Seven Realities that Jeopardize Business Survival: Part II
In Information Revolution, Jim Davis, Gloria J. Miller, and Allan Russell discuss the “Seven Realities that Jeopardize Business Survival.” Each reality illuminates the need for new business models as well as styles of leadership. Here is Part II.
Business Reality 4: The Only Constant Is Permanent Volatility
This is a common theme but bears repeating: The company that is most agile and adaptable will gain and maintain a competitive advantage. Instead of just relying on past results to predict the future, companies need to tap into current trends through social networking, Web analysis, and employee feedback.
Business Reality 5: Globalization Helps and Hurts
Globalization presents many advantages, especially to small companies seeking a worldwide presence. Any company that is connected to the Web can strategically partner, outsource, or insource with relative ease. The downside is increased complexity when dealing with international languages, standards, and cultures. Strong communication skills are essential for navigating this terrain.
Business Reality 6: The Penalties of Not Knowing Are Harsher than Ever
In the new era of billion-dollar corporate scandals, personal accountability at the highest levels is not only prudent, it is now legally mandated. The Sarbanes-Oxley Act was designed to systematize ethical behavior. In addition to the need for strong, honest leadership, information systems to handle this complex business data are essential.
Business Reality 7: Information Is Not a By-Product of Business; It Is the Lifeblood of Business
The seventh business reality is a direct result of the first six. Due to shrinking business cycles, level playing fields, changing rules, volatility, globalization, and the cost of ignorance, information has become the lifeblood of many businesses. Today, accurate, accessible, actionable information is necessary to compete in the global economy. There are strong pressures to achieve more results while spending less time and money. Companies need up-to-the-minute information about their customers, suppliers, competitors, and markets.
These realities also point to the need for new business models as well as for visionary leadership. With the complexity of business today, decisioning throughout the entire organization has to operate like a well-oiled machine. The sections to come expand on optimal organizational structures as well as the core competencies, or success factors, necessary to operate at this level.
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