WE LIVE IN A WORLD OF ACCELERATED CHANGE
Market leaders are quickly displaced by new market entrants, who use technology to transform customer expectations. Disruption is all around us. Examples in the B2C space are easy to recognize:
- Amazon quickly replaced Barnes & Noble, as the way to buy books
- Netflix eliminated Blockbuster, as the way to rent movies
- iTunes dominated Virgin Music, as the way to buy music
Disruptive change is now on the doorstep of B2B companies. Like Blockbuster, many will fail to realize it, and once they do, they won't be able to evolve quickly enough to avoid extinction. Losers and winners will emerge faster than ever.
WE LIVE IN A WORLD OF UNPRECEDENTED CHALLENGES
Today's successful companies face significant obstacles to making the changes they need to make because most of them were built on an industrial-age business model, where functions were siloed and people were viewed as interchangeable, within their area of specialization. Adding to the challenge is the fact that many large companies have grown through acquisition, but never integrated the back office systems that support their business, risk management, and compliance functions.
The consequences are legacy technology that is dated and fragmented, broken processes that create unnecessary repetitional and operational risks, high overhead costs, and people, who are not empowered to deliver Wow! service to customers.
This is no one's fault, but it is management's challenge. The world is changing and will continue to evolve faster and faster. Many will not be able to keep pace. Customers expect an integrated but customized experience. Regulators and investors demand tighter risk controls and a focus on prevention, not remediation.
Is your company ready to evolve to survive?