To reinvent something means to change it so that it seems different and new; to redo, to make completely.
The year 2020 will be remembered in history for a long while. Until February, most companies were busy planning their long-term business strategies, busy setting ambitious growth targets, strategizing their value chains and adding new products to their portfolios. However, an unpredicted calamity Covid19 brought the entire world to standstill. The sudden event has forced governments and organizations to hit a pause and reset button. While uncertainty prevails over what the future would cause, what is clear is that it would be starkly different from the world we have known. Until a vaccine is made available to counter the virus, the requirements of social distancing, wearing masks, connecting socially online, in short, the need for restricted movement will continue.
We have seen a tremendous shift in mind-set of people. Though physical distancing is forced on us and we are connected electronically the need to stay relevant is all the more propelling. And, this is major transformation. Organizations are preparing for the new normal by changing their core organizational hierarchies, structure and their operation. While work from home has become the new normal, organizations have invented functional strategies to make distant working and remote client servicing a reality. It’s amazing to note that many small, medium and large organizations have quickly reconfigured their product and service offerings and have transformed their business models. Remote working is further expanding the scope of remote access to everything and greater security against cybercrimes.
With the on-going upheaval many organizations have seen opportunities and are reinventing themselves to rise over Covid19. Electronic gadgets are ruling our lives like never before. We are forced to keep with a lot of technology shifts and companies have had to evolve along with them. The companies that have survived are the ones that know this important lesson of listening to the customer always. The print industry has been the most affected industries since the technology boom. Many newspapers and magazines have either closed up shop or have gone in fully digital. National Geographic, however, has embraced technology – its magazine is still in print and the brand has millions of loyal Instagram, Twitter and Facebook followers, both for its account and its photographers’ accounts. Specifically, National Geographic has over 65 million followers. National Geographic realized that to stay firmly planted in its print ways would have killed its business. So, it went to where its customers were, which is online.
Another great example is Netflix. It has primarily changed the way TV is consumed. Netflix is in true sense the catalyst that drove the shift toward over-the-top television, helping pave way for many other OTT platforms. People want to watch whatever, whenever and wherever. Netflix experienced lot of hiccups. Its original business model was subscription based, where people could rent as many movies as they wanted, keep them as long as they wanted and trade them in for new ones after mailing them back. Netflix included streaming video, which even further encouraged its popularity. But, in 2011, when it split into two companies, Netflix and Qwickster, its spin-off continued delivering only DVDs by mail and increased its prices, people were put off. Netflix quickly realized its mistake, and reverted back to providing both digitally streaming videos and DVD-by-mail under one roof, and under one bill. The message is give the customers what they want.
It’s a perpetual fact that all businesses even the most successful ones slack. They lose their hold in market when they start stagnating. Organizations are compelled to reinvent themselves periodically. What matters is their ability to pull off from decline stage of business and jump back at growth stage. Organizations therefore have to be very adaptable. The world is changing at a faster pace; innovation must be a regular function in an organization. The ability of both stimulates and harnesses human imagination.
Domino’s had to make drastic changes; they considered their core competence in fast delivery, pizza in 30 minutes or less. If they delayed the delivery, the pizza would be given free. Domino’s was less concerned about taste or quality; but as people started debating on social media, Domino’s realized gravity of the issue. People were condemning its pizza quality leading to lesser order and tremendous financial repercussions. Domino’s went into action. Taking to the wave, it made an enormous announcement: ‘we hear you, our pizzas are suck and we promise to improve them.’ They improved their pizza quality. Domino’s rolled out its new campaign and new recipe, sales skyrocketed. Companies need to absorb all tip-offs thrown by their customers time and again.
Few years down the line, many organizations will restyle jobs enabling their employees to work alongside smart machines, robots, and new forms of technology. Already robots have entered households’ cleaning, mopping, cutting and chopping. Organizational leaders must start rethinking their plans. For the past century organisations consisted of jobs, the job profiles were designed to match specified outputs; work methods were devised for performing jobs. But, many present jobs are absurd in nature, they don’t sound normal in nature, they demand unrealistic workloads which leave many job hunters shaking heads in disbelief.
Most people sense that the way organizations are run today has been stretched to its limits and things are and will change shortly. In numerous surveys businesspeople make it clear that in their view, companies are places of anxiety and drudgery, not passion or purpose. Organizational cynicism affects government agencies, non-profits, schools, and hospitals just as much. Further, it applies not just to the powerless at the bottom of the hierarchy. Behind a facade of success, many top leaders are tired of the power games and infighting; despite their desperately overloaded schedules, they feel a vague sense of bareness. People yearn for better ways to work together; for more soulful workplaces where their talents are nurtured and their deepest aspirations are honoured.
So, I conclude that as technology continues to improve, companies will be forced to adapt, change or die. They need to remain customer centric. Big or small all organizations need to be ready to roll out products and services as per the demand of their customers. Change is inevitable, therefore reinventing from time to time is a necessity.
