By Geoff De Weaver, CEO + Founder of Touchpoint Entertainment Inc. https://geoffdeweaver.com/
The only theme constant in today’s business world is DISRUPTION and CHANGE.
If you aren’t operating in the ‘CHANGE’ space you better start. If you don’t transform today, you will perish. China and emerging markets e.g. Latin America, Central Asia, etc. are changing where and how the world does business and technology is magnifying the speed and scale. For the last three decades, the US and Fortune 500 brands have lost ground to new global markets who have been a source of low-cost but increasingly skilled labor. Importantly, of the Fortune 500 firms listed in 1955 vs. 2014; 89% are gone, and perhaps we’re all better off because of that dynamic ‘creative destruction’ and paradigm shift.
Corporate leaders can’t afford to be complacent about a change of such magnitude. They must be much more transformative, innovative and use big data for this constant disruption to survive today.
There dramatic transformation is sweeping the world today and I am sure you have noticed.
The days where one of my grandfathers worked at a major New York Electric & Gas company for some 30 plus years and my other grandfather was a CFO for the oldest direct selling jewelry company in the world e.g. Sarah Coventry – commencing in 1949 until the mid 1980’s when he retired. That long-term planning, certainty, stability, balance and permanence from my ‘grandparents age’ (1940’- 1980’) are GONE.
In 2015 and into the future, the days of endurance, security, and permanence at work and in a role have disappeared. Today, whether you work for a Fortune 500, a non Profit, run your own company or just starting your career – you MUST know one thing for certain, business in the 21st century is the antithesis of the job stability seen in the 20th century (Industrial Age).
To think change isn’t going to impact you today is both naive and a bit crazy because the speed and innovation of technology today is impacting everyone globally at an ever faster rate. Digital disruption is the paradigm shift of our times and business marketplaces.
What happens now is happening more rapidly than at any time in history. Change today is instantaneous; just look at unicorns like: Airbnb, Tesla, Uber or such things as climate change, inequality, sustainable cities, quality education, good health and wellbeing, clean energy, etc.
If we look at Uber for example who anticipated, innovated and disrupted today’s market, just watching their radical structure, and learning their lessons for the workplace is inspirational.
This type of passion, culture, hard work, added value, customer experience and structure is TRANSFORMING the business world today. In fact, although Uber was only founded approximately six years ago, it has reportedly created over 200,000 plus jobs in the US alone and is expanding astronomically worldwide. Uber’s CEO Travis Kalanick, stated earlier this year on his blog, ‘“Uber will generate over 1 million jobs in cities around the world.”
Here’s why. There are a number of factors driving Uber’s irresistible popularity and appeal.
Uber’s Primarily disruptive changes:
- The Uber service is far more convenient and upmarket than traditional cab companies.
- Uber offers an alternative for consumers who have become disappointed, frustrated and disenfranchised with traditional corporate service models offered by other transportation companies.
- Uber offers a premium level of customer experience and cx, than traditional yellow taxi or cab companies by employing drivers with pleasant personalities, providing newspapers or magazines and in some cases free drinks.
- Their service allows customers to rate their drivers, which makes it easier for the company to hold drivers accountable and improve quality control.
- Uber customers can monitor their driver on a screen to estimate when they’ll arrive – a far preferable alternative to waiting an indeterminate amount of time for a no-show taxi.
- Uber finds and implements genuine solutions to real world problems e.g. climate change, lack of transportation in urban areas, etc.
Uber, along with other unicorns, ‘get it’ that every business exists to serve the needs of its customers. Importantly, in these disruptive times, Uber does it better than anyone today.
So make it your biggest priority to provide genuine solutions to problems your competitors have overlooked. (e.g. usually existing slow moving, monolithic Fortune 500’s that have been doing the same thing year in, year out)
Just look at these facts on CHANGE:
- Chinese companies on this year’s 2015 Fortune Global 500 list are beginning to dominate the world stage; In fact ninety-eight of these companies are based in China, including those headquartered in Hong Kong. That now ranks China second only to the U.S., which has 128 companies on the list.
- China had just 46 companies appearing on the list in 2010, and only 10 in 2000. The U.S. has trended in the other direction: 139 American companies made the list in 2010 and 179 in 2000.
- Some of the best known Chinese brands around the world include: Alibaba, Tencent, Baidu and Xiaomi, none of which are state-owned.
- In the 1970s and 1980s, Japanese carmakers like Toyota, Honda, Mazda and others began gaining global market share and, in some cases, outcompeted their US peers.
- More recently, just look at how South Korea’s Samsung has weakened Apple’s grip on the global smartphone market, primarily spring-backing off the back of China and Mandarin speakers.
- Leading US Tech companies in the Fortune 500 list today are all doing innovative and transformative things to drive into the 21st Look at some of the leaders: eBay, Computer Sciences, EMC, Oracle, Cisco Systems, Google, Intel, Dell, Amazon, Comcast, Microsoft, IBM, Verizon Communications, Hewlett-Packard, AT&T and Apple.
- Almost 40% of the 5,000 new large companies in the emerging world are likely to be based in or near China.
In 2025, almost 230 Fortune Global 500 companies will be based in the emerging world’s cities, up from 24 in 2000 via Fortune and McKinsey
Summary of Fortune 500 firms in 1955 vs. 2014 (CHANGE)
What do the companies in these three groups of companies have in common?
Group One: American Motors, Brown Shoe, Studebaker, Collins Radio, Detroit Steel, Zenith Electronics, and National Sugar Refining.
Group Two: Boeing, Campbell Soup, General Motors, Kellogg, Proctor and Gamble, Deere, IBM and Whirlpool.
Group Three: Facebook, eBay, Home Depot, Microsoft, Office Depot and Target.
- All of the companies in Group One were in the Fortune 500 in 1955, but not in 2014.
- All of the companies in Group Two were in the Fortune 500 in both 1955 and 2014.
- All of the companies in Group Three were in the Fortune 500 in 2014, but not 1955.
Just compare the Fortune 500 companies in 1955 to the Fortune 500 in 2014, there are only 61 companies that appear in both lists! And, that rate is accelerating faster now than anytime in modern history!
Only 12.2% of the Fortune 500 companies in 1955 were still on the list 59 years later in 2014, and almost 88% of the companies from 1955 have either gone bankrupt, merged, or still exist but have fallen out the Top Fortune 500 companies (ranked by total revenues). And, that’s the massive global transformation that is rampant today.
In conclusion, the only thing consistent in today’s marketplace is DISRUPTION and the need for CHANGE. So the message is – Disrupt yourself and your businesses immediately, don’t wait for someone to disrupt you and destabilize you. Being the first entrant into a new market is crucial and so is continuous change.
CHANGE today isn’t just about technology rather it’s about innovation that tries to find better, smarter, faster ways to enhance people’s lives, add more value, leverage technology and build new business models to deliver the ‘WOW’ factor through service and building deeper relationships of trust that embrace change.
Remember you are now competing in a global market, that has unparalleled flexibility, spontaneity, outsourcing capability, agility, competition and importantly, technology more flexible schedules for its employees. The need for change has never been greater so… CHANGE before your competitors leave you in the dust. #POW
More About Geoff De Weaver:
Hailing originally from New York; Geoff De Weaver is the globally experienced entrepreneur, technology disruptor and trend hunter behind Touchpoint Entertainment Inc. Touchpoint Entertainment Inc., the ‘next-generation’ Social Media Marketing, Big Data and Live Event Company – that streams live to over 1.5 Billion fans globally. We deliver authentic brand experiences worldwide and are specialist in social business design, innovation and digital disruption. I help brands bridge the gap between CONTENT, COMMUNITY + COMMERCE.
C-Level, Marketing Strategy, Digital and Communications Leader with Global Experience – including: US (New York City + San Francisco), Australia, New Zealand, Singapore, Italy, Germany, Brazil, South Korea, Columbia, Finland, Hong Kong, Mexico, Netherlands, Taiwan, the United Kingdom, China, Indonesia and Canada.
Geoff has a global 25-year background of representing some of the world’s most iconic worldwide brands including: Coca Cola, IBM, IMG, P&G, Microsoft, Nike, British Airways, Wells Fargo, EA Sports, MasterCard, Shutterfly.com, EA.com, E*Trade, Nestle, Air France, AT&T, VISA, Unilever, EA.com, Ferrari, American Express, P&G, Trend Micro, Acer Computers, BMW, Shutterfly.com, Mars, Pfizer, TiVo, EarthLink Internet, American Express, Telstra and others.
- Geoff has served as a non-executive director, director and advisory boards.
- Top 0.5% Worldwide on Twitter Globally
- Top 1% Influencer on LinkedIn and 32+ million network on LinkedIn worldwide
- Top 1% Most Viewed Profiles on LinkedIn (380+ million members)
- Geoff is a Digital Pioneer, Data-Driven, Entrepreneur, Business Coach + Innovator.
- Transformative, Innovation & Digital Disruption – CONTENT, COMMUNITY + COMMERCE
Feel free to get in touch with Geoff for further information:
You might enjoy these recent posts too: ‘Top Ten Digital, Tech, Entertainment Trends for 2015′: https://www.linkedin.com/pulse/top-ten-digital-tech-entertainment-trends-2015-geoff-de-weaver
AND…. ‘Corporate Social Responsibility + Gender Equity = Paradigm Shift.’: https://geoffdeweaver.com/corporate-social-responsibility-gender-equity-paradigm-shift/