It is becoming increasingly clear that the rate of change today is far greater than our ability to learn. So much so, that the most recent round of technology automation and exponential change has been labeled the ‘Fourth Industrial Revolution’.
The issue here for organisations is that change is happening so quickly, the old ways of reacting to this has become void. New models for innovation and growth are required. Failure to adapt to this new and challenging 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 also strongly believe that engaging your millennials will drive your business forward. They are the future leaders of your business who want to work with intelligent and honest leaders. Leaders who are willing to share and communicate challenges that businesses face.
If you are developing the strategy, transparency must be allocated as a key priority. The culture of the business will help retain the top talent and the innovators.
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 daunting, but I am also sure of the great opportunity it will present to all businesses. 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 PM-Partners on +65 6818 5771.