Innovation is very much in vogue.
Business owners need to be looking at innovation across the board. It’s quite appropriate, in last week’s Accountants Technology Showcase Australia (ATSA) 2016, to revisit some of the comments that were made by one of the conference presenters, Jason Bender.
Bender made one of the best presentations saying, “Digital disruption was going to have a significant impact on most professions”.
He also said, “Disruption doesn’t mean that revenue was gone; however there is a need for business to develop strategies on how to respond to changing market conditions”.
What does that mean for your business?
One of Bender’s most pointed comments was, “Don’t let what happened to Kodak happen to your own business”. As you know, Kodak had developed the technology for all types of digital cameras; they’d even registered a patent, but then management decided to sit back and continue with their current modus operandi, feeling quite smug that they were secure in the future. Unfortunately for Kodak other companies were also looking at the new opportunities.
It was their era of “digital disruption” and by the time Kodak realised that they needed to go down the path of commercialising the product that their team had already invented years before, they found that others had beaten them in the market place. The ultimate result was that Kodak went broke.
Jason Bender added, “If we are not careful, some businesses could really suffer over the next few years”. A very important comment that he made was “don’t let this happen on our watch”.
He also explained it by saying that it’s a bit like the rear vision mirror on your car; you don’t know how close the car behind you really is.
Like you, OBT is a business experiencing the same issues faced by many. The product we offer may differ to your own but in all other respects we face very similar day to day issues. Like you, we utilise strategic and operational plans, we promote ourselves, we hire, train and retain staff, and we monitor our profitability and cash flow. All the things every business needs to address, we also address.