@fastcompany writes: “Bitcoin and 3-D printing aren’t just successful commercial innovations, but signals of a larger societal reset.”
Would you jump out of your skin if your competition road up behind you yelling passing on the left? Many companies are not prepared for the increasing hyper competitive landscape approaching us. This is not your grandfathers or mothers better faster cheaper competition…. this is change-the-game, globally powerful, jump out of nowhere, Uber for everything (real-estate, air travel… who knew), competition. Actually, let’s not even call it competition. @fastcompany writes:“Bitcoin and 3-D printing aren’t just successful commercial innovations, but signals of a larger societal reset.” When disruption happens at the scale of exponential technology convergence, in many cases it could be, GAME-OVER! So how do you prepare and protect your company from a “GAME-OVER” ending? Below are a few tips to consider:
1. Begin now integrating new technologies, new business models, new thinking into your product strategies. This is no longer about marketing better than the competition. That is important but it will not save the game in the end. This is about consumers are in control and the Ubers and Airbnbs of the world are going to start popping up like popcorn! Ask your team what the impacts of new disruptive technologies are to the current state of your business. Retail for example: when is the last time you walked into a Macy’s… Just saying! Can you team answer the question with knowledge and confidence? Do you know what the emerging disruptive scene even looks like? If you are Macy’s or Bloomingdales or bigger yet, the actual MALL …. is facial recognition really the only answer or is it just one part of mega 1500 piece puzzle that has to be reassembled nearly yearly as consumers become more and more in control of their choices.
2. Look at the idea of reduction as a means to solving buyer issues. For a good example click here for a video from @jeremygutsche. Reduction is made up of these 5 components:
- Simplification
- Specialization
- Fewer Layers
- Fractional
- Subscription
3. Look beyond into new uncharted territories. It’s a big world and innovation is rapidly all around the world not just in your back yard. Incredible things are being printed with 3D printers.. how will this impact your business positively and negatively if you do not take advantage of it. Businesses are being created by computers generating new algorithms, (Uber as an example) the pace of these will only increase so how will this affect your business. What is happening in China and India in technology development and biopharma’s is interestingly enough also happening in Cuba but Cuba is only beginning the trek into a new world.
4. The gift of exploration to every company employee will yield the greatest returns in the end. A case in point here take a look at this article from @amazon “Why Amazon paid for 2,000 employees to take classes in things like airplane mechanics and nursing”. By offering your staff ways to explore career choices they make better decisions for themselves and in the end for you too. So how would you use this to keep tabs on the world of competitive pressures! Add a twist, let your staff explore the world of career choices but also offer them to explore new innovations, disruptive technologies, give them $2,000.00 to go explore one new technology. If your company has 150 people then you will have insights into 100’s of new insights from your team and they will be more creatively prepared to build the company of the future!
As noted in the @fastcompany article above – “today’s exponential technologies hint at a larger trend—a societal reset now underway.” Consider for a moment these common traits:
- They fundamentally disrupt the balance of power
- They are widely controversial
- They take transparency to new heights
- They create exponential potential.
Well worth the read! Think about your strategy and actions now in planning for a secure future. You’ll likely NEVER hear the words ” Passing on your left!”
Of course the PBG Product Lab teams are always happy to be a guide, help and integrate for you with you! Please do keep us in mind or email me directly, Teresa@PlazabridgeGroup.com.
Follow Teresa Spangler @composerspang or Plazabridge Group @plazabridge.Teresa often speaks on trends, disruptive technologies, innovation and adoption and converting innovation into sales. She is the author of the Game of Life Book Series, a contributing author to OpenForum. Click to learn more about Plazabridge Group.
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