Forbes August 22, 2022
Healthcare is evolving at an unprecedented and ever-accelerating rate. In order to keep up, healthcare organizations must learn to evolve and transform their products, services and business practices. If not, like former giants in other industries, they face obsolescence. When facing these types of junctures, I’ve found that success can make it harder to innovate.
Bill Gates once wrote in his book The Road Ahead, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.” When times are good, exploitation wins out over exploration. It’s a natural tendency to focus on what has made the company successful, milking the most successful products and services. But companies are then trapped by the paradox of plenty—a cognitive myopia...
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