Welcome to the “Age of Disruption.”
Today, the fact that clients are in control is really driving home the need for businesses to reinvent themselves on a much more frequent basis.
At the company, I work at we are watching the actions of our clients and we are being asked to do things that in the past we may have been able to delay and strategically plan for. Today, we are looking at these items more closely to determine the benefits and risks involved.
Don’t be reactive
This is really hard. In the past we were very reactive, but we are also paying the price for this type of reaction. In the past, we may have put some processes in too fast and did not consider the impact of those changes going forward. In some cases, those changes are costing us more money because we need to maintain them and now, rebuild them at a much more high price.
Listen more not less
This area is really tough. It is critical to listen to clients but also listen to the market. It would be nice to meet everyone’s service needs, but somehow that needs to happen.
Be in a Position to Move Quickly
This is the area I am spending the most time in. There is so much to do in this area. Each company has its own list of actions that need to be taken.
Make sure people are on board with change
This area also takes a lot of work. Communication is key. These times are hard for companies, and not everyone is going to agree with the changes, but it is imperative that people know where the direction of the company is going on future decisions. We live in an era where changes are happening at an accelerated pace. Our workplaces need to be on alert for “breaking news” type of events. The landscape can change quickly in the event of a business sale or news incident.
Studying other companies outside of my industry
I am gaining a lot of valuable ideas and information in this area. I think it is imperative for me to think outside of the box on a regular basis. Today, all companies are being disrupted in one way or another, so it is important to learn from others.
Finally… I am following this story. Marc Lore is a person I am following really closely. He is formulating a plan to make Wal-Mart a strong competitor to Amazon. It is a fascinating story. Read more in this week’s BusinessWeek Article: Can Wal-Mart’s Expensive New E-Commerce Operation Compete With Amazon?, May 4, 2017