Technology has changed the way people do business. With different platforms emerging every year, most entrepreneurs are now adapting to various media channels to promote and sell their products and services.
Pointing out the extinction of dinosaurs as an example, Nitin Pangarkar, associate professor of strategy and policy at the National University of Singapore Business School, emphasizes the threat of “technological change” in the survival of companies that fail to adapt in today’s technological evolution.
According to Pangarkar, a company’s ability to integrate internal and external knowledge is crucial for survival. He adds that by achieving this, businesses will not only achieve integration, but will also be able to enhance their competitive position in the market.
“With an appropriate strategy, companies can maintain, or sometimes even enhance, their competitive positions during technological revolutions. For every Kodak, which failed to adapt, there is a Canon, which successfully handled the challenges posed by such upheavals; and for every Nokia, there is a Fanuc,” he explains.
This said, it is indeed important for companies to stay proactive not only in following technological trends, but also in filling both internal and external knowledge gaps to survive the technological evolution.
Steven Rindner is a results-oriented executive with a strong background in business development and growth strategy across a number of industries including media, technology, real estate services, and healthcare. Follow this Twitter account for the latest in the business world.