Jack Welch, former CEO of GE, once predicted, “When the rate of change outside the company is greater than the rate of change inside, the end is near.” Yet in my role as business advisor, I often see companies naively ignoring this reality. The smarter ones look outside regularly for evidence of impending change, and treat these as opportunities to jump ahead of competitors.
Today, the move to digital technology is driving marketplace change at a seemingly ever-increasing rate. The pervasive Internet and mobile device access allows instant communication of new options, total sharing of customer experiences, and mass customization, on a world-wide scale. No more hiding behind a cultural stereotype, a well-built brand, or a geographic wall.
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