February 16, 2012
So, unemployment has reached its highest level since 1994. Jobless figures released last month by the Office for National Statistics showed a rise to 2.69 million. Every week we hear of well-known brands going into administration and there has been a substantial increase in the number of firms experiencing financial distress, compared with 12 months ago. Turbulent times.
There will be no more Kodak moments. After 133 years of trading, the company has been unable to make the necessary transition to the 21st century. Kodak’s downfall was primarily its inability to adapt to an increasingly digital world. It’s my belief that organisations which fail to adapt to the rapidly escalating and sophisticated demands of their customers – who are of necessity becoming more obsessed with value for money and wish to have much greater input through co-creation and collaboration – will see their fortunes decline. Conversely, the ones that put serving the customer right at the heart of their business strategy, aligning people, processes and systems will be the ones that don’t just stay the course, they will flourish. Read more of this post