In 2019, a survey of more than 2,000 executives in industries affected by digital disruption showed that the companies with the highest revenue and earnings growth led the disruption or were fast followers, making big bets across their businesses on innovative products, digital processes, and even entirely new business models.
I couldn’t agree more. We are facing today a highly oppressive business environment caused by rapid changes, increased technology advances and high competition. Therefore, managers must understand that there is no such a thing, as a permanent competitive advantage.
You can probably remember the lesson that Kodak left to us. Or take the example of Apple’s invention of the iPod and how it disrupted the Walkman, designed by Sony.
When it comes to strategy, how organizations relate and apply its resources and capabilities are crucial, for example, is not just about having employees, but also how they’ve being managed and how they cooperate between them. However, the success of a strategy does not come only by looking inside to develop the organization’s resources abilities and core competencies, is necessary to look in the external environment for market opportunities and anticipate what the demand desires.
The world is changing rapidly, and is necessary to find ways to develop the ability to innovate continuously. It can be argued that a long-term planned strategy still relevant, but alone is no longer enough to face the emergent challenges within business model environment.
Time goes only in one course, so rather than continuous be attached to the past, we should focus on how to suit the arising demand taste. The challenge to CEOs and managers is to identify the changes occurring in the industry. There are ways to create printing engaging to the youthful demand and these changes are less complex than companies in the industry believe.
By Vanessa Mann
Intern at INKISH