According to Dr Weill, there is a lot of upside involved in business transformation but the most important part of the process is being willing to change - not always an easy task.
“So why is it so hard? It’s just one word: inertia,” he says. “Inertia born by success is a very difficult thing to overcome. Large, successful companies often have legacy processes, legacy systems, legacy habits - how they look, how they do meetings - legacy mindsets.
“One of things we've learnt about digital is that some of the good we keep but we have to get rid of some of the legacy issues.”
Dr Weill explains sometimes large companies bound by legacy have to “blow up” the old ways of doing things to truly change. “You need to change who makes the key decisions if you want to have a different outcome,” he says. “It sounds so logical but organisations are partly politics and partly contests.”
He also points to new ways of working as an avenue for successful transformation – something we have been working on at ANZ for a number of years.