I know you’ve had the nightmare. You know, that one! You are driving along at some unlawful speed down a dark windy road. Typically, there is an urgency to either escape some pursuing peril or there is the overwhelming desire to reach a nebulous destination to accomplish some life or death feat. It doesn’t really matter whether the latter or former is the case. What is constant is the incremental loss of control of the vehicle as you progress down that winding road. You lose control more and more until that final moment in which you are completely at the mercy of the speeding vehicle, which may I add, always seems to occur at the most treacherous stretch of the road. I have come to understand that this nightmare is not unique to me as it is one of the most popular recurring nightmares among Americans.
Modern businesses need to adapt to the speed at which technology changes. The past decade has seen a multitude of entrenched industries fall by the wayside in the wake of digital disruption. Businesses need to be proactive about following technological trends if they want to avoid potential disaster.
What is Big Bang Disruption?
In our current society, technology doesn’t evolve slowly. True innovation appears on the scene and then suddenly explodes, completely supplanting whatever came before it. Big Bang Disruption is driven by new technologies; with advancements on all spectrums of technology, it’s easier for new technology to gain purchase.
Technology is consequently able to suddenly and thoroughly impact the economic market. With more affordable experimentation and information, companies are able to better innovate and to race towards technologies that are more likely to be lasting and helpful.
Keeping Up With the Speed of Change
Organizations need to invest in change management to remain agile and active in this new, technologically explosive era. Change management has to be developed as a company-wide, multi-phase process. At all levels, employees have to be committed to change.
Traditionally, employees and upper management alike are reluctant to commit to change because they fear that this change will have a negative impact on operations. By promoting constant change and providing a positive reward system, employees can get past this negative perception.
To improve change management, it’s important that organizations be transparent about their change management processes and that they be clear about the value proposition for employees. It must be clear that a business will fail if the business does not continually change. The goals of each change must be thoroughly outlined.
How Likely is Your Industry to be Impacted?
Different industries have different rates of disruption. Much like other areas of risk management, it’s critical that you understand your industry’s likelihood of disruption before you begin making changes. If your business is in a low impact area, you may not need to invest as much into your change management processes. If you’re in a high-risk area, it’s absolutely critical that you do so.
When it comes to disruption, there are four important aspects: viability, volatility, durability, and vulnerability. Diversified chemicals, tires and rubber, and alcoholic beverages are all considered to be durable industries. On the other hand, the consumer technology, banking, and investment banking industries are experiencing volatility, as regulations and changing markets have shifted their operations.
Ultimately, disruption and change management may not be a process that can originate from within. Instead, businesses may need third-party help to develop the processes that their organization needs to continue to thrive. Contact us today at Starr & Associates to learn more about how we can help your business manage its change.
Nearly every company goes through some organizational growing pains. One common development, departmental silos, occurs at some point. Successful companies break down a silo, a department that protects its information, keeping it from other departments. Silos cause growth breakdowns, so continued growth requires their eradication.
With a booming tech industry in conjunction with the entrepreneurial spirit, business owners today have a myriad of tools and software available to increase sales and profits while increasing ROI exponentially. Understanding inventory management in the age of big data is essential for any industry looking to get ahead in an ever-increasing competitive marketplace.
If only every business ran smoothly with no issues, you’d never need to develop problem-solving skills. However, problems do arise, and knowing how to analyze and address them can make the difference in your bottom line. Apply problem-solving and innovations to improve processes to produce more while saving time and money.
The healthcare industry is both exploding and being held back by the onset of technology in all facets of the industry. What are these trends and how are they being implemented to reduce inconsistencies and, in some ways, bring in the potential for more?
On April 20th, I have the honor of representing my organization in an open panel discussion with esteemed colleagues from some of the largest global brands. The topic of conversation won’t be centered on the monetization of big data, managing asset efficiency or any of the other “sexy” topics of the month.