The Age of Disruption. Keep an Eye on the Horizon or the Ground!
New competition is coming. Can you see it? Most of us can’t…
The recent global study completed by IBM Institute for Business Value, “Redefining Boundaries Insights,” highlights how the new competitive landscape is being shaped by the “Uber Syndrome.” (When a competitor with a completely different business model enters your industry and flattens you!)
For post-acute care leaders, who will be the next players to bring a new way of care delivery that will ultimately shape our future. We have witnessed new entrants target the bottom of a market and then relentlessly move up, eventually ousting established providers. Once to what was thought as a rare phenomenon, has now become the norm. Innovations that harness new technologies or business models, or exploit old technologies in new ways, are emerging on an almost daily basis. And the most disruptive enterprises don’t gradually displace the incumbents; they reshape entire industries, swiftly obliterating whatever stands in their way.
In fact, 60% of healthcare leaders across the globe expect that competition from other industries will impact how we think of business today.
“We need to ask ‘what’s next?’ and be proactive, not just react to what’s already happened.”
~ CFO, Neste Oil, Finland
Redraw the rules of engagement
Leaders recognize that different tactics are required to thrive in the new competitive environment. Being more efficient isn’t enough to deal with new competitors capable of game changing tactics. The study finds that leaders are already changing the way their organizations will engage with customers and consumers, especially creating more digital, individualized experiences.
Key Leadership Thoughts:
- Know your customer and evaluate how you engage with your customer. The individual customer experience defines overall perception. Put more scouts on the front line. In fast-moving markets, historical data has limited value. Delegate all but the most important decisions to the people who are closest to your customers.
- Innovate by listening to your customers. Meet one-on-one to understand the top challenges impacting their daily lives and road to overall success. Survey, discuss, meet, challenge and strive to understand. Pooling the insight they provide will give you a much clearer idea of how your target audience is changing, before the trends peak.
- Determine your best partners. With new payment models and healthcare reform, emerging partnerships and alignments are rapidly occurring. Ratchet up your plans to form new partnerships, and be ready to “reciprocate” by sharing key resources with your allies so you can grow together.
- Learn from other business sectors. Expand your vision outside of post-acute care and healthcare as a whole. Understanding market trends and customer experiences will be key when creating innovation in our traditional served markets.
Resources: “Redefining Boundaries Insights from the Global C-suite Study,” IBM Institute for Business Value.