On March 13, Trexin hosted its fourth Thriving Through Disruption event in Minneapolis. In a private setting at Pittsburgh Blue Steakhouse, fifteen senior executives from leading Minneapolis companies in manufacturing, financial services, retail, mass media, and healthcare enjoyed a great evening of discussion, dining, and networking. Marvin Richardson, Managing Director and co-Founder of Trexin, provided an overview of the event series and then introduced the two guest speakers for the evening.
The first presenter was Doug Reynolds, SVP & CIO at Regis Corporation. Doug’s presentation, entitled “Looks Simple, Plays Hard”, focused on how technological innovations are disrupting the retail environment, especially the “value and convenience” segment that represents the majority of Regis’ business. Doug explained that new mobile + social technologies make Regis’ services significantly more convenient and valuable to its customers in the form of mobile apps, in-store kiosks, and comprehensive loyalty programs. But what is seemingly straightforward on a conceptual basis is significantly more difficult to execute when it needs to be scaled to over 10,000 stores. Steady incremental improvement and continual innovation, Doug emphasized, are the key to success.
The second presenter was Dr. Richard Baker, SVP & CTO at MTS Systems. Dr. Baker described how MTS is transforming itself from a project-based engineering company to a technology company delivering product and knowledge-based services. The impetus for the transformation, Dr. Baker explained, is a disruptive change long predicated but only now appearing: demographic change. Specifically, an aging “old world” population forcing companies with high levels of intellectual capital to refine their business and operating models. Dr. Baker challenged the audience to consider what opportunities and risks this impending disruption brings to each of them. And for those who might question the relevancy of such change, Dr. Baker provided one bit of advice: “Don’t bet against technology or demography.”
Trexin continuously studies the impact of disruptive change. There is great opportunity for organizations to capitalize on those disruptive changes through new business strategies. Disruptive change can come from various sources such as technology, competitors with new business models, government regulations, sweeping changes that affect entire industries and M&A activity that restructures organizations. If you would like further information on Trexin’s Thriving Through Disruption events, please contact Jenna Smith at [email protected].