October 14, 2019
The disruptive scale and rise of venture-funded start-ups are forcing the incumbents to operate in this unpredictable world at this new speed. Learn what this means for your business
The speed at which industries are transforming is accelerating both domestically and around the world. We live in a hyper-connected world (Internet of Things (IoT) connected devices are projected to amount to 75.44bn worldwide by 2025) where talent, customers, and competition can come from anywhere in the world.
This trend is setting the speed at which these industries are transforming. So, it is imperative that all companies must understand what is causing this acceleration and how to maintain or grow their market capitalization. The disruptive scale and rise of venture-funded start-ups are forcing the incumbents to operate in this unpredictable world at this new speed. It is also important to clarify that this acceleration and disruption are not limited to technology companies typically associated with Silicon Valley but all other sectors such as oil & gas, retail (consumer goods, fashion), auto, hospitality, and more.
An example of such a disruptive company is Zara (a brand of Inditex, one of the world’s largest fashion retailers), where they pioneered the principles of speed in their entire operations to meet the needs of the ever-changing fashion clothing industry. Since 1963, Inditex has maintained its relevancy in the industry by closely nurturing its customer relations, empowering its retail store managers, connecting their designers to customer-facing staff and via cutting-edge systems creating industry’s shortest lead times in scalable manufacturing and deliveries. If you can move much faster than your competition by incorporating speed and agility, then you have a better chance of sustaining market relevance.