How long does a company like GE survive?
Du Pont and Colgate are some of the oldest companies in the US. In India, the Tata group of companies are of the same vintage. Then we have countless examples of really great brands just disappearing. The most quoted of them are Kodak and now GE.
No times are the same. It is especially so after the industrial revolution. Now in the internet world, change is happening at a pace faster than ever before. Consumer preferences are getting impacted by technologies. Products are rapidly becoming obsolete, and in their place, new products are continuously being invented and launched.
During my stint in the private sector, I noticed that my erstwhile company, Tata Consultancy Services, would undergo a major makeover every three or four years. Organization structures and business processes would undergo a massive change. The company was constantly looking for ways to maintain and improve its competitive advantage in the market. The status quo was disturbed now and then.
The leadership was encouraged to transform and adapt. The only other option was to exit quietly.
Business strategies of corporations require to be reviewed every few years. These have to be re-aligned with the change in customer preference. It is not just technology that changes. It is the spillover impact on the way things are done that alters. A change in strategy results in a shift in business processes and organizational structures. People retrain and retool themselves to the new reality, or they exit. Companies that can adapt to continuously changing customer preferences survive and last. They die and disappear when they are unable to do so.
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How do I build a business that customer’s trust?How often does a company revise its strategic plan?Why do startups keep disrupting dominant companies of today?The post How long does a company like GE survive? appeared first on Sudhirahluwalia, Inc.
