“By three methods we may learn wisdom: First, by reflection, which is noblest; second by imitation, which is easiest; and third by experience, which is the bitterest.”
For a man who personally staked everything in transforming his company into the world’s largest online retailer, Jeff Bezos, American entrepreneur, Chairman & CEO of Amazon, investor, computer technologist, innovator and philanthropist, has always walked his talk that “A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.”
It is necessary for businesses to not only survive, but thrive in the face of challenges and opportunities using available, sourced and emerging knowledge, technical and management skills, design and production capabilities, human and learning resources, tools, technologies and innovation abilities at its disposal. The culmination of all these efforts undertaken is best represented, in my view, by the image of an autonomous aerial drone carrying its package for delivery to a customer’s location. The feeling of customer delight masks the enormously complex use of technology, logistics and control processes undertaken to ensure timely and secured delivery of a package to a customer. This game-changing experience for a customer quickly replicates to other business processes and can lead to wipe-out of supplier competition unless they evolve to adapt or adopt, similar or better practices.
Digital transformation of businesses and society is happening at a frenetic pace. Location is no longer a factor as material and services are available globally at a price point. The integration of on-demand scalable cloud computing infrastructure, software and platform as a service, social, mobile and connected devices, feature rich apps and secure payment gateways, leveraging SEO techniques and social media to market / advertise have helped reduce the time-to-market and presents opportunities for emerging start-ups and existing large, small enterprises to generate measurable value across their businesses. The need of the hour is infusing a strong digital culture within the organization and establishing a robust governance framework to enable the leap to the next level of growth.
How tuned is your business in responding to emerging challenges and opportunities vis-à-vis your industry, location and region? Are you in control of the emerging business environment or lagging behind? The pitfalls of in-action are too severe to even contemplate.