Organizations need to keep reinventing themselves, not just because of technology, but because that’s the only way to remain competitive in a demanding marketplace.
Some believe Blockbuster failed because of “digital disruption”. I would argue that they failed in part because their business model was based on excessive fees & even when they realized the need to move to streaming, their franchise network & their reliance on fees kept them from changing.
Many say that ride-sharing “disrupted” the taxi business. I would argue that taxis were unreliable with poor service & that’s part of what made it so appealing for people to jump to an alternative.
It’s not just technology that disrupts. Organizations can lose ground if their leaders don’t maintain a healthy level of “paranoia”.
A recent case is the Hair Cuttery.
Definitely not a business that has been impacted much by technology. However, the 45-year-old company is finding it difficult to stay competitive with the likes of Drybar & Salon Loft and just announced the closing of 10% of its stores.
Andy Grove said it best: “only the paranoid survive”!
No matter what business you are in & what market you serve, focus on reinventing yourself & disrupting yourself before someone else does!