Have you ever noticed what happens to a spinning top? Without intervention, there can only be one result: a wobbling top followed by a fallen top. This example illustrates how the second law of thermodynamics applies to everyone's business. Businesses continue to spin and, without some form of intervention, will ultimately fail.
This session will explore the major stumbling blocks of organizations and ways to overcome them. We will discuss the real reasons that business fail—hint: it is not a lack of cash or inadequate working capital. Discussion will also focus on useful methodologies such as the Greiner Curve, 5S, 80/20 rule, Industrial Production Statistics. We will examine the origin of value in organizations and learn to identify what business cycle your company is currently in and how well your sales staff is performing compared to your industry. As a business begins to wobble are you able to identify the reasons why and most importantly how to renew, reinvent, and reenergize the company? In this course, we will examine the concept of entropy within businesses and point your business in the direction of renewal.
After completing this course, you will be able to:
- Recognize the origin of value for every organization is;
- Identify the meaning of “business entropy” and recognize how it impacts all organizations;
- Recognize the processes that impact business renewal;
- Identify tools that are helpful to postpone entropy;
- Identify tools that will speed up renewal; and
- Describe the role of an innovation management process/system.
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