WTF What’s the future of business – Why challenging the status quo takes more than a rallying cry.
“It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change.” – Leon C. Megginson
We live in an era of digital Darwinism, where technology and society evolve faster than most businesses can adapt. Business as usual is no longer good enough. To survive, organizations must also evolve. While this sounds commonsensical, it’s easier said than done.
Challenging convention might be in the DNA of progressive companies such as Apple, Netflix, Starbucks and Tesla, but it’s not an inherent trait for more traditional organizations. And, while the “digital” in Digital Darwinism might imply that the answer to survival is the investment in disruptive technologies and digital expertise, that isn’t the entire answer. According to new research, the key to successful transformation is more human. Unfortunately, the human side of change and innovation is largely neglected in favor of investments in new tech and digital skills, a common, limiting mistake many companies make in competing for the future.
Right now, there are two major initiatives driving business modernization and advancement, digital transformation and corporate innovation respectively. At the same time, many executives cite that the number one limitation facing both efforts is “corporate culture.” In fact, culture turns out to be the biggest obstacle or the greatest catalyst facing change and growth. The other major obstruction is that digital transformation and innovation are viewed as cost centers and not investments.
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