Slide 1

Is Walmart Falling Behind? A Look at Innovation

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Speaker Notes In this presentation, we’ll explore how Walmart, a retail giant, might be underperforming in a crucial dimension: Innovation. We’ll analyze the ramifications of this underperformance, its connection to organizational structure and culture, and propose a plan for improvement using Kotter’s eight-step change model.

Slide 2

The Issue: Innovation Lag

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• While Walmart remains a dominant force, it’s arguably falling behind in innovation.
• Competitors like Amazon and Target are embracing new technologies like e-commerce, omnichannel strategies, and automation.
• Walmart’s image is often associated with traditional brick-and-mortar retail, lacking the cutting-edge perception of its rivals.

Speaker Notes Innovation is crucial for any company to stay competitive. While Walmart has a strong physical presence, it risks falling behind if it doesn’t embrace new technologies and shopping experiences.

Slide 3

Ramifications of Underperformance

• Loss of market share to more innovative competitors.
• Customer dissatisfaction with a less convenient shopping experience.
• Difficulty attracting and retaining top talent seeking a forward-thinking work environment.
• Potential decline in profitability if failing to adapt to changing consumer preferences.

Speaker Notes The ramifications of lagging in innovation are significant. Customers may choose to shop elsewhere for a more modern and convenient experience. Additionally, attracting and retaining top talent becomes harder when a company isn’t seen as innovative.

Slide 4

Organizational Structure and Culture

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• Walmart’s hierarchical structure, with a strong focus on cost-cutting, may stifle innovation.
• A culture that prioritizes efficiency and maintaining the status quo can discourage risk-taking and experimentation, essential for innovation.

Speaker Notes Walmart’s traditional, hierarchical structure and focus on cost-effectiveness may not be conducive to fostering innovation. Encouraging risk-taking and out-of-the-box thinking requires a cultural shift. (Source: The Innovative CEO: Strategies for Leading from the Inside Out, by Jeffrey H. Dyer, Hal Gregersen, and Clayton M. Christensen)

Slide 5

Conscious Culture and Management

• Conscious culture emphasizes purpose, transparency, and employee well-being.
• A conscious approach could empower employees to identify and propose innovative ideas.
• Fostering open communication and collaboration would encourage risk-taking and experimentation.

Speaker Notes Walmart could benefit from embracing principles of conscious culture and management. Empowering employees and fostering open communication can create an environment where innovation flourishes. (Source: Conscious Business: How to Build Value Through Effective Environmental and Social Practices, by John Mackey and Raj Sisodia)

Slide 6

Kotter’s 8-Step Change Model for Innovation

• Kotter’s eight-step change model provides a framework for implementing change successfully.

1. Create a Sense of Urgency: Highlight the potential consequences of stagnating in innovation.
2. Form a Guiding Coalition: Build a team of leaders advocating for innovation across departments.
3. Create a Vision: Develop a clear vision for how innovation will benefit Walmart and its customers.
4. Communicate the Vision: Effectively communicate the vision to all employees, emphasizing its importance.
5. Empower Broad-Based Action: Empower employees at all levels to contribute ideas and participate in innovation initiatives.
6. Generate Short-Term Wins: Celebrate early successes to maintain momentum and encourage continued innovation efforts.
7. Don’t Let Up: Maintain focus on innovation and avoid complacency. 8