Corporate Reinventions: The New Imperative
In this era of accelerated transformation and soaring customer expectations, reinvention is as crucial to an organization’s survival as its leadership, balance sheet, or business plan.
We’re entering an era of exponential change such that our organizations must become better and faster at creating innovative products and services while they also consider adding entire product categories and entering new markets. Those who adapt to this accelerated pace of change win. Less agile competitors fall by the wayside.
There are lessons to be learned from both fast-growing unicorns and big-name bankruptcies. But for insights on successful reinvention, the best lessons may come from organizations that have already successfully reinvented themselves—sometimes continually over many years.
In this article, we take a look at six organizations that have mastered the art of reinvention, three major industries in the midst of reinvention right now, and the essential steps every executive needs take if they want to stay relevant.
Read this article to learn how:
- Amazon went from an online bookseller founded in a Seattle garage to the world’s largest retailer–driving up to 80% of ecommerce growth in 2018–and creating an even more profitable cloud computing business along the way.
- Apple went from the edge of bankruptcy to becoming the world’s most valuable company by reinventing smartphones and computer tablets and turning music distribution into a platform.
- American Express and Western Union have remained relevant and competitive for over 150 years through continuous cycles of innovation and modernization.
- LEGO and Nintendo evolved through strategic partnerships and sponsorships and moving into the film and entertainment industries.
- Technology, data, and changing mindsets are forever changing the manufacturing, finance, and retail industries.
- The three essential keys to successful reinvention, along with some next steps every executive needs to consider.
At Singularity University, we elevate exceptional companies into exponential enterprises that can thrive amid chaos and uncertainty, and we provide the tools, frameworks, and leadership models to help you future-proof your organization.
See how we can help transform your organization into an exponential enterprise that’s prepared to tackle the coming changes and seize new opportunities.