BY KENNETH LIM, ALPHA7, CHIEF MARKETING OFFICER
People come and go. Companies, too, come and go. But have we ever wondered why? What are the causes?
A comparison was made on the Fortune 500 lists of 1955 and 2014. Only 61 of the 500 companies managed to stay on the list for the past 60 years. Since the industrial revolution, we have seen new cities emerge and flourish while other once-thriving cities have been downgraded to the relics of a bygone era. Now, we are experiencing another revolution which has taken every industry by storm.
We have seen the "uberisation" of transportation, retail, F&B, and hospitality sectors being disrupted by innovative business models. Soon banks will be the next target along with professional services firms, including in the legal and accounting sectors. We are witnessing the rise of the sharing economy, which has been enabled with the help of technology.
Technology is the key in this puzzle, helping to bring about a digital revolution that allows innovative ideas to take flight and carve out a niche of their own. In some cases, it’s even creating entirely new industry segments which did not exist before.
Going back on my opening paragraph about staying in the Fortune 500 list, in my view, the key is to remain relevant to the times in which a company is operating. Delivering best-in-class services and products that truly meets the needs of people living in that particular time is paramount.
Technology is the key to remaining relevant to your audience: the consumers whom your company is delivering its services to. In today's context, to be relevant is to keep up with the pace of change through leveraging the latest technology.
Check out the white paper "Tap IT for Enterprise Agility or Risk Business Death" to discover and understand what needs to be put in place across people, processes, and technology in order for a company today to stay relevant to the times. Click here to read: http://www.alpha7.co/resources/wp-tap-it-for-business-agility