Book: Good to Great: Step-4
Published: 2010 & Pages: 280
10x Step Learning
Step-4
Technology is Tool; not Destination
Think of new technology like a fast car that can help you reach your destination quicker. It’s not the destination itself, just a way to get there faster. Companies that became really successful (good-to-great companies) used new technology to speed up what they were already doing well. They didn’t change their whole plan just because of new tech. They saw tech as a tool to help them, not the main thing.
But some other companies (comparison companies) were scared of new technology. They thought it was a danger, so they quickly tried to use it without a good plan. The successful companies thought carefully about whether new tech could help them go faster in the direction they wanted. If it could, they used it and became leaders in that tech. If not, they ignored it or just used it like everyone else.
Here’s an example with Walgreens, a big drugstore. When the internet shopping boom started, a company called Drugstore.com came out. People were excited about it, and Walgreens felt like they needed to catch up. Instead of rushing, they thought about how the internet could make their drugstore even better and more profitable. So, they made Walgreens.com, and it helped them do things like give prescriptions online. While Drugstore.com lost a lot of its value in a year, Walgreens did even better and doubled the value of their stock.
10x Short Questions
1. How should new technology be seen according to the paragraph?
Success comes from many small steps in the right direction.
2. How did good-to-great companies use new technology?
They go through lots of small changes over time.
3. How did comparison companies react to new technologies?
Their success was the result of small, continuous improvements.
4. What did good-to-great companies think about before adopting new technology?
They thought about how it could help them achieve their existing goals faster.
5. What did Walgreens do during the e-commerce boom?
They thought about how online business could make their drugstore more convenient and profitable.
6. What did Nucor, the steel company, understand they could do better than others?
It caused Walgreens to lose 40 percent of its share value.
7. What did Nucor do to achieve their goal of becoming the most profitable steel company in the US?
What did Walgreens do in response to the e-commerce challenge?
8. What's the difference between how good-to-great companies and comparison companies tried to change their fortunes?
Drugstore.com lost much of its original value, while Walgreens doubled its stock price.
9. Why did comparison companies often get discouraged and had to try something new?
They considered how it could enhance their original strategy and make it better.
10. What's the lesson we can learn from this paragraph about achieving success?
Successful companies use technology to enhance their existing plans and goals, not just follow the latest trend.
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