Preparing to Embrace New Technologies in the Modern World
Overview
Embracing technological change and doing so in a way that drives competitive advantage is difficult. It requires that firms understand which changes are most critical to their core business, how such changes generate strategic opportunity, and finally, how to move with greater agility in these directions when the time is right.
In the this session, Dr. Peter Boumgarden from Washington University in St. Louis (Olin Business School) walked through a particular set of research-informed ways in which family enterprises and wealth owners, in particular, might be able to navigate this landscape with greater agility.
Insights and Key Takeaways
New technologies abound in our modern world. Here Dr. Peter Boumgarden, Professor of Practice Strategy & Organization at Washington University in St. Louis, shares insights around innovation and technology as relevant to the family office.
Boumgarden believes that we cannot separate technology and innovation from human dynamics. As we embrace new technologies, we must leverage family continuity in order to move forward.
As an example, Boumgarden explores the early vision of Disney, the founders of which wrote their original business strategy on a napkin sketch. As Disney drives it’s business forward and the enterprise grows, Boumgarden asserts there must be continuity from that original napkin sketch into the current model. The vision must hold true, and the components must be related.