Most businesses, especially big and established companies, are difficult to turn and this is why aggressive new market entrants are able to sweep in and digitally disrupt industries, markets and supply chains. Established companies are too slow to respond and by the time they have mounted a meaningful response, the new entrant has established a strong position in the market and is almost impossible to remove.
Companies need to be able to pivot quickly to respond to new market entrants and changes in the competitive landscape. Similarly, as new technologies emerge, customers and other major stakeholder group’s demands and expectations change.
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