Our economy, regardless of our location in the world, is in a major state of flux. And nobody understands this better than our network of over 65,000 independent consultants who work with businesses all over the world, on a daily basis, helping them face and solve key change-related organisational challenges. We summarise just a few of their thoughts on major transformation-related challenges facing businesses today.
Wadzi says, “I think the first challenge that most businesses face today is confronting a changing marketplace. There is so much disruption going on. But organisations are having to face defining what that disruption means and how much that impacts their own business.”
Scott says, “The landscape is changing drastically, the market is becoming fluid and those who, as little as 4 years ago would have been considered market challengers like the Teslas and Facebooks of this world, today find themselves leading their industries. And in this ever-changing market, finding a balance is critical.”
Carl says, “The FMCG world if facing huge pressures to outperform, and remain sustainable,” he tells me. “It feels like you’re running faster and faster to stand still. Many FMCG businesses, and those who work in them, feel like they perform their regular routines every day, but they’re simply not moving forward. You lose focus, and direction, because you’re trying so hard to just keep up."
Rune says, “The healthcare industry has always been a very traditional industry. Now, however, it is also facing a perfect storm of change: new technology innovation that appears almost overnight, new laws and regulations, new competitors, more demanding patients and clients, increasing demands to reduce costs.”
Urs says, “You may be number 1 right now, but it doesn’t mean that in 10 years time you will still be going. Companies are fighting to disrupt the market – we will continue to see more examples like Airbnb or Uber disrupting the way we do things. Businesses like Kodak and Blockbuster, who we never thought would disappear, closed down almost overnight with the development of on demand video and mobile and digital technology."
Changing customer demands
Campbell says, “We’re seeing a huge change from way that the consumer is buying and using products and services. For the last 30 years, the world has been dominated by a throw-away culture at consumer level. But we’re seeing that trend drastically change as consumers start to look at new ways of doing things, and forcing the hand of business strategy. It doesn’t matter who you are, or the market you’re focussing on, organisations are becoming more and more ready to adopt new business models, than ever before, and industries who try to motivate customers to stay in the old consumer models versus embracing new methods of doing things, face huge competitive battles in the fight to survive.”
Changing the way you access and use Data
Wadzi says, “Businesses are trying to become better at using data to organise and empower themselves, better. For example, how they improve the way they hire talent, assessing staff productivity more etc. Many times, decisions on progress are made according to gut feel and relationship – but organisations need to become better at collecting and deploying data that improves core processes more.”
Recognising the need to change, but failing to see the path to success
Philip says, “For example, they may recognise the need to become digital, and transform their business process to cater for the future of work, but their hierarchical culture is still set under traditional, antiquated business approaches. “For example, they bring in someone whose job it is to disrupt and transform, giving them ‘free reign and the ability to do as they like, when they like, how they like. As long as they still wear a suit and tie.”
Lauralee says, “What I see most of the time with companies who need help formulating and executing an effective strategy, is a simple lack of alignment on the organisation’s vision.”
Marissa says, “Millennials, in less than 5 years, will be half of the total sales force. And they are switched-on, independent individuals who will very quickly find a new opportunity if they’re not challenged enough within their workforce. They wake up in Hive-controlled homes, book transport using an app on their phone, Amazon tells the what to buy, Social Media delivers the latest news instantly – and then they arrive at a workplace which appears to be stuck in the dark ages – and completely different to the rest of their normal lives."
Lauralee says, “Executing a business strategy is not down to a single person, but rather an entire team of people who are aligned, and in sync with each other, cross-functionally.”
If you are ready to face change, and need expert help to successfully help you navigate through your own transformation challenges, then you need to consider the Home of Independent Talent. Contact us today to learn more about how we can help you.
About the AuthorMore Content by Katy Roberts