How to Fight Irrelevance in the Digital Age - jamesexther
At this point, it's fair to say that the party that gave America the "Kodak moment" has had its moment in the sun. With its at one time-high-priced shares now merchandising at about $1, Eastman Kodak is hemorrhage over $70 million dollars a month, making Canada's browbeaten Enquiry in Apparent movement look fit arsenic a fiddle past comparability.
Ironically, Kodak's misfortunes come at the hands of one of the companies own creations: the digital camera. Pieced together from spare parts back in 1975, the technology was immediately pooh-poohed by Kodak's officers as it strayed from the company's business model of providing consumers with affordable cameras as a gateway to the continuous gross swarm generated by motion-picture show and exact processing materials.
Two decades ulterior, with consumers wholeheartedly embracement digital photography, Kodak was in earnest trouble. In 2009, the company produced its stopping point roll of Kodachrome film. Today, market analysts are playing the betting odds as to when the company will announce that it's quest Chapter 11 failure protection.
If market irrelevance arse break a behemoth of industry like Kodak, it can poke at your business sector too out of existence likewise. To avoid its fate, consider these pointers for staying relevant in the digital age.
1. Squeeze Switch
Kodak brought picture taking into the homes of the everyman and professionals in 1892, and managed to keep to a dominating share of the market it was mostly causative creating for o'er 100 years. As consumers easy given their motion picture cameras in favor of digital solutions, Kodak, a ship's company that had made Sir Thomas More money from film and exact processing supplies than it of all time had slay of cameras, was clearly slow to accept that a significant shift in technology and consumer druthers was underway.
While Kodak finally embraced digital photography in the last decade, the company's adoption of film-free cameras as a part of the line of merchandise came came a little excessively late in the halting, given that it had made-up digital photography back in the mid 1970s.
When looking to remain relevant in the grimace of a shifting field landscape, don't assume that what's always worked for your keep company or organization will go on to work in the face of innovation. Information technology's important for business owners to not just understand emerging trends, but to also angle for how a new technology can be incorporated into your existing business model.
2. Adapt or Die
Kodak's not the only company suffering as a result of shifty trends in technology. Newspapers, booksellers and the music diligence have all been in a tumultuous flux for years, thanks to the dynamical buying and consumption habits of consumers. While all three have lamented the dying of their fiscal fortunes at the men of tech ended the outgoing few decade, all three managed to survive the modulation from businesses that specialized in providing their customers with a physical product to a mock up that allows revenues to be reaped from integer downloads and online content aggregation.
If there's a lesson to be knowledgeable here, IT's that engineering science needn't be the death of a business. With planning, patience, and first and last else, flexibility, your business can weather a paradigm transfer in applied science, besides.
3. These Days, Dead Doesn't Necessarily Mean Dead
A year ahead Kodak gave up on producing film, Polaroid opted to interpose the towel on jiffy-motion picture picture taking in order to focus resources on its ontogeny digital technology portfolio.
That aforesaid year, a group of former Polaroid employees founded the Impossible Project—a company devoted to the continued production of film for Polaroid instant cameras. Purchasing Polaroid's production machinery and renting space from the company that same year, the Impossible Contrive cranked out its first novel instant films for Polaroid cameras cardinal years later, and in the process became a niche business achiever story.
San Francisco's DODOcase is another great good example of a company using the sour grapes of a death industry to make sweet wine. Equally the need for digitally published books has risen, the fortunes of master bookbinders has waned. Instead of sending much skilled workers out in search employment, DODOcase opted to embrace their skill sets, repurposing years of bookbinding experience that was once directed towards protecting tomes to wrapping tablet computers, iPhones, and e-readers in leather-in fetters splendor.
If you're concupiscent about your party's products or services, chances are, others will represent likewise. Don't give up in the nerve of sweeping changes to the market. While it may not live true in every instance, perseverance, passion and genius might just see both you and your organization through troubled technological waters.
Seamus Bellamy is a Victoria, Canada-based author, diarist and curmudgeon.
Source: https://www.pcworld.com/article/472640/how_to_fight_irrelevance_in_the_digital_age.html
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