What Malaysian Businesses Must Do To Stay Relevant Today

Five years ago, Jeff was convinced that GE couldn’t have accomplished its strategy unless the company changes its culture to be purposeful, fast and relevant. In the recent TEDxGE event in Kuala Lumpur, Chairman & CEO of GE, Jeff Immelt spoke to GE business unit leaders, staff, partners and customers on ways businesses in Malaysia can change to stay relevant in this day and age. Change has to start with the company and its employees; change has to start at the top. GE changed to stay relevant and here are four steps to consider,
1. Keep the management lean



“It is about doing less, but also doing it better. One principle of simplification is having less organisational structure, fewer operating mechanisms, and fewer approvals. It is about getting out of each other’s ways and insisting that everyone play their own position. It is about having better teamwork because scarcity thrives accountability. A lean organisation is a simpler organisation with a simpler structure, doing fewer things but doing it better.”

2. Put everything back on the clock – Fast works



“It is good to have processes, discipline and perfect. But we are better off trying things fast – start small but start now, learn from failure, be accountable for each other for speed.”

3. Understand commercial intensity by keeping top and bottom voice balanced



“Markets rule. Markets determine our success – making that the value of creation in the company. In big companies, the voice of the field gets too soft and the voice of enabling functions and headquarters gets too strong – when this happens, you get disequilibrium. For the 3,500 of GE’s employee, the market is all that counts for them. It should not get complicated when it gets to the top.”

4. Embrace the power of digital



“We are too antiquated with our digital tools. There is a vast opportunity for us to become faster, leaner, more efficient, lower costs by really embracing digital change we set in the company.”

We Are Simplifying Everything We Do

GE is transforming around the “culture of simplification.” This is not a reorganization or an initiative. Rather, it defines the way the company makes its decisions, works together and works with its customers. Companies need to be focused on efficiency, speed and market impact. It is important to drive decisions closer to markets and making teams accountable for outcomes, not process. Simplification helps businesses stay competitive.

Listen to more of what Jeff Immelt has to say here.