Mike Goodfriend- Goodfriend & Associates, joins us in a National Advisor Showcase segment to talk about leading through disruption.
Please excuse any typos in this hasty transcript.
Matt Register: Hey guys, welcome back to the show. Texas Business Radio, texasbusinessradio.com is the website. We’ll get your calls in, 844-814-8114 is our 24-hour call line, get your calls in. Get them in through the website, get your questions in through Twitter, I don’t really care how you get them in. We’re gonna get the experts in here to get those questions answered.
We’re at the point in our show that we are doing a special segment. This one is called National Advisor Showcase. If you’ve listened for any length of time, you know that there’s a lot of folks that a lot of folks that come in to talk to CEOs. They have a wealth of information from all over the country that come in. They have a lot of information to share on how to grow your business, on how to improve your business. We love to have them here on the show and this is that segment. What do you think, Jay?
Jay W. Curry: Well, this is gonna be a good one because one thing we know, if you watch Amazon and all the other technology, disruption is a key to the future and Mike’s going to help us as leaders figure out how we can apply that in our own businesses. This is kind of state-of-the-art stuff, I’m pretty excited about this.
Matt Register: Yeah, no doubt. You’ve all seen in this business environment with technology that’s coming and disrupting entire industries. This is a way to kind of prepare your organization to be able to tackle some of that, to be able to see it coming and to be able to adjust accordingly. Mike Goodfriend, Goodfriend & Associates, is a consultant that comes in and talks to companies, talks to leadership teams about what they need to do to be able to see this stuff coming. Mike, welcome back to the show.
Mike Goodfriend: Well, thank you for having me. It’s great to be back.
Matt Register: So talk to me a little bit about Goodfriend & Associates. What is it you’re doing to help these companies prepare themselves for what’s coming?
Mike Goodfriend: Well, it all started actually last August. I went to the Technology Collaboration Center in Houston. They had an automation and robotics workshop and it opened my eyes to what was coming, and why leaders are going to have to really going to up their game when it comes to leadership skills. Disruption is accelerating and we all know about, you know, what I call a process automation where we see the robots on the assembly line, factory floor.
Matt Register: Sure.
Mike Goodfriend: But really, the risk for most organizations is platform disruption. Platform disruption is the Amazon, the Über, where they actually can take away your line of business, coming from outside your industry and disrupt your business.
Matt Register: Now, most companies are not set up to certainly deal with this. Right? Most companies aren’t even set up to identify it’s coming.
Mike Goodfriend: Right.
Matt Register: Right? So how in the world do you get some of these leadership teams to want to identify that they’re at risk for this, and two, do something about it?
Mike Goodfriend: Yeah. There are really a number of leadership skills they have to … One of the ways, I guess, that is important for them to start thinking about it is Accenture did a survey that 54% of a leader’s job right now is administration and coordination.
Well, any repetitive task is at risk for being automated out. Okay? Some of the skills that are really going to be necessary require a lot more strategic thinking. “What is our position in the marketplace? And what technologies are out there that could transform our organization?”
Matt Register: Well, in reality a lot of these administrative tasks should be automated. Right? I mean, they need to get off the leader’s plate. The leader is not paid to do automatable-kind-of tasks, right?
Mike Goodfriend: That’s correct, but they are.
Jay W. Curry: You got to help them realize half of what they’re doing they need to stop doing it, and get somebody else to do it, they need to get it automated, they need to something so that they can take that half, and begin to think strategic, and begin to think out of the box, and begin to change their culture; because this is coming on very rapidly.
Mike Goodfriend: Yeah. Let me give you some example. At this workshop I … There was a fantastic presentation about … It was a doctor from the UT Health Science Center, and he was presenting, they’re developing this micro-surgical robot that can repair spina bifida in the womb, halfway across the world.
Matt Register: Oh, wow.
Mike Goodfriend: Now, you think about that, that’s a platform that changes the delivery of medicine.
Matt Register: Sure.
Mike Goodfriend: It’s not just an automation of a task, it’s changing the platform of how we deliver medicine.
Jay W. Curry: There are so many things involved in that, too. I mean, microscopic robots [crosstalk 00:05:12].
Matt Register: Well, and it replaces … I mean, think about the surgeon out there that does the same repetitive surgery time after time, after time, right?
Jay W. Curry: Right. Exactly.
Matt Register: They’re certainly at risk-
Mike Goodfriend: That’s right.
Matt Register: Of having their business be disrupted, right?
Mike Goodfriend: Exactly, so any organization has to look at what they deliver and what could be done in a automated or robotic fashion.
Matt Register: Well, no. That makes a lot of sense. Now, I’m looking at a book that you gave me. I’ve read the synopsis of it, I have not read it yet, it’s called Breakthrough Time. Tell me a little bit about the book.
Mike Goodfriend: It’s actually a business novel. The premise of the story is that my grandchildren, who are in their 50s come back in time, to get me and my partner to come to the future; and they want the Teamwork Sharks, which is really what this process is about. The Teamwork Sharks to help them commercialize a revolutionary technology, and so …
Jay W. Curry: That’s a great idea.
Mike Goodfriend: It’s a great story, but it also really looks at how do we identify a mind for business opportunities, and how do we make compelling business cases around those opportunities.
Matt Register: Interesting. We’re going to have that, Breakthrough Time on the Essential Reading List there on texasbusinessradio.com. It’s also available through Amazon, but talk to me a little bit about what companies are at risk of … I mean, how do our listeners know that their company is at risk for disruption?
Mike Goodfriend: Well, they are.
Matt Register: The answer is, “All of them”. Right?
Mike Goodfriend: Yeah, they really are.
Matt Register: Okay.
Mike Goodfriend: Just about every organization is going to be at risk at some point. Now, the question is, “How do we make sure we maintain and gain a competitive advantage for what the future is like?”
Just about any organization that does anything on a repetitive basis, a platform could replace what … You know, a new, disruptive platform could replace what they do.
Matt Register: Say you’re in one of those businesses, right? And say you’re able to identify, “Yes, we are at risk of being disrupted.” What do you do about it?
Mike Goodfriend: Okay, so there are a number of skills that you want to build into your leadership team, and process is related. Now, whether you actually change the organizational model or not is going to depend on the size of the organization.
Here are some skills that really do matter. Number one is strategic thinking. Where we are, what is our position in the marketplace, and what are the risks to our position in the marketplace?
Data interpretation. If we look at analytics, how do we take and make sure we make analytics a competitive advantage?
One other one I would say is making compelling business cases, and being able to do creative experimentation around that, as well.
Jay W. Curry: I have to tell you that I … If you study the coming internet of things, what you’re describing is a natural result of what is going to be the next internet revolution, which is going to turn the whole world upside down, again. You got to get into it. I just love what you’re doing.
Matt Register: How does somebody know that they need your help? Right? Because there’s a lot of business owners right now listening and saying, “Okay, maybe I am at risk,” right?
What is it you guys are going to bring to the table and help those organizations do?
Mike Goodfriend: The first thing, and I’m doing this right now, is actually giving presentations to executive teams, as well as professional associations; and really showing them some of the disruptive automation that they may be at risk for, and having some discussion about that, as well as the leadership skills that are going to be required; and what actually looks like, those skills.
Matt Register: Okay, interesting-
Mike Goodfriend: Powerful.
Matt Register: Yeah, interesting stuff. This is something that’s coming to a lot of companies. We’ve seen the leading edge of it with some of the Übers, with some of the … You know, Blockbuster Video and things like that, but it’s coming to a business near you if you’re not aware of it.
Mike Goodfriend: Yeah.
Matt Register: We’re talking to Mike Goodfriend of Goodfriend & Associates, the website goodfriendconsulting.com. If you think you’re in an industry that is at risk for being disrupted, give them a call, they may be able to help you build your team, to be able to do something about it.
Very interesting stuff. Jay, we’re going to have to go take a break. Go get links to everybody we’re talking to there at texasbusinessradio.com. We’ll be back right on the other side of the break. Don’t go anywhere, guys.
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In addition to hosting "Texas Business Radio," Matt is an investment banker and serial entrepreneur from Montgomery, Texas. He is the owner of RREA Media and Register Real Estate Advisors and a Managing Director and Principal at Corporate Finance Associates. He has a BS from the United States Military Academy at West Point and an MBA from Rice University in Houston. You can read more about Matt HERE.