At a time of unprecedented disruption, businesses must respond fast or face failure
Disruption is now such a familiar term, it is in danger of becoming meaningless. Yet its ubiquity reflects the perfect storm of revolutions – geographic, demographic and technological – that are rewriting the rules of business everywhere and most dramatically in the consumer goods and retail sector.
You don’t have to look far to find evidence of disruption – in fact you don’t even need to leave the boardroom. Countless globally renowned manufacturers and retailers have changed their CEO recently. Though these changes were made for different reasons, the accumulation suggests that the torch is being passed to a new generation of leaders.
A new generation that has to deal with a new reality, a world where the new normal is no normal, where everything is volatile – the cost of commodities, the tastes of consumers, the caliber of the competition and the attitude of shareholders.
The most significant of the many variables manufacturers and retailers are having to ponder include how they reach the consumer, what technology they need, whether they want to do everything themselves (a more challenging proposition since the emergence of platform businesses) and how they react to disruptive new competitors – a concern for 31 percent of companies responding to the 2018 Top of Mind Survey. All these – and many other – variables have to be assessed while the market itself is changing at unprecedented scale and speed.