Competition from startups
It has been predicted that 3 out of 4 S&P 500-companies in 2022 will be companies that didn’t exist in 2012. We’ve seen Netflix disrupt the business of Blockbuster as they made it easier for the consumer to get on-demand access to entertainment. Uber disrupting the taxi-industry, Airbnb disrupting the hotel-industry, e-commerce companies disrupting offline retailers.
By now we all know the narrative about savvy startups bringing down industry giants, but according to before-mentioned statistic this is not something that will cease to happen. Thus, all departments across every company needs to buckle up and do their best to adapt to this new reality. A reality where “the old way of doing business” just won’t cut it anymore. It’s simply too slow.