Recently, I was asked to give a speech to a group of executives about the changing state of the industry thanks to 5G, AI, Chatbot, IoT and more. You see these new technologies are transforming industry after industry. As always, there will be leaders and followers. If a leader today wants to remain a leader tomorrow, they must understand the changes that are reshaping their industry and embrace them. They must fully engage. Plus, they must have the right strategy for the changes that are yet to come.
Today’s marketplace opportunities are very exciting. That being said, there are also plenty of challenges in the mix. Everything is in chaos as the marketplace recreates itself.
In fact, there are several different layers of transformation that are occurring at the same time making things even more confusing. The rules of successfully doing business are changing.Â
Speech on how 5G, AI, Chatbot, ChatGPT are changing every industry
What that means today is that every executive faces both significant challenge and unbridled growth opportunity. It all depends on their knowledge of new technology, the path their industry is taking and their growth strategy going forward.
We have been watching different industry sectors, which never competed before, now going head-to-head. Yesterday, companies used to compete with others in their space. Now, they are competing with many more players from other spaces.
At the same time, these new players are also feeling like a fish-out-of-water because they now need to compete with you. Something they never had to do before either.
Plus, what customers want going forward is much different compared to what they wanted yesterday.
That means today we have an entirely new competitive playing field. New rules. Plus, it keeps changing and expanding.
And it’s not just the walls between industry sectors which are coming down, but new technology like 5G, private wireless, AI, Chatbot, ChatGPT, Bard, Iot and so much more which are creating new competitive battles in new areas.
Strategy for leadership as marketplace, competitors, technology change
In this competitive battle, there will be plenty of winners and losers. Some leaders of today will remain leaders tomorrow. Others will falter and fall back. We’ve seen it happen and it will only continue.
So, the question you must ask yourself is this. What is your strategy for leadership going forward?
It is up to every executive to pull-the-camera-back and develop a solid understanding of where their industry came from, where it is today and where it is heading.
New competition, new technology and a new competitive marketplace are redefining the entire playing field.
Companies simply cannot continue down the same path and hope for the best.
Rather, every executive must look at today’s marketplace as a time to reinvent everything before the competition does.
Someone in your industry is going to recreate the marketplace. It will either be you or your competitor.
Pay TV is an example of a changing industry
Pay TV as an industry is under enormous pressure. Cable TV is being attacked by other newer technologies in the larger space, which is introducing television over new technology like wireless, the Internet or IPTV, and Streaming Services.
Yesterday, cable TV was simple. Today, it’s more complicated than ever before. And the marketplace keeps getting more crowded with new competitors, new ideas and new technology every day.
Today, there are more competitors in the pay TV space than ever before. Real growth is coming from these new services and what is coming next.
Traditional cable TV is a shrinking marketplace. New pay TV services are where the growth is.
Some of these are offered by yesterday’s cable TV leaders. Some are being offered by newer competitors who are challenging the status-quo.
Only some competitors are in-synch with changing marketplace
Some competitors are in synch with the changing marketplace. Others are struggling. This is the growth opportunity and the challenge faced by every competitor in the pay TV space.
Yesterday, television was the primary service offered by cable TV industry leaders.
Today, their primary service is no longer cable TV. Instead, it is high-speed Internet and delivering other pay TV services.
Internet is the core service today which delivers everything the customer is focused on today.
They have other services in their bundle like wireless and cable television, but the main service is Internet.
High speed Internet also lets the customer choose a competitor in the pay TV space. So, while yesterday’s leaders may have a strong Internet business, they don’t always have the customers pay TV business.
That’s why cable TV competitors try to lock in the customer with a bundle of services. They are trying to stabilize their business as the world is changing around them.
This is one example of the battle currently being waged in the industry.
Change wave sweeping across and changing every industry
Today, we find ourselves in an enormous change wave which has already lasted decades and will only continue going forward.
This is a time of change. Of transformation. Everything is changing. Change of competitors. Change in playing field. Change in technology.
And we are still in the very early days of this change wave full of both challenge and opportunity.
Bottom line, the executives and companies in every industry who recognize everything is changing and who are tuned in, can ride the next growth wave with 5G, AI and Chatbot technology.
Those who can’t wrap their minds around this transformation will try and slow the change wave down as much as possible. However, this is only delaying the inevitable.
Innovation is the key. Companies must be perceived as a leader in the change wave in order to be taken seriously going forward with the customer, the investor and the worker.
