Looking back upon my long career, one of the major factors shaping my views of strategy and innovation are the powerful transformational forces that I saw buffeting the IT industry over much of that time. It’s frankly sobering how many once powerful IT companies are no longer around or are shadows of their former selves. The carnage might be more pronounced in the fast-changing IT industry, but no industry has been immune. It’s all part of what Joseph Schumpeter called creative destruction over 75 years ago, - “the process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.”
But change is often difficult for established companies. Over the years, they’ve amassed a number of valuable assets and extensive organizations. Already consumed with managing their existing operations, - e.g., products and services; supply chain and channel partners; sales and marketing; revenues, profits and cash; - they may see a transformative innovation as more of a threat or distraction than an opportunity.
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Posted on May 14, 2018 at 06:43 AM in Economic Issues, Innovation, Management and Leadership, Society and Culture, Technology and Strategy | Permalink | Comments (1)