The fast-changing, uncertain and ambiguous environments that organisations operate in today, requires organisations to re-think all their internal business processes and customer touch points. In addition, due to the availability of emerging (information) technologies such as big data, blockchain and artificial intelligence, it has become easier for startups to compete with existing organisations. Often these startups are more flexible and agile than Fortune 1000 companies and they can become a significant threat if not paid attention to. Therefore, focusing purely on the day-to-day operation is simply not and organisations have to become innovative and adaptive to change if they wish to remain competitive.
The Paradigm Shift
The key characteristic of these new startups is that they are, at its core, a data company, regardless of the product or service they offer. Companies such as Google, Facebook, WeChat or Amazon have long understood the importance of data, but, unfortunately, many large organisations still struggle with this paradigm shift. I often tell organisations that viewing the company as a data company will completely change all processes and customer touchpoints. This is a difficult change but required if they want to be able to compete with startups who have been doing this from the beginning.