Corporate Darwinism: How to evolve with technology or face extinction

Written on 11 January, 2016 by TPP Wholesale
Categories: General Wholesale | Tags: business, online business, online marketing, technology

Technology advances are disrupting the business world at an unscalable rate, creating a new form of corporate Darwinism where only the tech-forward companies will survive.

Businesses that refuse to evolve – or evolve too slowly – face the possibility of extinction. To help you stay ahead of the game, we've put together a short guide to adapting successfully to today's technological evolution.

Adopting and adapting to new technology

In its recent survey of 1200 business and IT leaders, HP found there's already a big gap between companies using technology to adapt to the new market environment and those lagging behind.

Staying current means much more than simply adopting new smartphones or including the latest tech in your product portfolio. What it really requires is the ability to adapt your IT infrastructure to suit new ways of conducting business.

HP discovered that those businesses capable of successfully leveraging IT infrastructure were more likely to achieve improved business outcomes such as new revenue streams, faster time to market and increased profitability.

The dangers of ignoring developments

Businesses that fail to regularly take stock of a rapidly changing landscape could find themselves hit by unlikely, and highly digitised, competitors. Two perfect examples of this are Uber, which has been cutting into the profits of the taxi industry across the globe, and Airbnb, everyone's favourite casual holiday rental site.

Embracing – and utilising – changes

Keep your business relevant by ensuring you build research and development time into your infrastructure. It's essential to keep an eye on not only the competitors you have right now, but also any potential disruptors.

Likewise, it's increasingly important for businesses to be open and flexible to new ideas – wherever they come from. Your top leaders and upper management might be excellent in their roles, but that doesn't mean they have all the answers when it comes to futureproofing your business. In fact, any of your employees may spot the next big trend to revolutionise your industry, and they'll only be able to share it with you if the lines of communication are open.

The HP report also highlighted how important it is to develop a clear vision for digital technologies, to foster a close relationship between IT and line of business, and to put clear digital execution plans in place when opportunities are identified.

To achieve this kind of agility, your business needs to be a leader and not a laggard in tech adoption – you need to be willing and able to disrupt operations when the potential for new technology and better ways of doing things arises.

To ensure your website is as agile as your business, get in touch with the experts at TPP Wholesale.