I have always been an early adopter when it comes to media and technology and early in my career spent 4 years working at Best Buy. So it was exciting to attend the Minnesota High Tech Association Annual Spring Conference to hear Keynote speaker Scott Durchslag, SVP of Digital and Marketing and President of BestBuy.com and e-commerce. Despite the company’s challenges in the past year, they have had a lot of exciting things going on.
Last November we published an academic paper called Best Buy Strategic Management Analysis as part of the Executive MBA Program at The University of St. Thomas Opus College of Business. (I’ll be Graduating in May). Being a person who loves the process of discovery and learning, it was fascinating to uncover companies and brands they own, observe how the Board of Directors and Dick Schulz, the founder and former CEO interacted as he was making attempts to buy back the company.
It was intriguing to learn what has evolved over the past few months and hear how everything is unfolding. Best Buy has a new initiative called Renew Blue which was presented at their shareholder meeting in November. Based on MBA learning, and the information Durchslag presented, it felt like they are facing a revolutionary change which is a rare, dramatic transformation that shifts mindsets and culture in the business.
I have a unique background that blends Marketing, Social Media, Digital and Project Management (IT and Business), so it wasn’t much of a surprise to see that early the same morning a press release was posted saying “Best Buy to Sell its Stake in European Business to Carphone Warehouse.” I understand why they did it and think leadership made a good call based on the research done in the assessment we published. Best Buy is using a mindset of “Test, innovate and learn” which is good because it encourages people to take risk and become part of creating a new culture. And Innovation is more important now than ever, so it is definitely going to remain on my radar.
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