It was with sadness that I read about the demise of Ticketline. A longstanding business in Wales (I remember buying tickets from them way back in the 80’s) who appear to have suffered from increasing competition in the industry.
New business ideas which change our everyday behaviors are impacting hugely on organisations that are not able to keep ahead with innovative thinking, unique ideas and niche markets. Look how Amazon disrupted the retail industry, the impact Airbnb has had on traditional hotel bookings and consider what Uber means to today’s transportation sector.
To quote Real Business magazine “Britain is full of industries that are dominated by industry heavyweights taking positions for granted and not innovating.” Surely, whatever sector your business is in, such complacency will not foster a sustainable strategy in today’s futures thinking environment. The sweeping changes in social interaction, increasing global uncertainties and emerging markets are knocking on all commercial doors and successful entities recognise they cannot afford to stand still and rely on yesterday’s methods to achieve today’s results.
Grant Thornton’s latest Strategies for Growth magazine contains the Made in Britain article, highlighting innovation, not only in product development but also in the interaction of delivery and payment with supply change management now geared towards collaborative working. The Clicks to Mortar feature showcases a number of retailers exploring trends within their customer experience and experiential market delivery, highlighting the need to adapt their current models to align with changing tastes in consumer shopping behaviors.
This desire to match markets to needs will gain momentum as organisations endeavor to keep ahead of progressive markets. Current examples include driverless cars, climate control clothing and revolutionary food production although these will continue to evolve at speed. In the financial services industry block chain payments, regulators using technology and cyber security are currently hot topics and in the legal sector there are a number of distinctive trends emerging driven by agile working, artificial intelligence and shifting demographics.
So with many businesses about to embark on festive holidays and with a new year just around the corner my prediction is that successful corporates won’t be writing a ‘Dear Santa wish list’ they will instead be pioneering their growth plans, much like forward thinking elves, who I believe are already busy with orders for 2022!