Where ever business happens today, you see a lot of talk about new technology – Internet of Things, Machine Learning, Cloud, Smart Home, Smart Electric Vehicle…
By having an even closer look to the digital edge of today’s business, you see that it is also about disruption.
Mature businesses are being attacked by new competitors coming from totally different angles. Or even worse a new market comes up with a new business model targeting your customers.
Take Blockbuster as example, replaced by Netflix or external storage manufacturers for CDs/ DVDs replaced by USB sticks or even USB sticks replaced by online storage.
A few years ago exchanging large data files via USB stick was so much better than burning a CD/DVD. Today you have dropbox, google/ amazon drive or services like wetransfer.
All of them have something in common, they created a new field making the established one obsolete. As soon as a new player gets traction, there’s not even a competition as the established market leaders are not able to react and adapt fast enough.
That means being a first mover is not just an advantage, it could be the only way to survive in the digital economy.
In the past you did well by knowing your competition and making sure to be one step ahead. Today you don’t even know who’s your biggest competitor. Google starts building cars, Tesla the hyperloop, Apple and Samsung sell watches, Amazon attacks retail stores,…
If you observe what big companies strive for these days, often they address the importance of culture or even the need to adjust their culture.
Employees and customers are getting more and more right in the center of almost every decision they take. This brings up completely new challenges for them as they need to rethink their leadership style, their payment/ bonus systems, their customer interaction, their own brand and how the world sees them.
And now the digital evolution makes it even harder. IoT as example will force your company to open to think about how to open your systems/ data to the outside world and your ecosystem to stay competitive and create new value scenarios.
Have you ever thought about how your challenges connect? – stay tuned more to come.