Many organizations have fallen victim to the “business as usual” mindset which is a dangerous place to find comfort in the fast-pace digital age. It’s time to shake things up and find a new and authentic way of doing things.
As we all heard the sad news of Thomas Cook, for years, they played a somewhat frantic and fantastically expensive game of catch-up as it tried to pivot into the digital age.
One of the problems Thomas Cook were having is their business model had a fundamental flaw in it, the way that Thomas Cook worked is it borrows money to bulk buy hotel rooms and lease planes, over the rest of the year they’re trying to make that back selling holidays which means they would have to sell more than 3 million holidays before they could make a profit.
Companies like Tui have looked at this problem and starting to invest and buy hotels so they’re more in control of their own structure, if they don’t sell them through Tui they can get customer elsewhere.
Thomas Cook’s had a large number of high street locations, 1 in 7 were booking their holidays in the stores and that’s just not enough. I can’t remember the last time I booked a holiday in a store.
They failed to keep up with the digital age and carried on doing the same business as usual mindset for years.
When it comes to the adoption of new technologies, would you classify yourself as an industry leader, fast follower, or passive responder?
It may surprise you to know that your answer to this question is paramount to success. The pace of tech change in the business world shows no signs of slowing.
Many business owners hesitate when it comes to emerging tech software. They believe that their older systems will get them through another big project or two, then they can reassess at a later stage.
According to PWC, that’s “a strategy that will become more dangerous as time passes.” Business owners need to be ready for change, rather than scrambling to respond to it. In fact, in this landscape, readiness is the most crucial success metric.
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