It is becoming increasingly evident that the pace of change today is outstripping our ability to learn. The latest round of technology automation and exponential change is being dubbed the ‘Fourth Industrial Revolution’.
The challenge for businesses is that change is so rapid, they cannot react as they have in the past; they need new models for innovation and growth. Failure to adapt to this changing environment will not bode well for their future.
So, what can businesses do to ensure they are ahead in the market?
- Be an innovator. Be mindful of how quickly you can innovate.
- Be Agile and have a sense of urgency to innovate more quickly. Optimise existing products and services before competitors can do it better.
I consider transparency with employees to be the biggest contributor to meeting business objectives both now and in the future. I have also expressed the importance of engaging your millennials to drive your business forward. The leaders of the future want to work with intelligent and honest leaders who are willing to share and communicate challenges that businesses face.
Your customers will always be the centre of gravity for your business. A thorough understanding of what your customer wants is essential in aligning products and services. Your employees will become the biggest source of intelligence to support customers. Businesses will sell more via digital platforms to reduce the cost of sale, while meeting the customer’s desire to leverage updated technologies that are available.
The pace of change can be overwhelming, but I am sure it will present great opportunity. I wonder when we will be recruiting people where the primary attribute for employment will be ‘adaptable’?
Tell me, how does your organisation keep up with constant change? Share your thoughts in the comments below.
If your company requires assistance or advice regarding your transformation efforts, please contact myself or PM-Partners on 1300 70 13 14.