Companies today face a huge uphill battle - the pressure to keep up with changing consumer trends or risk falling behind. This challenge is akin to when a rubber band is stretched to its limits. The pivotal concept of the rubber band effect is the need for organizations to evolve or face the consequences of consumer-driven tension.
To counter this, companies need high-performance centers that are fast, profitable, agile, and intelligent. The historical example of Blockbuster exemplifies the consequences of failing to adapt swiftly to changing consumer demands. The ongoing trend highlights the importance of staying ahead of the curve in a landscape characterized by increasing complexity.
Companies can avoid this by expanding their offerings. One common way to grow is the acquisition of assets that bring value to assessing, analyzing, recommending, and monitoring clients' operational environments. This strategic initiative aims to provide clients with the right tools to drive real change and stay ahead of consumer expectations.
Chip Register, CEO of Argano, a company focused on high-performance operations, commented, "In this era of constant evolution, companies must be modern, agile, effective, efficient, and intelligent in their delivery methods. The brand has built a unique environment where leaders are involved in sales and strategy and deeply invested in the vision to fight the rubber band effect. An example of this impact is the proprietary tool Profit Velocity, used to optimize complex supply chains. This tool and the company's consultants' expertise transform not just technology but entire business operations. "Our goal is to help clients think differently about how they deploy and manage people, processes, and technology."
Many innovative companies understand the rapidly changing nature of today's market. With technology constantly evolving and becoming more advanced, it is challenging to stay relevant. While artificial intelligence has increased the capabilities of many workplaces, it is also expensive to implement and exposes companies to new types of cyber attacks. Companies must tread carefully when relying too much on AI systems that are brand new and untested but need to be aware of these systems to stay competitive.
Volatile industries that are booming, like e-commerce, are attractive to business leaders but can also be the downfall of entrepreneurs. High-risk, high-reward situations are always exciting to the budding business leader, but high-risk is only sometimes the way to go. Being at the cutting edge and staying competitive does not have to mean taking the most significant risk. Companies that blend traditional strategies, like acquiring smaller businesses in the same industry and modern technology, have a better chance at success.
Acquiring businesses experimenting with the latest technology is a perfect example of this collaboration between new and old. This strategy grows your existing company and integrates new technology to help keep you competitive without the risk of developing it yourself. The company being acquired is already successful in its own right, mitigating the risk of investing in brand-new software or building your entire business around a trendy concept.
Building a strategy to maintain success when launching your business is paramount to establishing yourself as a leader. Ensure you are always ahead of the curve by taking cues from existing businesses and researching new techniques and technology.
About Argano
Argano is a company focused on high-performance operations. The company positions itself as the world's largest global digital consultancy, exclusively connecting the design and delivery of transformation for high-performance operations. The company believes that core operating technologies should be enablers of commercial innovation, not limitations.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.