75 percent of global Fortune 500 companies fail to catch the next waves of big things. If you use 1995, the internet era as the dividing line, current fortune 500 companies, 75% of them are never in the list, that means, for the 25 years duration alone, 75% of the companies are in the list after the Internet era.
Simply big and not enough, when you are dealing with the next waves of big things, if you miss to catch it, no matter how big you are. There is a reason why top and great companies always put digital transformation (DT), catching the disruptive innovation as the first priority. The same for the coming transit toward the fourth industrial revolution (4IR) industry 4.0 will be another massive change for those who fail to catch the next waves of big things.
We will continue to see a lot of industries and truly old corporations, some are making their attempt for self renewal, some are doing so in a very passive and reactive manner. For example, fintech, mobile wallet, blockchain, crypto currencies, you may be surprised overall how reactive and passive banking and financial existing institutions react to those emergencies technologies. At the same time, we will see other players from different sectors and industries being more proactive in pursuing those, such as from telco and IT.
The existing and past success business model may become the inertia that make most of the existing and established corporation simply cannot break the chain and capable to mobilising resources for disrupting innovation, it not because the entire management team do not know how important to continue adapting to the changing market, it simply inertia and pride of the past glory block them to organisational renewal.
With the current trends going, a lot of the job is either replaced by automation (hardware robotics or software robotics) and at the same time create a new class of the job to support the changing market. In the past, we have the 10 years time frame for most of the product to rise to the peak, but at the internet time, the timeframe will be shorten, and you need capable to ongoing come out with the new innovations that market want, this is why you found it some of it will choose to exit and be acquired.
75 percent of global Fortune 500 companies fail to catch the next waves of big things. Do you manage to get the lesson from it and apply it to your own business?
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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