This fireside chat is a response to a few questions we received to earlier fireside chats on LinkedIn. One question specifically was about “How do you create new alliance opportunities in the current environment?” and in line with that there was a remark about creating new value.
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How do you create new alliance opportunities – Video transcript:
Peter: Well, Hello, good morning. Good afternoon for us, it’s a good morning. wherever the viewers are, a good day to you.
Anoop: It still is Good morning, and it’s nice and sunny where I am. And I guess it’s where you are as well
Peter: Yes the weather is improving again. So that’s always good.
Anoop: And we’re in a slightly different environment.
Peter: Yes, exactly. Exactly. Different light, different environments. It’s always good
Anoop: Variety is the spice of life as they say, right?
Peter: That’s a nice saying. Indeed. Yes, So when I look at today’s topic, or better said, when I look back to some previous fireside chats. We posted them on LinkedIn. We got some good comments there. And one actually was a question from Thomas Lamm, who said, How do we create new alliance opportunities in the current environment. And I also saw another comment from Pieter de Zwart who really liked the fact that we talk about creating new value: Aren’t those two connected?
Anoop: Absolutely they are. Peter. So going back to Thomas Lamm’s, question about how do you create new alliance opportunities particularly in the current situation that we’re in with Coronavirus, etc it’s thrown up, it’s thrown up everything up in the air right. Yeah. I think the the important thing to do is is look back in your own organization and based on the current situation is really reflect on what is your strategy now, what do you need to be doing now, right and as your strategy changed, because of this current situation, so always go back to strategy strategy drives everything yeah. And then if the strategy says we need to change direction need to do something different etc, you need to evaluate how you go about doing it. Do you do you say, well, we can do this ourselves? Or do you say, we need to buy an organization which is highly unlikely in today’s restricted financial market as well. Or the other third option, which is actually the best option is how we do it by leveraging on complementary capabilities, assets, skills and capabilities from organizations that you can work with, which is the alliances and partnering approach, right. And it creates the speed and agility and flexibility that you need, which is absolutely vital in today’s market. Right? And then, you know, going back to how do you how do you create these new opportunities? You know, when we speak about this all the time, Peter, from strategy, you go down to things like partner selection, you go through a very quick but robust partner selection process, you identify potential partners, you put them through the partner selection process, and then you start the process of the whole value creation piece, and you need to be thinking about new value.
Peter: So when I look at the same thread where these questions were asked, there was also a post to an example of KLM and Philips working together. Right now when I really look at that it’s from a high level. So KLM’s strategy is about transportation. Philips strategy is about health tech technology for healthcare. Philips was being asked to increase the production volume for health related equipment that was needed as needed right now in the Coronavirus. Right. And a lot of that needs to come from China. So they need additional transportation capacity. So it’s not that they were looking and looking out in the sky and said, What shall we do today, based on our strategy’s immediate need based on the strategy that they came together and look for the right partner to create value for their customers? Or better said in this case? the patients of the Corona pandemic,
Anoop: I agree. That’s absolutely right. And then we take another example: That that was just posted. In fact yesterday, two big giants GSK and Sanofi, big competitors, big organizations, they compete with each other and from a vaccines perspective, we know that creation of a vaccine is critically important to combat Coronavirus. They have actually looked at and they’ve said even though we compete in vaccines, we have some complementary capabilities to do something we need to do now. The urgency is now and they’ve put aside their competitive thinking. And they looked at what they needed to do right now. And said, we’ve got some things we can work on together with complementary capabilities to actually do something fantastic. That’s really, really good to see. And there’s so many more examples of that, but that’s the right way of doing it. Right.
Peter: So it’s about creating value and creating synergy. One plus equals three,
Anoop: one plus one is three. So and it starts at from a strategy perspective to say, how does my strategy need to change With with where I need to do now and how do I create the one plus one is three and and and Peter it’s about creating the new value but creating the positive outcomes if we it needs to be based on outcome. This is not about revenue This is about creating positive outcomes saving lives.
Peter: Yeah actually it is, thank you very much Anoop.
Anoop: Super. Thank you.