“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future”, as a great man said in his inspirational speech.* Before making any estimation about long-term future of corporate business in the light of today’s business and social trends, looking backwards and indicating the milestones that change and shape lives in today’s convoluted world are essential.
It all starts with one brilliant innovation. After Internetworking spread out from CERN Research Center, it has touched people’s lives and linked people each other, technology comes in wide use in daily life, and information-sharing levels are very high. It’s changed the ways of human thinking and acting people routines, companies, even governments.
In the information age, every piece of our lives change very quickly and especially it affects the way companies make their business directly. In rapidly changing marketplace, companies should create their own marketplace; innovative products and services, even consider new innovative approaches in terms of shaping the management strategies.
Nowadays, Startup companies which seize their users actual needs, focus on those needs and get the necessary products as fast as possible to markets, have serious competitive power against big corporate companies. There are other difficulties about managing and sustaining success in corporate companies; management getting harder while getting bigger even if they use decentralization techniques to distribute administrative functions, today’s creative and entrepreneur workers who works for corporate companies could simply go if there is an opportunity for working on next big thing, and they should also satisfy either their customers or their employee for a healthy growing company while competing with other firms in business area.
Customer experience management will be essential for companies. Recently, customers give feedback on their experiences to firms through traditional ways such as call centers but also increasingly through social channels like Twitter and Facebook. Making a positive impression on various-level customers – even if they are potential customers for the company, and shaping and protecting the image of company is directly affecting the success and future of the company or products more than ever. I believe that the firms that act on customer feedback, understand the aspect of them and establish open and transparent business will survive and be powerful and trusted. In short-term future, lots of company will measure and analyze their costumers’ emotions very deeply, they will set up costumer experience teams.
Corporate firms have the chance to turn the crisis and the chaos of fast-changing marketplace into great opportunities; the companies accept that they need the fuel of innovation, and they should focus on allowing the employees to pitch ideas and funding them.
Intrapreneurship has a powerful innovative way to find innovators that have the visionary and the knowledge of the internal and external environment, embrace the idea of allowing to their employees to become entrepreneurs and capitalize on new businesses inside company. Google has 20% program, the company encourages employees to spend about 20 percent of their time experimenting with their own ideas. “Gmail”, “AdSense” and “Google News” – company’s powerful products are outputs of this process. Facebook’s most favorite feature of post, “Like Button” is emerged from one of their hackathon programs in 2007.** These corporate companies have a startup culture and a toleration of failure and they also give a chance to employees transform their ideas to working prototypes on their workplaces. In future’s corporate culture, managers will reward making mistakes and risk taking. Some companies have already reward taking risks, pushing limits while making more progress on their jobs.
The ocean of business is a wild environment full of little piranhas which are full of energy for growing up, getting bigger and fearless about getting a bite from the other fishes regardless their size, big whalebones which have already power and advantageous of making big steps in the past (but they have no guarantee a glorious life in the future) like IBM, Microsoft, big sharks which have a successful startup company culture even if they have serious amount of capital and workforce like Facebook, Google, and old fishes which about to die and in my prediction won’t be able to stand out changes cause of the way they do business environment even if they are acquired or supported other big companies, like Nokia, Blackberry.
My prediction is that in the future, companies will embrace the innovative management techniques. They will believe the power of sharing information across the company, voting for ideas, sharing questions or suggestions. Executives and level managers will support their people for creating new ideas, new ways of doing things and self-organized projects, even leading small teams, which consist of sharing same innovative ideas and goals. They will unlock access to the enterprise assets.
- *- Quoted from Steve Jobs inspirational speech at Stanford commencement in 2005
- **- Hackathon is an event where programmers collaborate intensively on software related projects, which promote product innovation though their engineering teams.
- *) Steve Jobs’ Stanford Commencement Speech http://news.stanford.edu/news/2005/june15/jobs-061505.html
- **) Hackathon Definition http://techcrunch.com/2012/07/29/how-big-companies-are-becoming-entrepreneurial/
My Personal Essays on MBA Education / Strategic Management / Burcu Geneci
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