Businesses today face intense competition both locally and globally due to the internet. Compounding this challenge, business cycles are becoming shorter, with customers expecting immediate results.
Additionally, AI is rapidly transforming all sectors—from banking to hospitality to retail—leaving no industry untouched. Organizations can no longer ignore these changes and hope for the best. The businesses that thrive are those that can adapt and evolve. In contrast, those that fail to do so risk being acquired, losing relevance, or facing a slow and painful decline.
The biggest problem we face is that we have been conducting business in much the same way for the past 5,000 years, since the dawn of trade. While we have made incremental improvements to products and services, we continue to rely on outdated business methods to differentiate ourselves and remain competitive. Approaches such as cost-cutting, layoffs, mergers, and acquisitions are prevalent. This situation represents a classic example of insanity: businesses persist in doing the same things while expecting better results. They have known for nearly a decade that change is necessary, yet they have failed to innovate or compete effectively.
This issue is also reflected in how schools teach business management today. The skills and knowledge imparted often lack creativity and forward-thinking.
Business today is vastly different from how it used to be, so why aren’t we adopting new approaches to management? It seems we are trapped in a cycle of maintaining the same old methods. Clearly, the business landscape is ready for innovation!
