and efficiencies is useless if the products are losing their relevance in customers ’ eyes . This is when reinvention becomes imperative for a business to stay competitive .
There are many great examples of businesses that have reinvented themselves with a new purpose , a new business model and new products . Two from the IT world stand out for me : Microsoft and Apple .
Microsoft pioneered the personal computer revolution in the 1980s and grew to dominate the software industry by the turn of the century . However , it lost its momentum and sense of purpose over time , leaving its employees feeling fatigued and disillusioned . In 2014 , a turning point occurred with the appointment of Satya Nadella as Group CEO .
Nadella , an empathetic leader , breathed new life into the organisation by instilling fresh values and a clear sense of purpose . He articulated his commitment to removing barriers to innovation and refocusing on Microsoft ’ s mission to positively impact the world . Nadella ’ s transformative journey over the past decade , marked by a revival of purpose , empathy and innovation in a company that had lost its way , is eloquently chronicled in his autobiography , Hit Refresh .
The other example is , of course , Apple ’ s turnaround in the late 1990s . When Steve Jobs returned to it in 1996 , the company was teetering on the edge of bankruptcy . Since then , it radically reinvented the computer , music , telecommunications , retail and many related industries .
Remaking one business in a career is rare , but reinventing more than four is unheard of . Apple ’ s fortunes really took off after the radical innovation of the iTunes Music Store in 2003 ( and not from its introduction of the iPod in 2001 ). The iPod was impressive , but an incremental form of innovation . The Music Store sparked a revolution .
And then it “ reinvented the phone ” in 2007 . Of course , it was not a phone anymore . It was a platform . Interestingly , we still call these hand-held devices “ mobile phones ” when the phone part has become a small part of the overall functionality . And then , Apple filled a gap customers did not even know they had with the iPad in 2010 . And there were also the iStores , the iWatches …
“ Good businesses reinvent themselves .
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At PPS , we are also “ re-founding ” ourselves after 82 years . We are reimagining mutuality — it can be much more than Profit-Share ( and sharing our returns with members is already brilliant !). We are talking about broader mutuality , such as a personal financial roadmap for every member and holistic financial services covering various needs .
Every member with a PPS Life insurance solution also has investment needs , and all our members with investment products also need a Life solution to “ house ” their Profit-Share .
We are exporting mutuality to the world ( with new associate businesses in Australia and New Zealand ). And we are reimagining digital interfaces . We are excited about the future as we approach 2024 , when we will launch new businesses and solutions for our members .
At PPS , we do not place a strong emphasis on titles . This aligns with our core value of embracing extreme ownership across all levels , fostering an environment where anyone can step up as a leader . As CEO , I try to set an example . I love being introduced to outside guests as “ This is Izak , and he also has a job here !” When I introduce myself , I often say : “ I am the chief herder of cats around here ”, or “ I am the chief urgency officer ; my job is to inject urgency into the system ”. Because a big part of most managerial roles is to get things done , quickly . But the one that is probably closest to the mark is “ Hi , I am Izak , and I am the chief curator of culture here at PPS ”. Because it all comes down to people .
For PPS to deliver on its purpose to enrich professional lives , it is about the thousands of daily decisions that our people make . And if an 82-year-old business can continue to re-found and reinvent itself , then a culture where everybody takes extreme ownership and stays curious is important as we strive to do the right things better .
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