but the question is whether it’s adaptable enough to change,” Jones says. “Even more important, is the company proactively preparing for change? If so, it’s more likely to survive and maybe even thrive.”

 

To become a more innovative leader, you can begin by taking our free leadership assessments and then enrolling in our online leadership development program.

Check out the companion interview and past episodes of Innovating Leadership, Co-creating Our Future, via iTunes, Google Play, TuneIn, Stitcher, Spotify and iHeartRADIO. Stay up-to-date on new shows airing by following the Innovative Leadership Institute LinkedIn.

About the Author

Terry Jones (www.tbjones.com), founder of Travelocity.com and founding chairman of Kayak.com, is author of the new book Disruption OFF: The Technological Disruption Coming for Your Company and What to Do About It. For the last 15 years he’s been speaking and consulting with companies on innovation and disruption. Jones began his career as a travel agent, jumped to two startups and then spent 20 years at American Airlines, serving in a variety of management positions including Chief Information Officer. While at American he led the team that created Travelocity.com, served as CEO for six years, and took the company public. After Travelocity he served as Chairman of Kayak for seven years until it was sold to Priceline for $1.8 billion.

Photo by Kaboompics .com

A Challenging Climate: 2020 is a Defining Year for Climate Change and BCM

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Variety
A Challenging Climate: 2020 is a Defining Year for Climate Change and BCM

Join me May 14/20, as I talk with internationally recognized industry and risk expert, James Green. We’ll talk to James about how ‘2020 is a Defining Year for Climate Change and BCM’ professionals. Considering the current global environment and activities, BCP practitioners must start acting ‘beyond’ the usual risks that impact our organizations. It’s a very informative episode!

Enjoy!

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Don’t Let Third Parties Bring You Down

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Business
Don’t Let Third Parties Bring You Down

Without an effective vendor management program, the threat looms large.

How can a business effectively manage the oversight of its third-party vendors’ security and privacy programs? After all, these are completely independent organizations, running their own businesses and executing their own practices.

It may sound overwhelming (perhaps even impossible), but it is doable with an effective vendor management program.

Below are five key components to such a program. Keep in mind these are not one-and-done to-do’s. Each of the following should be performed on an ongoing basis.

  1. Document all third-party vendors.

Do you know every vendor doing work for your organization? The first, and possibly most neglected, step is to identify and document at least the following details for all vendors:

  • Contact names
  • Office locations
  • Dates contracted
  • Services performed
  • Data shared

Be sure to keep these details up-to-date for all vendors. You should also retain this information for past vendors for at least six years (longer if your business must follow strict data retention requirements).

One thing to watch out for, especially in large organizations with multiple locations, is multiple vendor contracts. Often, these firms will contract the same vendor to perform the same activities for each location, yet under differing contractual agreements. This creates an additional risk of vendor non-compliance.

  1. Document the information each vendor accesses.

Once you have identified all vendors, you need to document the types of information each has access to. For example: full name, mailing address, phone number, social security number, email address, birthdate, etc. More access to sensitive information (e.g. health data, social security numbers, etc.) means higher risk, and therefore, requires more oversight. Be sure to document the security controls associated with each vendor and establish a way to keep the information up-to-date.

Once you’ve identified the data each vendor accesses, you are ready to determine the risks to that data. The most effective way is a data flow analysis in combination with a risk evaluation. When it comes to performing this analysis, keep in mind simpler is usually better.

  1. Establish and update contractual requirements.

Determine if your contractual requirements for each vendor are adequate. At a minimum, your contract should include rights to:

  • Audit
  • Request completed risk evaluations on a regular basis (quarterly or bi-annual)
  • Be notified and approve of any subcontracting involving data
  • Review vendors’ documented information security and privacy policies
  • Be notified as soon as possible (typically within one business day) of a breach
  1. Determine and monitor risk levels.

You also need to determine the level of risk each vendor presents to your organization. You can often establish a preliminary risk level based on the following details:

  • The amount of sensitive information involved
  • The number of locations, including number of countries, the vendor is using to store and process data
  • The number of the vendor employees who have access to data
  • The number of technologies / devices used
  • The maturity of the vendor’s information security and privacy program
  1. Establish a plan for ongoing oversight.

There are many effective ways to maintain oversight of your vendors. Which you choose depends on the type of service the vendor provides. Below are some options to consider:

  • Obtain monthly or quarterly attestations from your vendors’ executives. By attesting that security and privacy programs are maintained and enforced, the executives become even more personally accountable.
  • Perform risk assessments. These assessments may include requiring the vendors to complete surveys to help you evaluate their security and privacy programs.
  • Require and monitor your vendors’ regulatory compliance specific to their industries and applicable legal requirements.

The more automated you can make ongoing oversight the better. However, some of your highest risk vendors may require personal phone meetings, or even on-site visits.

How SIMBUS360 can help

If you need help with any of the above processes, consider a vendor tracking automation tool, such as SIMBUS Tracker. SIMBUS Tracker is powerful vendor management software designed to monitor organizations with access to personal information. It consolidates all necessary compliance verification information and associated records into one simple-to-use, secure platform and performs ongoing oversight of your vendor relationships.

SIMBUS Tracker is available for direct use. It’s also available in a white-label version. So, if you lead a business, such as a law firm, managed services IT firm, consultancy or an accounting practice, and you’d like to help your clients with their own vendor management, SIMBUS Tracker is ideal software for opening up that additional business line or revenue source for your firm. Contact Dave Greek to learn more.

For more information, download our Vendor Oversight & Risk Management Tips guidance document. The document includes common security and privacy risks discovered from more than 300 vendor assessments.

The Gift of Risk by Cynthia Brian

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The Gift of Risk by Cynthia Brian

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Every week, Express Yourself!™ will bring you a stimulating program based on a chapter from our award winning book Be the Star You Are!® for Teens.

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Deepen your spiritual connection to the earth and rejoin the community of nature when Asya and Zahra interview artist and author Lupa for her newest book, Nature Spirituality from the Ground Up. As she explores nature, Lupa risked all to keep grounded. The Gift of Risk penned by Libby Gill from the book, Be the Star You Are!® for TEENS, offers real life exercises to stretch and grow daily.

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Art Attack Reporter, Brigitte Jia brings another fascinating monologue on the risks that artists take to reveal their inner spirit with their works. Why did Andy Warhol paint tomato soup cans?  “It’s not because things are difficult that we dare not venture. It’s because we dare not venture that they are difficult.”-Seneca
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Lupa, aka, Green Wolf, is an author, artist and amateur naturalist in Portland, OR. She is the author of several books on nature-based spirituality, most recently Nature Spirituality From the Ground Up: Connect With Totems In Your Ecosystem. More about Lupa may be found at www.thegreenwolf.com
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Get Control of Your Life and Business

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Business
Get Control of Your Life and Business

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Do you find you’re constantly fighting fires in your daily business? Where are you leaking profits because you don’t have the needed structure in place? What risks do you have in your business if someone leaves and takes their knowledge with them? Karen Logan, productivity specialist and author of the new best selling book “Structured for Success”, will share world-class solutions on The Business Edge for the business owner who is ready to grow and be more productive. Learn how to eliminate waste, risk and frustration by putting simple and critical strategies in place. Get control of your life and business.

 

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