Jim Collins authored the book Good to Exceptional after researching what separates good companies from great ones. In the first stage of the search, for instance, investors spent six months poring over financial statements to identify businesses with the following basic pattern: 15 years of cumulative stock returns at or below the general stock market, followed by a transition point and then 15 years of cumulative stock returns three times higher than general stock market. Therefore, this essay describes the meaning of Collins by explaining how important is the concept of Collins for the application of educational technology in finance today.
Technology was one of the essential topics covered in chapter 7, which also covered topics such as the technology and hedgehog idea, an accelerator, a technology trap, and how technology is tied to the fear of failing. Significant firms have a different perspective on technology; they integrate it into their business processes and modify it to fit their hedgehog concept by utilizing sophisticated production technology (Katz-Buonincontro & Anderson, 2018). As a result, they can produce more at reduced costs. When applied appropriately and in the proper context, this technology can be a driver of forwarding progress for the organization. The difference between an excellent company and a mediocre one is that the former responds to technological advances with forethought and originality. At the same time, the latter is motivated by the worry that they will be disappointed in their response.
In today’s world, many firms have come to rely on technology to boost their productivity, cut their overhead, and raise their advantage over their competitors. However, Collins warns that technology should not be viewed as a potential panacea for all of a company’s ills because it cannot fix everything. In the wake of the bursting of the IT bubble in the early 2000s, the foolishness of this line of thought was laid bare for all to see (Solecky et al., 2017).The market correction highlighted the stark contrast between well-planned and financially viable online start-ups on the one hand and ill-conceived and unsustainable uses of the Internet to extend already successful firms on the other. Collins contends that good-to-great companies approach the prospect of new and emerging technologies with the same degree of caution and careful deliberation that characterizes all of their other business decisions. This is the case, he says, because these companies already have a solid foundation in place. Collins describes the best way to embrace new technology is to follow this cycle: “Pause — Think — Crawl — Walk — Run.”
Consequently, Collins explains technology as an accelerator, not a momentum creator. For instance, technology can become an accelerator of momentum rather than a generator when applied correctly. Because it is impossible to make effective use of technology before one is aware of which technologies are essential, the companies that went from good to great never started their shift with the development of pioneering technology. The relationship to technology is not unlike how one would approach the relationship to any other category of decisions. Technology by itself cannot produce outstanding achievements that are sustainable (Collins, 2001). Management failures, rather than technology, are most often to blame for mediocre performance. The study’s findings do not support the hypothesis that advances in technology are the primary factor contributing to the deterioration of once-proud businesses. The rise or fall of a civilization is rarely the direct result of technological advances. Companies that are great at what they do respond to challenges with forethought and originality, driven by the need to convert untapped potential into tangible results; companies that are mediocre at what they do react and flail about, caused by the worry that they will fall behind in their industry.
In education, technology should reinforce the fundamental ideas covered in the curriculum rather than taking up the entire class period. To put it another way, the application of technology ought to simplify the process. One excellent illustration of this is the implementation of the “Smart-Board” in the lecture hall or classroom. Students of all ages can have more fun learning thanks to the interactive applications run on the Smart-Board (Collins & Halverson, 2018). When it comes to the fees associated with utilizing such technological tools, the costs can easily outweigh the returns. Therefore, it is necessary to take things calmly and systematically when attempting to change with technology. A teacher in Spain named Marilo Martinez has stated that “transformation should occur gradually but at all levels: teachers, students, and administration (Ward et al., 2021).” For it to be genuinely motivational, it is necessary to consider all the players and their new ideas.
In conclusion, When Jim Collins set out to discover what makes great businesses different from good ones, he compiled his findings in the book Good to Exceptional. Chapter 7’s coverage of technology was extensive, covering such themes as the technology and hedgehog notion, an accelerator, a technological trap, and how technology is linked to the fear of failure. Many businesses nowadays rely on technological advancements to increase output, decrease expenses, and gain a competitive edge. This technology has the potential to propel the company forward if it is used correctly and in the right setting. Collins, however, cautions that technology should not be seen as a cure for a company’s troubles because it cannot fix everything. If technology is to be used in the classroom, it should not replace the teacher but rather supplement their efforts to teach the curriculum’s core concepts.
References
Collins, A., & Halverson, R. (2018). Rethinking education in the age of technology: The digital revolution and schooling in America. Teachers College Press.
Collins, J. (2001). Good to Great. New York: Harper Business.
Katz-Buonincontro, J., & Anderson, R. C. (2018). How do we get from good to great? The need for better observation studies of creativity in education. Frontiers in psychology, 9, 2342.
Solecky, E., Rasafar, A., Cantone, J., Bunday, B., Vaid, A., Patterson, O., & Dai, X. (2017). In-line E-beam metrology and defect inspection: industry reflections, hybrid E-beam opportunities, recommendations and predictions. In Metrology, Inspection, and Process Control for Microlithography XXXI (Vol. 10145, pp. 241-258). SPIE.
Ward, P., van der Mars, H., Mitchell, M. F., & Lawson, H. A. (2021). PK–12 school physical education: Conditions, lessons learned, and future directions. Journal of Teaching in Physical Education, 40(3), 363-371.