Reinventing the wheel is good for business
The business world is evolving faster
than ever. Agility and reinventing the wheel may just be essential
if businesses are to stay in touch, says Josh Krichefski, chief
executive, MediaCom UK
You often hear business people saying
there's no point reinventing the wheel. But Maybe that's exactly
what is needed.
With the global economy in a state of
rapid flux - both within companies and society at large - the time
for which any 'best practice' remains best practice is getting
shorter and shorter.
If a company wants to stay vigorous,
relevant and competitive, it has to be pretty much continuously
reinventing itself. Indeed, every time you futureproof yourself,
the future has already changed and you have to do it all over
Businesses are the wheels that keep
the economy moving so if they're not moving forward and evolving,
then the economy will slow to a standstill. As the wheels of the
economy, UK businesses need constant reinvention.
The fuel to keep the wheels turning is
the business's purpose, it's the 'why'. Many businesses still
struggle to understand what their why is. However, once a business
has identified its why, it never changes. Everything else around it
may evolve but a business's core purpose should still resonate.
What consumers want is continually
evolving. And as we enter yet another era of uncertainty, the
ability to respond to these changes will be the difference between
UK businesses surviving or thriving.
The process of reinvention will vary
dramatically according to the company size and the sectors they
operate in. However, there are a few core areas that every business
looking to safeguard their future should be exploring.
Navigating the customer
The customer journey is continually
evolving and lengthening but as it does, consumer demands
ever-faster answers. Businesses that want to succeed need to be
able to not only guide consumers to one online destination, but
take them all the way through the experience. This requires
specialist skills, which leads me onto my second point…
Collaborating with the right
Collaboration is always important but
particularly in the advertising industry where, as the landscape
fragments further, the traditional model becomes less effective,
and strong, collaborative work becomes increasingly powerful.
Choosing the right partners to collaborate with is key to a
business's ability to evolve in line with changing consumer
Investing in new
Technology is almost always at the
heart of any rapid evolution. At MediaCom, we've introduced an
open-source tech platform to enable us to create an addressable
single customer view that revolutionises the way we plan, optimise
and activate campaigns.
Ultimately, though, for any business
looking to thrive in this latest period of change, there needs to
be a real focus on the value offered to clients.
The key to successfully developing in
these core areas is agility. Agility, according to the Oxford English
Dictionary, is all about moving, thinking and
understanding quickly and easily.
For business, this explains why
'agile' is no longer just a buzzword.
It signifies clear priorities. It
responding to change as it happens,
rather than following an unwavering plan (at every level of the
business). It means valuing collaboration with partners over
treating everyone as adversaries. It means appreciating people and
the interactions between them above all else.
As a company whose philosophy has long
been "people first - better results", we firmly believe that this
will help more UK businesses to successfully reinvent themselves to
drive future success.
This article was first published on Director, Thursday 23 March.
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