Knowing When To Change Before It's Too Late

One of the most difficult challenges today's global executives face has everything to do with the shifting market dynamics that are already changing or threatening to disrupt legacy customer and distributor relationships.
Consider the convergence of technology and financial pressures that will invariably drive major changes in how healthcare is delivered to patient populations. Then comes growing digitisation that is putting more power and control in the hands of consumers with mobile applications.
In other industries, the continued commoditisation of products is changing the balance of power between manufacturers and their supply chain and sales partners. Producers with a historic commitment to quality now find themselves caught in a price-driven race to the bottom – and in search of critical value-adds to differentiate and retain market share.
Yet business opportunity abounds!
This is, in part, because new entrants to nearly every industry landscape are asking new questions and challenging long-held assumptions that have framed historic competitive benchmarks.
Part of this seems driven by a new generation of leaders, unbound by deep experience that in some cases have left competitors either biased against risk-taking or simply expecting established revenue streams to keep delivering as they have in the past.
These innovators enjoy relatively easy access to capital. Talent continues to mobilise around lofty ideas and mission-oriented cultures. And entrenched competitors too often cannot change with the times.
It is for all these reasons that one of the biggest challenges facing today's globally minded executive is to play the role of the canary in the proverbial coalmine. That is, to ring the alarm bell when others  are too comfortable with the status quo without being perceived as a "Chicken Little" claiming the sky is falling.
Of course, one's own well built reputation could be put at risk if he or she comes across as a doomsday prophet.
The opportunity, however, is to see trouble coming and to prescribe a course of action that positions an organisation for change and growth at the same time. It is simply not enough to warn about trouble ahead.
Savvy executives must develop the data, external insights and internal allies to make a sound business case that others can rally behind. After all, it will likely require many organisational assets to look differently at a market and to engage customers and new and exciting, perhaps even truly innovative ways.
Now is the time to look around. Examine how customer behaviors and market data are evolving. Assume the future will be very different than the past. And question what others are telling you about the competition.
For as much as you must rely on what you've learned about yourself and the calling of an executive leader, there comes a time when you must forget much of what you know so you can focus on the markets you serve. Now is that time…
Copyright © TRANSEARCH International
  • Teilen

Other Thought Leadership

Thought Leadership
TRANSEARCH C-Suite Roundtables: The Six Levers for Success in Times of Crisis

TRANSEARCH hosted various c-suite executives in 2022 to discuss challenges like high energy costs and supply chain disruptions. The results revealed six key levers for companies to survive these challenges: People, Culture, Leadership, Reputation, Resilience, and Proactive, Empathic Communication. The study will continue in the 3rd quarter of 2023.

Thought Leadership
Webinar - Unconscious Bias - Dr. Carlos Davidovich MD.

Dr. Carlos Davidovich MD. explores the neuroscience of biases and where they are located in our brain, the negative consequences of unconscious cognitive biases and the connection between biases and Diversity and Inclusion.

Thought Leadership
Systems-Level Thinking and Leadership for Our Times

Ponder long enough and you might recall hearing at a business conference or reading a blog post from a renowned futurist, author or social commentator some time ago that while things to come remained as always unpredictable, it was likely that the pace of change in our times would indeed accelerate. Looking around at the ways our lives and work have been altered in the past 24 months alone,

Thought Leadership
Webinar - Succession Planning: Passing the Baton - John O. Burdett

Breakthrough technology, uncertainty, the increasing speed of change and the redefinition of 'work' demand an organisation that is a fit for the 21st century (built to change). We refer to it as 'succession planning.' A better description would be 'planning for success.'

Thought Leadership
CEO Conversations: What Boards Expect

TRANSEARCH India invited a panel of CEOs and board members, to discuss the topic – 'CEO Conversations: What Boards Expect'. The panellists also debate the importance of agility, culture, succession planning and diversity as key tenets of good governance and purpose-led leadership.

Thought Leadership
Webinar - The Way of the Dolphin - John O. Burdett

More than anything, agility is a way to think, it’s a mindset, and as such, without 'leadership' you still don't have much. The type of leadership required exudes, encompasses, encourages, and expresses agility in everything the leader does. Which leads us to the 'The Way of the Dolphin'.

Thought Leadership
Replacing Fear With Fortitude

One of the reasons a weekend respite from one’s executive leadership responsibilities – or a longer holiday break away from the office – can be so productive for one’s state of mind is because it allows us the time to reflect on our work and absorb important lessons learned by others. There is no shortage of illuminating quotes, allegories and simple epiphanies circulating on the Internet,

Thought Leadership
Holding Firm In The Storm, Aligning For The Future

While so much of the world around us is changing, there will come a time when people around the world will look for signs, evidence and leaders in whom they can believe and put their trust for better things to come in the future. There is no better economic and social flashpoint to prove this point than the continuing global struggle to contain the spread of COVID-19,