Changing how an organization conducts its core business — such as launching new services or reorganizing for greater efficiency — is really hard. During the first era of the internet, we saw the tremendous strain transformation placed on companies, industries, and entire economies. Today, employees often don’t want change because they’ve grown accustomed to certain norms. Executives often don’t want change, because they’re weary of the costs and risks associated with embracing innovation. Yet, despite the obstacles, transformation is important for any company looking to survive and thrive in this era of digital disruption.
Blockchain Is Changing How Companies Can Engage with Customers
Lessons from Canada’s largest digital payments company.
January 06, 2021
Summary.
Disruptive technologies like blockchain and artificial intelligence are powerful catalysts for change — they can change not just how a company works, but what it’s possible for it to do. Consider the case of Interac Corp., Canada’s largest digital payments company, which partnered with an energy company to change consumer habits through a blockchain-powered incentive program that saved the energy company money and created more efficiency throughout the system. This case offers a few lessons for leaders: 1) tech like blockchain can transform sectors, 2) collaboration is an efficient way to experiment, 3) enterprise-wide engagement builds momentum for innovation, and 4) social purpose is a powerful driver of change.
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New!
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.