How to take advantage of any change the market brings

Take advantage of any change the market brings

Why can some companies take advantage of any change the market brings, while others struggle with the even the smallest internal or market-necessitated modification?

The reasons why will differ for each organization, but the question is definitely worth asking – especially in light of the fact that the pace of change is accelerating at the fastest rate in recorded history.

Kodak was an iconic industry leader. For decades, it was synonymous with photography. But it got stuck in its core competence of traditional film products and missed the rise of digital photography and printing. To survive, it has stopped selling film cameras, focusing on the digital ones that dominate the market. But it arrived late.

IBM sold its PC division to its former competitor, Lenovo. In the preceding decade, IBM appeared to be headed into extinction – it lost nearly a billion dollars on the PC business over three-and-one-half years. It sold this money-losing division systematically evolved itself to become, once again, a respected technology competitor.

Adapt to remain competitive in the market

Organizations such as IBM and GE have adapted over the years to remain competitive in the market. They have gone through different cycles of disruptive innovations, leaving some businesses, and creating new ones. Others like Kodak, B&O, HMV etc. are re-strategizing in order to remain relevant in a dynamic global market.

Be ready to let go

While core competence remains vital – differentiation offers a competitive advantage – firms must examine their organizational ambidexterity. They must be ready to let go, just as Kodak is doing on traditional cameras. They must be ready to go beyond their core competence and its associated core products and markets of today, which may be irrelevant tomorrow, to evolve and prosper. And the ability to do that may become a new core competence.

Survive and strive in today’s competitive environment

For companies to survive and strive in today’s competitive environment, they will need to change quickly and successfully. Managing change is now a core competence that can no longer be considered a discretionary “nice to have”. Constant change is the new normal.

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How to take advantage of any change the market brings — https://www.torbenrick.eu/t/r/ijw
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