JUNE 2020HR TECH OUTLOOK 19"Winter Is Coming!"If you're a fan of HBO's Game of Thrones series, then you'll recognize the ominous motto of House Stark, "winter is coming." It is used throughout the series to remind the skeptical leaders of The Seven Kingdoms of Westeros that their world is about to radically change. While we business leaders don't have to fear the dead army of white walkers invading from the north, there is a real cause for concern. I'd like to sound a similar alarm to all those skeptical leaders who still think that the disruption we are experiencing will somehow pass them by. Winter is coming my friends and business disruption is a reality that you can no longer avoid. What Is Business Disruption?Most leaders acknowledge that our world is changing. The debate seems to be about the pace and magnitude of this continuous change. Business disruption is simply the accelerated and disruptive effect of innovation and change in technology, process, business models, customer preferences, etc. Business disruption is not unique to our time. It has been a continuous thread throughout our history. Only, the pace has been slow and manageable by human standards. A brief history of the earlier disrupters is outlined in an article by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, titled The Fourth Industrial Revolution: what it means and how to respond". In this article Klaus states, the first revolution used water and steam power to mechanize production, the second used electric power to create mass production, while the third used electronics and information technology to automate production. While these challenged people and organizations to adapt, it will be nothing like the magnitude of the fourth revolution. The difference is the velocity, scope, and systems impact will test organizations like never before. As Klaus notes, "the speed of current breakthroughs has no historical precedent. When compared with previous industrial revolutions, the fourth is evolving at an exponential rather than a linear pace. Moreover, it is disrupting almost every industry in every country. And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance." A brief study of history shows many examples of the disrupters and the disrupted. Examples of fairly recent disrupters include Apple, Amazon, Uber, Tesla, BUSINESS DISRUPTION:CRISIS OR OPPORTUNITY?HOW CHROS CAN HELP THEIR COMPANIES SUCCEED IN A CONTINUOUSLY CHANGING WORLDJim Hazboun, CHRO & EVP, Banc of California [NYSE:BANC]ByCHRO Insights
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