The fourth industrial revolution is here - what's your game plan ?

We’re witnessing huge changes taking place all around us. Do we see queues in the banks for menial jobs like knowing the bank balance in the account or getting a printout of a statement anymore? How many people do you know who listen to music on cassette and compact discs? The entire media industry has shifted to online music. Printed newspapers are losing their charm to online feeds.

 

If you look up the list of fortune 500 companies, you’ll observe an extreme change there too! The average life of blue-chip companies has reduced owing to reason alien to us until a few years ago. Customers’ fast-changing preferences and informed product choices owing to social media exposure has made it difficult for brand leaders to sit on their laurels or hide behind the existing line of successful products. Companies that do not evolve or keep up with clients’ changing preferences are bound to lose ground. To go on reinventing is the new name of the game.

 

Nokia is the easiest to recollect example to understand how fast things changed right before our eyes. The visionaries driving and helping the company didn’t see the changes coming, and the company paid a heavy price for it. Nokia was an established player in the handset market till mid-2000. Then, iPhone launched and proved to be a game changer. Nokia lost its No. 1 position in the handset market to Apple. Nokia failed to read through & keep up with the changing trends and technology and lost the game. Ditto for HMV that failed to change with customers preferences who were ready to move from owned content to online streaming. The list is endless, covering household names like Kodak, Yahoo, Xerox, etc.

 

On the other hand, we have companies like Apple, Amazon, & Netflix that introduced new line of products and went on to change customers’ perceptions and even our life to a great extent. Consistency in innovation is what has made Apple and Amazon world leaders while identifying and defining a whole new product line is what has made Netflix a billion dollar company.

 

Innovation is no more perceived as a luxury only meant for blue-chip companies that can afford it. Innovation is as basic a requirement as computer software and office space for an entrepreneur who wants to stay and survive. In this densely connected world and race of outsmarting technologies, you don’t know who will eat your share of lunch tomorrow. Irrespective of the size of business, all key company executives ought to be ready to embrace changes that’ll protect their business and revenues. In this fast changing and fiercely competitive world, innovation is a factor that will help you to consolidate your position in the market, in terms of revenue as well as recognition.

 

Do not wait to follow the lead. Be the change the world is ready to embrace. Think out of the box. Hone the knack to perceive. Innovate. Succeed.

 

Siddhesh@akillieka.io