If your industry has not been disrupted by technology, it’s only a matter of time until it happens.
Apple blew up the music industry a long time ago, but even something as simple as a taxi or delivery service is being challenged by the likes of Uber, thanks to new ways of thinking and the wide availability of the technology that makes it possible.
Taxis used to be an old-school protected business, but Uber is matching people with cars looking to make a little extra money with those looking for more reliable – and in many cases nicer and more timely – car service. And that’s just the beginning. The company is, at its heart, a logistics service, moving things from Point A to Point B, on demand. Uber is already experimenting with a service called Uber Rush, a same-day delivery service in New York City. The company has so much potential that it has a $17 billion valuation and raised more than $1 billion in its latest round of financing and companies like FedEx and UPS are watching it closely.
You may think your industry isn’t in danger, but if the delivery business can be reinvented, so can whatever it is you do. So if you’re the type of leader that’s just looking to maintain the status quo and add marginal growth to the bottom line, that might work for a while, but sooner or later, you are probably going to be in trouble.
To survive today, you need to be part innovator, part maverick and an excellent communicator. You need to put the right team together that’s going to buy-in to your vision and drive change to protect yourself from the Ubers of the world.
Change is tough, and not everyone will buy-in, possibly including some senior executives. But guess what? If they don’t buy in, you need to make a switch. You won’t be the most popular person in the company, but that’s not what it’s about. Survival is more important than ego, and if you wait to make the changes, you might be out of business before long.
Resistance at every level might be strong, because change is always difficult and some people take longer than others to get on board. So spend a lot of time perfecting your message and communicating the how and the why of change and you’ll see people buy-in. Act swiftly to bring in the best team and drive toward your goals, but at some point, the train is leaving the station and everyone needs to either be on board or politely told to find another train. Treat people right, both those that stick around and those that choose another path, but it’s imperative you get your A-team together.
The world is changing, and we, as business leaders, need to change with it. Loyalty is great to a point, but if the team you have doesn’t have the skill set to stay ahead of the technology revolution, your business is in danger.
Just ask the taxi business, another example of industry that’s been disrupted by technology.
