You Need to Change

In 2017, the World Economic Forum stated that 65% of children entering primary school at that time would ultimately end up working in jobs that don’t exist yet.1 Two years later, Oxford Economics forecasted that robots were rapidly on their way to taking 20 million manufacturing positions away from employees. This makes it clear that if you are not making a concerted effort to continually adapt, evolve, and improve, you will lose. There is no disclaimer and no exception. If you do not place constant emphasis on elevating your operation, your business is in trouble.2

This truth is growing increasingly important because the cycle of change has become so pronounced that it is deafening. Changes in the world are now happening at a faster rate than ever, causing businesses that used to be industry leaders becoming obsolete seemingly overnight. Companies simply can’t keep up with the way industries and markets are transforming, and this is just the beginning.

Moving forward, your business will continue to become faster, busier, more complex, more integrated, and more technologically focused than ever before. This creates an undeniable reality - you must change. But knowing you need to change is not enough. You must take decisive action. If you do not, you will not be in business for long.

Diffusion of Innovations

The willingness to adapt and evolve has always had pushback. While some companies (and people) are able to jump right in on the latest and greatest innovations immediately, others are more resistant, choosing to delay adopting and fighting change for as long as possible.

The varying levels of interest in changing and innovating are what is known as the Diffusion of Innovations Theory. This theory helps to explain at what rate new ideas or technology are adopted. This theory is not new, but it has gained considerable recognition in recent years. This is for a variety of reasons, but can be primarily attributed to the way the internet, and technology as a whole, has transformed the way businesses operate. Companies leaning forward are able to leverage progressive strategies and pioneering practices that have enabled them to capitalize on the changes that are taking place. Conversely, organizations that have undermined the importance of adopting change and modifying their operation have struggled.

Delving deeper, companies typically fall into one of five distinct groups within the Diffusion of Innovations Theory. The five groups are:

 
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