How To Stay Relevant in a Fast Changing World

Disruptive innovation. Disruptive change.

You have probably heard these terms a lot recently. Popularized by Clayton Christensen, Professor of Business Administration at the Harvard Business School, disruptive change describes the constantly evolving landscape that enterprises, large and small, operate.

As a leader, staying relevant, keeping up with change and the ever-present evolution is indispensible. Long gone are the days when one company would grow and exponentially dominate the market for years and years.

So, how do you ride and stay atop the tsunami of change?

Maintain your competitive edge by embracing technology

By 2020, up to 5 billion people worldwide will be interconnected by technology.

Social media, mobile devices, robotics, and infinite computing, are just a few of the many technological advancements that are disrupting ‘business as usual.’ Rapid innovation is forcing leaders to think of new ways to reshape their teams and their enterprises.

Think about it: If that many people will have access to the benefits of technology, how much change will they cause in terms of innovation, new ways of interacting with businesses and new ways of accessing and sharing information?

Rely on pertinent data for decision-making

‘Big data’ is now seen as the new competitive advantage. Small and big businesses, corporates and non-profits, governments and educational institutions are analyzing large amounts of structured and unstructured information to make important decisions.

Of course, data means nothing if you are unable to process it or interpret it and apply it to your business. What’s really important is that you focus on the information that is pertinent to your business.

In a highly digital world, data comes in many different forms including industry trends and analysis, infographics, articles, and white papers, just to mention a few.

Your role as a leader is to have your fingers on the pulse by staying updated with trends in your industry and making decisions based on market facts and not solely on instinct.

Don’t follow your passion only

There is a lot to be said about following your passion especially as an entrepreneur—everyone advices you to do it. While passion can be a great motivator, it can also blindside you from the real needs of your business.

It is common for leaders to be so passionate about a product that they fail to see when a strategy is not working or when change is necessary. This is why making decisions based on factual information will set you one step ahead of your game.

Strike a balance between passion, commonsense and market sense to avoid being swept away by the tides of change.

Cater to the evolving needs of your customers

Pick any company that has closed shop or one that is in financial decline and you will likely see a common theme: These companies and their leaders failed to keep up with the changing needs of their customers.

The thing about customer preferences is that they tend to evolve with time. Technology has made this evolution more rapid than ever. What is popular and in demand this year may not be so in the next year.

The good news for business leaders is that this same technology has democratized information. Through social listening, access to big data, affordable customer surveys, business analytics it is now much easier to understand and keep track of the changing customer needs.

Make customer feedback an integral part of your leadership style and team dynamics. Customers are increasingly critical and discriminative of brands that are not meeting their needs on time.

Diversify or let go

Most businesses will at some point need to diversify their product/service portfolio to remain competitive.

The decision to diversify should certainly be a strategic one based on market insights, trends and more importantly, customer needs.

At other times, you may have to let go of a product, service, idea, or strategy that is obsolete.

How to Stay Relevant

Whether you are a soloprenuer or an established business leader, resisting change is a sure way to kill your enterprise fast. Every day, new ideas, strategies, ways of working, doing business, managing teams, and communicating with customers are emerging. Receptive and agile leaders have the best chance at remaining pertinent amidst these new emergences.