“If you don’t have a competitive advantage, don’t compete,” Jack Welch once said. However, finding those competitive advantage strategies isn’t easy in today’s business world, particularly with massive changes taking shape with technology and in the workforce.
Consulting firm PwC predicts corporations and other large businesses will continue to scale and use size and influence to fend off competition as we approach 2030. Companies that are considered innovators pose a new set of changes. Speed to market is everything for them.
So what will you do to gain competitive advantages against these market forces in the next decade and beyond?
Consulting firm Deloitte found while technology helps with personal productivity, businesses need to invest in a range of initiatives to increase productivity for teams and organizations.
“Our research suggests that in today’s networked organizations, a combination of technology, physical space design, new leadership approaches, and new work practices must all come together to achieve this goal,” the Deloitte survey of 11,000 executives and HR leaders said.
The process to fill in your missing gaps and get a competitive advantage in your business is to use a holistic approach to strategic planning and design. Our company created such a system — the Audiovisual Ecosystem — when we redesigned our corporate headquarters in the past year.
During our redesign, we used the Audiovisual Ecosystem to find our staff, space and tech needs. By doing so, we were able to identify ways we could impact our business and help our clients find ways to leverage technology and the workplace to give them a competitive advantage.
Here are four strategic shifts your company can make by using the Audiovisual Ecosystem holistic approach to find your competitive advantages.
Your differentiation strategy starts in the workplaceDeloitte’s study said 79 percent of executives relate employee experience as a critical issue to improve productivity and enable growth. You can give your organization a competitive advantage by designing a workplace that motivates employees.
The workplace of the future is full of collaborative spaces. There are large hubs to gather the entire team or hold an event. There are smaller spaces like “nooks” for smaller groups to collaborate. Digital signage throughout headquarters keeps employees connected to your brand.
Your operational effectiveness strategy is to improve communicationA Salesforce survey revealed 86 percent of corporate executives said poor communication is a big reason for failures in the workplace.
Do your employees think your company has an effective communication strategy? The answer might surprise you. With a holistic approach to planning, you’ll learn where your communication blocks are occurring. Your staff might feel more comfortable meeting in a nook or brainstorming in a conference room optimized for that very purpose. Some companies are creating conference rooms that look and feel like a living room.
Your technology strategy is to find better ways to collaborateFlexible and adaptable, open workplaces are only half of what a company will need to compete in the next decade. It’s still essential to find ways to use technology to enhance collaboration.
Videoconferencing is becoming a standard feature, now found in conference rooms and other collaborative spaces. Savvy companies are creating “wormholes,” where two workers in different locations can communicate via a 24/7 live video connection to a remote office. Video walls are installed for many purposes, including company meetings, live events, architectural design and more.
Your adaptability advantage is to have the right workplace to attract and retain MillennialsWhen taken independently, the first three strategies are all necessary on their own. However, you’ll need all three to attract and retain the best workers in the millennial generation, which is projected to make up 75 percent of the workforce by 2025.
Microsoft interviewed 1,000 millennials to find out what makes them want to stay with a company. Two of the traits they were looking for companies with a culture of collaboration and those who offer the latest technology.
Do those sound familiar?
By focusing on people, your workplace and technology, you can have the competitive advantages you need as you gear up to compete in the next decade. Visit the Audiovisual Ecosystem where you can see how we took a holistic approach for applying AV technology in ways that truly impact how we do business — and will help guide you as you plan your future.