Titanium Economy is a term used to refer to those world leading industrial-technology companies that are driving innovation and sustainable and inclusive growth. As a group of companies, they are like anchors for the said country or range of the countries where they operated. They are Titanium because they not just merely exercise huge market power in a single country, but on a global basis.
All success company have a glory past, but great company know and willing to let go glory pride of the past, but focus on and attempt mobilizing resources they command to catch next big waves. As they know, markets continue to operate in the dynamic manner, product come and product go, new product replace old one. Market will be merged and served by better products, as time goes, this is why what matters most is capability to catch the next big waves. History gives us just too many lessons and examples of what will happen if you don’t.
For example, Kodak, a giant corporation that rose from the film product. Despite the size, they fail to catch the next big waves – digital cameras. They have attempted to do so, but fail in the execution. For the same example, Fujifilm, again, rose from the film product, but managed to transform and continue survival in the market. They have their own digital camera product line. For the same know-how for the chemical film, they now operate in the domain of healthcare, Materials, Business Innovation, and Imaging.
One more example, is Apple based on their software know-how, venturing into smartphones, creating the ipad (tablet category of business), creating smart watches (new innovation on the classic watch business). Despite their smartphone business they are more dominant, since Android is the market dominance standard. But their tablet continues to remain successful in the market. We saw Nokia fail to seize and act on the first smartphone invented in the market by Apple. But we also saw how traditional cellphone producer Samsung transformed into a smartphone business, and continues to be the market number 1 by market share. The success of the smartphone business, also killed off a lot of other related businesses, such as point and shoot digital cameras and video recorders for consumers.
Next big waves will keep changing like a moving target, if you do not catch it at the right timing, you will be left behind. Since the rise of the Internet, the world accelerated transform and now in the era for transition toward fourth industrial revolution (4IR) Industry 4.0, a quick question to ask for self audit, how many of your business operation is related to produce and make use of those emerging technology and you are already had the competency with it? New generation of competitors may not just come from the same industry or sector, it can come from a different sector and industry. One example, AirAsia use to strategic alliance with lot of related business, for example, they do not Grab alike delivery (but now they did, include courier business), they are now using one application cover almost all the things they can think off, which directly compete with their existing partners in some extent. Same as well and similar stories happen in different sectors and industries, what you need is to make your own research for the news.
Despite the world in 2023 to 2026 under the economic recession shadow, the world will continue to accelerate for the change toward robotics and AI adoption, resulting in the shift for the employable skills. It is the new era for those who are well prepared, if you are yet to look into and get clear visibility how the new world will impact you, it is time for your self audit and for your enterprise, to determine what needs to take action now to better align for the new world.
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.
Related post that may interest you:
