Adopting new strategies and technologies

- Many people view change as some intangible element that just happens because something is different than before, but for organizations involved in a marketplace, change is driven by highly predictable forces. These forces can be easily identified. The forces that will shape a company's future will be competitors, both current and future, technology trends and new customer needs and wants. As such, organizations must provide learning experiences that prepare employees to rapidly adapt to change on all levels. If you want a competitive advantage for your organization, you need to study the trends and forces that impact the marketplace. You need to study changes occurring in the competitive landscape, such as new customer preferences, you need study what best-in-class organizations are doing in terms of shipping, interacting with their customers, and even marketing. You need to have an eye on new technologies and innovations that will impact the market. Organizations that actively research, dissect and reverse engineer aspects of a competitor's business can learn about what makes the competitor tick, and how advantages can be leveraged when changes occur. Conduct classes on the competitive landscape of your business. An advantage can also be gained by studying best-of-class organizations. What are the best in the world doing in terms of delivering value to their customers? What can be learned from their actions, systems and processes? For example, can a shipping company learn anything from a ride share company, like Uber or Lyft? Yes, it can learn how to make the customer experience convenient and simple, by providing a real-time tracking of the location of a package in an easy to use app, just like the ride share service apps provide. Can a retail clothing store learn anything from how a microbrewery operates and markets to it's customers? Yes, it can learn how to create an experience for the customer, and not just a place to buy a shirt. It can learn how exposing the process of making it's product can appeal to a certain segment of the population, just as microbreweries provide tours and highlight how their products are designed and brewed. Successful organizations leverage technology to improve both employee and organizational performance. They don't simply purchase the latest technology because it's the latest technology. The real competitive advantage comes to an organization when solutions are improved, amplified or scaled because of technology. But the focus is on the solution, not the technology. For example, grocery stores have implemented self-service checkout through technology to allow simple, quick transactions and allow customers to quickly make a purchase and exit the store. This allows employees to focus more on helping customers in the aisles and ensure shelves are always stocked, as opposed to ringing them up at the cash register. An organization should also study the ever-changing needs, desires and wants of customers. Keep an eye on general consumer trends, listen to the voice of the customer, and pay attention when desires or behaviors start to shift. Organizations that are on top of customer needs or who can anticipate the next consumer trend are organizations that have a competitive advantage. And as you are studying competitors, best-in-practice performers, technology and customers, make sure you focus on discovering patterns and trends. Identifying and exploiting patterns and trends creates a sustainable competitive advantage within a marketplace. For example, one trend is the decline in car ownership. The peers that the future will be composed of shared vehicles, not individually owned vehicles. With technological innovations, even people in rural areas may not own cars, as automated cars will come to them. In fact, several car manufacturers are working to create configurable car cabins so that while a car is self-driving you to your destination, you can configure the cabin for sleep mode or theater mode, to watch your favorite movie, or even internet and office mode so you can do work while the car takes you to your next business meeting. Recognizing trends and patterns can accelerate an organization's growth. Failing to do so can result in disaster. Sears, K-Mart and Toys R Us all failed to adequately respond to online retailers, like Amazon, and have been virtually, or actually, put out of business. Learning about competitors, best-in-class performers, technology trends and new customer trends and patterns provides a sustainable competitive advantage and a way to take advantage of change, rather than becoming a victim of it.