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Who Says Elephants Can't Dance?
Transcript of Who Says Elephants Can't Dance?
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By Louis V. Gerstner
About the Author:
This book tells us about the major turnaround in the history of the International Business Machines Corporation (IBM), and in the history of business leadership itself as told by Louis V. Gerstner, Jr. who was the chairman and CEO of IBM from1993 until 2002.
Part I: Grabbing Hold
To change the Economic Model
Assets To Raise Cash
Louis Gerstner Jr start IBM career on 1st April 1993.
He took these steps to save and hold IBM company.
Create leadership team
Create global enterprise
Reset corporate compensation
This section describes the marathon fight to make IBM once again "a company that mattered."
It is important to identify and inculcate the company's values or "statement of principles."
Culture then became the company's strong customer focus.
Values such as outstanding customer service, teamwork, excellence, integrity, and stakeholder value don't translate into the same kind of behavior in all companies.
Successful institutions almost always develop strong cultures.
They reflect the environment from which they emerged. When that environment shifts, it is very hard for the culture to change.
In fact, it becomes an enormous impediment to the institution's ability to adapt."
"All high-performing companies are led and managed by principles, not process.
Decisions need to be made by leaders who understand the key drivers of success in the enterprise and then apply those principles to a given situation with practical wisdom, skill, and a sense of relevancy to the current environment."
Focus: You Have To Know And Learn Your Business
Part III: Culture
strategy goes only so far
By Ghalia Farid Khan
tmouth college – BS Engineering
Harvard University – MBA
March 1, 1942, Mineola
Management Experience at:
Nabisco – CEO
IBM – Chairman and CEO
He Changed The Company By These Decisions:
Re-engineer The Business
To sustain and rebuild proper IBM, the leadership had to be put properly.
Corporate executive committee
Reduced size of board of directors
Communication with employees
Create Global Enterprise:
Gerstner build organization which was customer oriented, organizing company in global teams
Keep The Company Together
CREATE LEADERSHIP TEAM:
The company culture was another of Gerstner's main targets for change.
'"I came to see, in my time at IBM, that culture isn't just one aspect of the game; it is the game.”
Part IV: Lessons Learned:
A successful, focus enterprise is one that has developed a deep understanding of its customers’ needs, its competitive environment and its economic realities
Steely Eyed Strategies:
The hardest part of a good strategy is its competitive analysis.
Intelligence Wins War:
A good strategy is always long and detailed and has focused on every aspect. Insightful and actionable strategies are value added functions of any corporation
The hard part: Allocating resources
Finally making sure that resources are applied to the most important elements of the strategy is perhaps the hardest thing for company to do.
Survival of the fattest:
To survive in the market, many theories have been produced, but what works is shifting the existing cash and resources into new product and bring to the new market.
Execution is really the critical part of a successful strategy. "Getting it done, getting it done right, getting it done better than the next person is far more important than dreaming up new visions for the future”.
Elephants CAN Dance!!
The book is divided into four parts:
IBM is an American multinational technology and consulting corporation
IBM stands for International Business Machines.
It is nicknamed ‘Big Blue’ due to its blue color.
IBM manufactures & markets computer hardware & software, and offers infrastructure, hosting & consulting services in areas ranging from mainframe computers to nanotechnology.
Running IBM takes:
A good strategy:
Is costumer focused
Has deep competitive analysis
Is very long and detailed
Reset Corporate Compensation
"Everybody's strategy in industry is fairly similar. There's no way to create a unique strategy. You can have a good one, but you can expect that your competitors are going to emulate it every day."
Pay for Performance
According to Lou Gerstner, strategy is what make company stronger and it is important to focus on every aspect while designing a strategy.