You are living and competing in the age of disruption, like it or not. New innovations, business models, markets and value networks are constantly preying on the existing ones, displacing established market leaders and alliances.
Read about how to handle the subscription economy
Everyday there are new companies born that want to compete on the existing playing field, or create a new one. The difference is that these new companies are born digital, they are cloud enabled from day one and mobility just goes without saying. You might think that what the new-comers gain in digital adoption, they lack in experience and structure. That might be true but they usually turn that into something positive like finding new innovative solutions and being able to adapt to the reality much faster (without the structure slowing them down).
No one wants to be eaten alive so here is a quick survival guide:
- Teach the old dog to sit. Your traditional way of doing things might feel comfortable at the moment, but it can be gone tomorrow. So make sure to put transformation on the agenda, throughout the whole organization, from the board to the basement.
- Learn from the young. Startups are developing because they can test their theories and use the knowledge in the next phase. That works for established companies too! Try new projects and new ways of working with a lean approach. It is low risk and will show where and who that drives the company forward.
- Look around! Don’t focus on your own industry. Get inspiration from other sectors. If you want ideas for mobile, look at security, healthcare and ﬁnancial services.
- Bundling and partners. Products and models from different companies can nowadays easily be combined into strong offerings where everyone wins. Be open for these ideas or actively approach players where you both can benefit.
This is inspired from our great partner Box.