What’s the Right Priority?
Let’s face it, the world is full of insurmountable challenges and opportunities. It is becoming harder and harder to identify the right priorities. Speed and exponential complexity can become paralyzing. Equally dangerous is the mistaken belief you know what the real problems are.
This is happening in the automobile industry. This is a business that was staid and complacent for decades. Product development and marketing were largely “copy and paste” from year to year. Evan Hirsh, John Jullens, and Ganesh Kalpundi of PwC have hit on an issue that may blindside both traditional and non-traditional auto players.
Writing in strategy + business, they say, “While automakers pour millions into winning the autonomous vehicle race, they run the risk of ignoring the more imminent threats that could sink them before the technology becomes pervasive.” Rather than explore those specifics, why this jumped out for us is that the industry does not know where to expend its resources.
This is a common problem for any business. Thirty years ago, business management theory spoke of “barriers to entry”. This theory was accurate for the time and espoused the belief that success meant sticking-to-your-knitting and dominating a very specific category. Today, it is difficult to narrowly categorize businesses and to fend off brash upstarts that are now upending entire industries.
Our point being, it has never been more important to have a clear sense of corporate-self, why you exist, what it is you do that no one else can, and in a way that is a memorable experience. That is a tall order but there is no getting around it. Many companies can claim to “succeed” but are still very mediocre. In our opinion, the opportunities before organizations have never been greater. So, being mediocre is not an option.