TRANSEARCH: Staying Ahead of Disruptive Business Models
An article posted by TRANSEARCH discusses how executives can stay ahead of business models such as new technology and new business competitors, which are as disruptive as they are ambitious. More industry markets are ripe for innovation, disruption or outright reinvention.
So what do these disruptive forces mean for your executive career, and what can you do to manage?
- Learn how the most innovative of today’s companies are trying to change the game, where they are putting their focus, and why. It likely is not enough to keep tabs on how your own industry is changing.
- Global executives should understand who the players are, the forces they are bringing to bear on traditional business models and the effect they are having in terms of customer engagement. The kind of change you may need to learn more about may likely require perusing more than the traditional business media.
- Just ask people in your own network. Ask some of your own up-and-coming colleagues. Maybe even ask your company’s next generation leaders, including some millennial-aged workers.
- Getting to know as much as you can about how companies and economies are shifting – while remaining focused on your executive day job – will likely provide you an advantage when new innovators come knocking on your door or perhaps when one of your own employees puts forth an intriguing business idea.
- The deeper you can go on market’s potential disruptors, the more you can identify key market adjacencies and white space, and the more you can remain open-minded about potential competitors, the better prepared you will be to adjust to new threats and seize on new business opportunities.