In the twenty first century, we no longer have the ability to sit on our laurels and hope for the best. We have to work with change, embrace it and find ways to facilitate it.
Our ability to be innovative will determine our ability to succeed.
Dynamic economic markets require constant monitoring and quick response times. Without those, a business can very quickly lose their competitive advantage or worse: go out of business.
Many industries, however, have not learned from the failings of previous companies and will perhaps find themselves in a world of difficulty over the next few decades.
“We cannot solve a problem by using the same kind of thinking we used when we created them.” – Albert Einstein
Universities, colleges and even high schools who maintain an the same styles of learning and teaching may have trouble dealing with changing demographics as Gen Y and Gen Z students fill classrooms. One survey showed around half of 30,000 surveyed students found that their university investment wasn’t worth it.
Professor Oliver addressed these concerns suggesting a rather innovative solution by adopting a Netflix-style of lecturing allowing students to ‘binge learn’, or learn with small pieces at a time.
This is just one example of the changing times where business needs to be ready to search for new solutions to problems that may be just around the corner. Leaders who are proactive can prevent the decay of their own business, or mitigate it’s decline from innovating.
“The best way to predict the future is to invent it.” – Alan Kay
A competitive advantage today may be useless tomorrow, as someone else is bound to make something better eventually.
Leaders who emphasize innovation are able to drive their organisation through the uncertain, whitewater economic and business climates.
*Image by Rob Zand.