Francis Wade Stop ignoring the next technology outage Business

Your industry may be the same as it was 50 years ago. Change comes slowly, if at all, so your future looks secure. But you’re worried anyway.

As you look around the world, you see entire sectors in turmoil. New technologies have led to companies’ “Netflixed” – completely destroyed by the sudden speed of external innovation.

How can you be sure that this will not happen to your organization?

The fact is that you cannot prevent such external forces. Somewhere bright people invisibly try fresh ideas, experiment. They intend to revolutionize and displace every product or service you offer. Most recently, COVID showed how small the Earth is and how vulnerable we are in the Caribbean. Your company is not safe and barriers to competition are falling faster every day.

In case of increased risk, how do you react? Some are fatalistic, believing that you can’t stop a hurricane, epidemic, or technology from disrupting the best-made plans. However, if your organization intends to do more than put its head in the sand, here are a few steps to follow.

Plan scenarios

If you can predict the small beginnings of a destructive technology, congratulations! You are halfway there. If you can’t, start searching by searching the commercial press.

Also, tune in to what young staff see and say. They may be closer to determining your perspective. Why? They will be the ones to deal with it. In fact, if they feel embarrassed, expect to test your leadership team. They may ask: do these leaders even have an idea? When they make the worst of it, they will leave.

Use these assumptions to capture future scenarios for your organization. Go out for at least 20 years and see what happens when different possibilities are played out. For those who are most likely, work out a preferred result. Then go back to this year to determine what your short-term actions should be.

But sometimes that won’t work.

I’ve seen teams realize, “The company has no future.” Like the old photographic industry, they realize that the tides are turning forever and they need an escape plan. Harder work would simply deepen their dependence, as was the case with Kodak. Today, its rival Fuji is thriving in entirely new business lines, while Kodak does not exist.

The right time

Another lesson that emerged from Fuji’s battle with Kodak was the fact that the latter was investing in bad bets.

Some believe that Kodak did not anticipate the advent of digital photography, but a closer look at the recording shows otherwise. They were among the first to predict that technology would replace their more lucrative film business.

However, their response to the threat was wrong. They have invested in digital kiosks around the world, mostly in shopping malls. Their faith? Customers wanted to make prints in a convenient place.

They were right, but they missed the growth of desktops. Customers have switched to managing their photos at home, powered by computers and printers created by HP, Compaq and Apple.

Unfortunately, Kodak’s timing was wrong. Their strategy failed.

The best solution to this problem? Involve a wide range of team members to make your plans. This task is too difficult to be left to one person, even if he is the founder of the company and a certified genius.

Today’s performance

Even if you capture the perfect plan for the next break, it’s easy to be overwhelmed by today’s emergency. Not surprisingly, your organization is not designed to adopt unfamiliar ways of doing things.

For example, the day after the retreat, the easiest thing anyone can do is go back to what they did before. In the end, their calendar looks the same, the emails have not disappeared and the same appointments are scheduled.

Therefore, internal processes do not change. Projects cannot be started. Strategic initiatives never leave the retreat.

It takes incredible energy to achieve such a transformation, and the people of the Caribbean will not change if they do not know why. In other words, just telling you to do something different will not work.

Instead, company leaders need to win hearts and minds. They should inspire employees to see the reasons why change is urgent and urgent. But this is not a one-time task: it requires constant reinforcement and management of efficiency.

In summary, the real villain is not the innovative technology, but the inefficient response of your company. Postpone these three actions and you will probably fall behind without being able to catch up.

The advantage is that these steps are under your control and will prepare you for the introduction of new technology that threatens to “Netflix” your company will be forgotten.

– Francis Wade is a management consultant and author of Perfect time-based performance. To get a summary of links to previous columns or give feedback, email: [email protected]

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