Survival of the Smartest: new business models, new demands in communication
Estimated Reading Time: 5 minutes
In the coming years, practically all industries will be asking the following question: What things can we optimize with solutions and digital processes? Who will be the winners in this race and who will lose? Or even, who will be devoured by it? The consulting firm KPMG recently published a study that precisely speaks of this: “Survival of the Smartest“.
Five key messages from this study
1. Traditional business models are under enormous pressure. Around 1/3 of the companies surveyed (34%) wait for their business model to change from now to the year 2020. Above all, business models of companies in the telecommunications sector, communication mediums and energy. Companies that want to survive must break with traditional models and clean out their portfolio.
2. Dialogue between distinct industrial sectors is necessary. The survivors will be those companies who think “outside of the box” and who know to take advantage of the growth opportunities in new industries. The study demonstrates that the banks and insurance companies, energy, trade and the telecommunications industry are the most competitive sectors. Against this, sectors such as the automobile industry are not perceived as pointers.
3. Investment is needed for a new culture of innovation. In an environment of innovation, necessary investment is high. Activate technology, life cycles of products that are shorter and the changing needs of customers. This especially concerns the telecommunications industry, the electronics sector and the automotive industry, and requires a lengthy optimization period in all processes.
4.Products and marketing must be aligned with the type of customer. The drive related to the buying decision of products will change in the coming years. The customer of the future is mobile, it is connected and independent. Loyalty to the brand will increase and customers will be more resistant to changes. Each time there will be more information shared about the products and you must seek that they talk about you in order to triumph.
5. Success factors must be correctly recognized and weaknesses addressed. For this, flexibility is essential and a capacity for innovation.
This shows the need for strategic business restructuring based on:
1. Empowering managers. Managers must be each time more available to share experience and to support during processes of change. They need adequate platforms to do this and fulfill their role as promoters of change.
2. Crowdsourcing and feedback. The collective intelligence of employees must be turned into something of frequent use. For example, for the validation and evaluation of strategic direction of the company.
3. Developing solutions together. “Brainstorming” sessions should become prominent. Evaluating and discussing ideas with customers and employees will develop the best ideas.