Keeping Up With A World In Constant Flux

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Change is one of the few certainties in life

We, as human beings, are in a constant state of change. Dr Frisen, of Stockholm University, believes that the average age of all of the cells in the human body may be somewhere between seven and ten years (New York Times, 2005), which means that our bodies are in a constant state of change and growth. We are born, we grow to become adults, we learn how to survive in life and society, and then we reproduce and pass on that knowledge to the younger generation. Much like a human being that has to change and adapt to survive, an organisation must do the same. Machinery that was once new and cutting edge, becomes worn and outdated; markets that were once growing and providing a steady source of income, have plateaued or started to decline; and tastes and fashions that were once en vogue and cutting edge, have become out-dated or fallen away as fads. Aside from death and taxes, it can be said that change is one of few certainties in life.

Whilst the rate of change has not increased significantly over the last century, certainly not when we think about the impact the invention the telegraph or the steam engine had on the world, it has remained constant.

In 1965, Moore stated that the semi-conductor capacity would double every two years, and he was largely right. Although many argue that Moore’s law (Stanford University, 2012) (as it is quaintly termed) cannot hold true forever, for now it does. What is most interesting to me as a result, is not only the exponential increase in the processing capacity of computers, but what we have done with that increase in processing capacity. Forbes wrote in 2018 that “Over the last two years alone 90 percent of the data in the world was generated” (Forbes, 2018).

The Digital Revolution

We are now in what is considered the forth industrial revolution (World Economic Forum, 2016): the first being the industrial with the invention of steam power, the second heralded the use of electricity to enable mass production, and the third brought the advent of the computer and digitisation. This forth revolution is all about the application of digital with technologies to create the augmented.

The digital revolution, though many may not be aware, has been around for a number of years now. As it has gained pace, so too has the amount of available information. The more technology enables us to collect and create data, the more we’re able to work out how we can cut and combine it with other pieces of data to create information. This information, in turn, is then cut again, and so on and so forth, in a cyclical process resulting in an exponential increase in the amount of information currently available.

Information that is generated by a company, either in-house or by a third party, is now used to inform all aspects of their being, from connecting employees on all corners of the world, to robotics in the factories or the fields, to focused intelligence in marketing and development, to any number of processing or predictive tasks that the mind can imagine. Soon enough most organisations, whether they realise it or not, will be technology companies first, and belong to their original industry second. If they don’t accept this, they will fail to adapt and change to the prevailing tides and fall into decline. New or existing companies that do utilise information and technologies, will step into their place and absorb the market share that is left behind.

This is the change that we as a society are in. This is a different spin on the same story that has repeated itself over and over again, only this time, as previously mentioned, one of the key proponents of this phase is the amount and availability of information. What is unique about this phase compared to its predecessors, is that we are blessed with the readily accessible benefit of hindsight and the ability to more easily learn from previous generations.

Past, Present and Future

It is essential as an organisation, that we learn from the past by keeping one eye on it, because after all, “those who cannot remember the past are condemned to repeat it” (Santayana, G. (1905). But it is also essential that we are able to keep the other eye on the present and future; by being able to acclimate as effectively as possible, in real time, to the changing needs and wants of our customers, whilst also being conscious of the moving landscape around us. We must position ourselves in the right way, to take advantage of these new and emerging states.

It is how we manage change that determines how successful, we as an organisation are, over the medium to long term. Ensuring first of all, that we change and adapt to the moving times, but also that we adapt in the right ways and stay relevant. After all, change is no good on its own, if what you become is not what society or your customer base wants.

Relevancy is one of the most important aspects within the forth revolution. It is not just about the amount of information that is available (volume), or the rate at which it is moving (velocity), which are both important for an organisation to understand. But it is also imperative for an organisation to understand how to harness information in the right way in order to ensure relevancy.

How should an organisation achieve this?

The answer is based in the scenarios and forecasting models that we, as an organisation build. The ways in which we monitor the trends in the data, and how effectively we utilise the enormous amount of information at our finger tips. We must become risk-based in our decision making to increase the predictive power of our models, and deliver on our corporate strategies.

No one can ever know what the future holds with complete certainty, but one advantage that we do have over previous generations is the ability to utilise the wealth of information available to be better informed managers. We must become calculated, risk-based decision makers that benefit from foresight as well as hindsight.

Ready to Navigate Change and Stay Ahead of the Curve?

At Milbourne Park Associates, we specialise in helping organisations embrace transformation, harness the power of data, and make informed, risk-based decisions. Whether you’re looking to strategise, adapt, or lead in today’s fast-paced environment, we’re here to guide you every step of the way.

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