Building for the future at the same time as managing core business operations is not easy. It requires a strong vision for the future and a commitment to survival particularly when many businesses are facing uncertainty.
Technology is rapidly evolving, and new business models are emerging. Sometimes the future only becomes clear when one is faced with challenging conditions, particularly those which significantly impact revenue.
Century-old businesses can no longer survive by relying on operating in the same way they have always done. But that doesn’t mean you should throw out the rule books. It does, however, mean that it is time to question your longer-term strategy while maintaining focus on short term profitability and sustainability.
No one has all the answers. By broadening the lens, opportunities will become clearer. Three areas worth considering include:
- Customer needs
- Environmental forces
- Data and technology
Combining all three gives you the ability to reimagine your business. That is not to say you should throw away your core assets. However, this may be time to leverage the assets you have and imagine potential scenarios around each of these areas.
Digital transitions have or are occurring in many sectors. A great example being the changes that have occurred within mining. For many decades, maintenance teams have relied on writing maintenance documents from scratch for every service or repair that needed to occur. Hard copies have been kept for all documents and instructions; however, this traditionally has caused significant time and cost inefficiencies in execution, poor communication, and impossible oversight. Much of this is now can be provided in a digital format, creating efficiencies such as reduced waste, cutting costs and providing maintenance times with real-time access to the most up to date information.
Whatever you do the goal should be to make the transition as seamless as possible to minimise the disruption to your clients and your shareholders. Have you reimagined what your business could look like in the future?