Keeping up with big tech companies could prove to be a difficult task. Businesses are made to last, but not all of them last the course. Take the examples of Nokia, Yahoo, etc. These companies were giants at one time, titans of their respective spheres, but could not keep up with the changing times (even if they were renowned) and eventually crumbled away.
A complete understanding of the customer ecosystem is necessary. Based on insights from consumer data, a business has to evolve with time and needs. By deploying the right data analytics systems and reinventing your value proposition, any company born in the analogue age can generate the same benefits through digital disruption.
Companies like Tesla, Airbnb, etc. transformed the industries they are part of. Business and consumer data are constantly being collected by high-tech companies. To keep up with such high-tech companies, traditional businesses must be able to access and arrange data to better understand their consumers, technology, and competitors to compete and thrive.
Recognizing when your firm needs a major change is one of the keys to success for any business. Unfortunately, due to a broader culture of resistance or an emphasis on conserving old land, many legendary firms miss out on greater possibilities, and get lost in the sands of time. Keep your pulse on the market, and be ready to evolve with the times, lest you end up being a snail in a race run for greyhounds.
