The Rate of Change is Putting Stores Out of Business: A Real Example
If you’ve been following Intraprise’s Knowledge Exchange, you know what we think: the rapid rate of change in our digital world is causing significant disruption to impact businesses across markets and industries. Until recently, it was possible to pretend that technology’s impact was still somewhat limited - while its reach was wide, it wouldn’t disrupt solid, longstanding, successful businesses; and, it certainly wouldn’t send those businesses into bankruptcy. That’s no longer true, and this past weekend’s news of Bed Bath & Beyond’s bankruptcy filing brings that fact into crystal clear focus.
With the exponential growth of online commerce and the COVID curveball, brick and mortar retailers like Bed Bath & Beyond, selling in an extremely competitive market, just couldn’t keep up with the change. And, a failure to anticipate the digital landscape and take early action to keep up with that rate of change has proven to be detrimental - burying large corporations in a hole they can’t dig out of (AKA bankruptcy). Meeting the technological standard is no longer enough: early digital innovation is a necessity to keep the lights on.
Intraprise will help you move the right pieces, so that you can compete in the digital age. We provide an objective perspective, deep expertise, and a wealth of experience to help organizations think ahead, navigate complex challenges, capitalize on opportunities, and thrive during rapid and accelerating change. Take a step toward digital innovation.
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