It has been claimed that by 2025 about 40% of Fortune 500 companies are likely to disappear due to advances with digital and social technology, and EAW Consulting owner Josh Cote believes that a stubborn approach to innovation will ultimately be their downfall.
An organisation’s culture plays a crucial role in adopting and adapting to the ongoing digital movement. Josh Cote believes that innovation in this sense is not just about companies utilising the latest business tech on the market, but it’s also about organisational ability to embrace change. Cote regards it as a mind-set that comes as a result of a company-wide concentrated effort to harness forward-thinking and creativity.
Stopping some way short of the statement that AI technologies will dominate the world in the coming years, Josh Cote wants businesses to accept that if they fail to embrace change, they are certainly under threat. Each day horizontal and bottom-up information flows become stronger at the expense of traditional models that some of the world’s larger companies still find themselves adopting.
Indeed, today’s digital tools can give communication managers a constant headache, as they no longer have total control over message, target, and timing of news and announcements. Personal branding worries management, as team members and employees who are especially active on internal social networks become popular figures with greater name recognition inside the company than certain top managers – completely outside traditional hierarchy.
Josh Cote believes there is too much focus on the technology itself, opposed to the willingness to address deep organisational change, and the rethinking how people can work effectively with this added digital element.
“I think that work cultures do one of two things with digitalisation – they either accentuate the problems, or they alleviate them. It all comes down to a lack, or knack, of understanding operational issues with the decision-makers,” stated the EAW Consulting owner.
Cote warns that creating a culture of innovation requires time – just like building a reputation and establishing market share. With this in mind, he wants businesses to get smart with embracing digital change now, as the hard graft will be well worthwhile when firms are able to innovatively adapt and thrive in response to future marketplace fluctuations – digital or otherwise.