The Brainstorm Reinvent conference was held in Chicago. This was jointly organized by Fortune and McKinsey. The key takeaway that emerged from this summit, was that culture is the most important aspect for successful organizational reinvention. Instead of merely adding more fuel to the existing tools, newer methods need to be adopted. The analogy between sailing ships and steam- powered ones was given. The usually understood competition between industry incumbents and digital natives is also misunderstood. Rather they depend on each other. To cite an example, 153- year old company Cargill is making use of the services of the much smaller newbie Descartes Lab for its business analytics requirements. Technology and innovation are also important, but culture most so for this transformation sought.

Source:https://www.mckinsey.com/about-us/new-at-mckinsey-blog/want-to-reinvent-your-business-start-with-culture?cid=other-eml-alt-mip-mck-oth-1810&hlkid=04afdb9a525a418c8a8168e24de6ac2c&hctky=9953462&hdpid=87b6d6d0-358a-4aa7-bf72-42b82d74b349

Uploaded Date:07 January 2019