The psychology for rapid change
Embracing Business Disruption
The news has been full of stories of ride sharing software platforms disrupting the taxi industry. But imagine for a moment what would have happened if the established industry leaders had taken a pro-active stand of embracing new technology to evolve in response to new competitors in the market. Would the outcome have been less traumatic for members of the taxi industry?
We do see individual taxi drivers giving up their licence to embrace ride sharing platforms. In some cases taxi companies are innovating, embracing technology to improve customer experiences.
In the hotel and hospitality sector we have software platforms that have enabled private home owners to rent out rooms, apartments and houses in competition with hotels worldwide.
Entire industries are being disrupted by technology. How we respond to disruptions in our business area is critical to how we transition our business for continual growth.
The Psychology of Change
Our information driven economy pays a premium for new knowledge making life-long learning essential for sustained business growth.
The psychology needed to embrace new knowledge in business requires an ability to declutter the mind. This makes it easier for us to embrace innovations and fresh ideas that create better customer experiences at a competitive cost.
Productive Cost Management
Taking risk without being reckless requires a calculation of risk and the cost of insuring against loss. It also requires providing an acceptable standard of quality and care to customers.
Embracing new knowledge and technology should result in farmers becoming better farmers and technology companies becoming better technology companies. What this means is, new knowledge and technology can help you to provide a better customer experience.
Embracing new knowledge and technology also requires strategic financial leadership focused on three aspects of cost management for growth, namely investing in:
1. Innovation for product development and improved customer experience;
2. Creating a business value architecture for efficient collaboration; and,
3. Digital technology for faster growth at a lower cost
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