We are in a dynamic ever-changing world, in which people, organizations and businesses live, adapt, evolve and survive. The meager existence of change is the reason why the mankind has progressed to such heights. Had it not been our adaptability and acceptance to change who knows we would still be living in the Stone Age.
From bullock-carts to smart cars; from gramophones to I-Pods; from wooden ships to space ships we have come a long way. The key driving force behind all the businesses, in single phrase is continuous change. Change is inevitable; and adapting to change whether by choice or by force; it is the only way out for us as well as for businesses and every change offers three choices to businesses;
· Get left behind; persist with older ways and perish.
· Adapt with the change and survive the shock wave.
· Find out new innovative ways to reap the maximum benefits out of the ongoing change.
Since beginning Dynamism is the soul of new research and inventions; in the era of globalization the pace with which the change is coming has increased many times. John Hagel III, a former McKinsey consultant, and John Seely Brown, who for 12 years was director of Xerox’s Palo Alto Research Centre in their book named ‘Static businesses in a dynamic world’ said that ‘Businesses tend to see themselves as operating in a static and zero-sum world, when in fact their world is increasingly a dynamic one’. The unprecedented pace of growth explains the reason for this myopic vision.
The change which earlier used to have single aspect has now become multidimensional. The failure to accept the changed terms of doing business can prove fatal. On one side the trade barriers are falling and on other the consumer around the world are becoming smarter than ever before; they knows what they want and how they want. They are no non-sense serious people who want more value for their money. Simultaneously the flow and invent of new technology is happening very rapidly. A technology which earlier used to take years before coming to South Asian countries from the developed West is now available to the whole world instantaneously. The swiftness with which ideas are travelling from one part of the world to the other; the rapidly growing east; the unconventional approach for doing conventional things is the reason why businesses need to look beyond the horizon and think out of the box in order to keep up with the change and survive the tough times.
The rising fear about the damage which the businesses are doing to the environment; another major concern for the businesses to keep into consideration is developing greener ways of doing things.
Awareness and global exposure of people is like a double edged sword. Aware consumer is the biggest threat as well as opportunity for any business; depending upon what the business has to offer. A business can not survive if the core idea is to fool the consumer. But with a unique new idea one can do wonder. This continuous change makes it very difficult, time consuming and costly for the business to keep up with the changing needs of the consumers.
The trade barriers are falling at a blitzkrieg speed. With economies becoming open, everyday new markets comes into picture, welcoming business with open arms. The push towards liberalization and globalization is changing the business environment like never before. With the ongoing external and internal reforms and the opening of new markets where on one hand the opportunities are increasing, on other the competition is also becoming cut throat. With globalization on one hand doing business is becoming easier and cheaper everyday; but also this brings along new players which are a threat to the traditional market of the business.
Bilateral and multi lateral trade-offs are the new guiding principles of trade. They are determining the cash flow and capital gain; changing the nature of entire global trade. By the end of the year 2005, there were some more than 300 Free Trade Agreements among the ASEAN member countries, emphasizing on the role of regional trade blocks. Contrary to earlier trends, when USA, Japan and EU used to be the major markets, China and India are fast emerging as the new trade hubs. With South Asian economies, especially China and India, showing less vulnerability to the global meltdown, the extent to which a business is able to take advantage of these opportunities depend largely on its competiveness; maintaining the old traditional markets and capturing the new global markets as well. Businesses need to identify these economic changes and prove their mettle of having the potential, capability, flexibility and adaptability to meet the changing demands of markets.
With new technology the terms and ways in which business was done has dramatically changed. Technology can make or break a business; companies can grow tremendously with the apt use of technological changes. A number of technological tools are applied these days in order to run business more effectively and efficiently. But applying these tools and keeping up the fast occurring changes and incorporating them in the business is not an easy task.
With so many new technological advancements happening the business owner needs to stay up with them if they actually plan to take advantage of these fast occurring technological changes. New channels for conducting business and communicating with the customers and partners are emerging. With internet emerging as the whole and sole source of fulfilling all the business needs, new business opportunities riding on new ideas are emerging fast. It is becoming the backbone of businesses on one hand; and on the other it is creating new business challenges making the survival even more difficult.
Technology alongwith environment makes a lethal combination. The use of green technology is not only good for the environment but it also has huge amount of benefits for the business as well; is a fast picking concept which many businesses are putting in practice.
Social entrepreneurs are fast trying to change the way we understand and approach a problem.
New intelligence is daily required to be put into the business, swiftly and suavely in order to capitalize on the new emerging trends well in time and face the threats effectively. In the year 1908, on 24th April, Mr. and Mrs. Murdock drove from Los Angeles to New York in a car. The journey took them 32 days 5 hours and 25 minutes. It only takes 3 days to travel across USA by car and few hours by plane in 2008. How long will it take in 2108 and how will we be travelling then? This is what constant change and response to this change is all about.