This same in-ability to shift towards emerging tech is what killed Border's Books & Music. They suffered from a CEO who hated using email and thought a small company by the name of Amazon would be a good partner to handle online order full-fillment.
That small company not only learned about buying habits but cut better deals with publishers of both books and CDs to handle distribution. (Same lesson that destroyed Suncoast, Wall-to-Wall, Tower, etc.)
Kodak is a sad story since they led the industry in development of product but kept trying to vertically integrate in an effort to prop up stock rather than fund research or production.
Great article but I think number 2 of adaptability is part of the problem. There has been a recovery creep over the years which is contributing to the anxiety people feel in these markets.
As in people and firms do not have enough time to recover? Sadly, I do not see that going away. Our markets are quicker than ever, information travels fast, and people are expected to respond. Whether that is a good thing or not, is still unclear.
Yes both individuals contributors and the firms or strategically decision makers. The rapid turn around has led to a lot of short term decision making. Which is also why I suspect that many companies are pushing so hard for AI. They dont have any ideas and they want to catch the trend. Decision fatigue catches everyone eventually and the increasing need to be on may become more problematic later.
Not only does decision fatigue lead to poor outcomes, but the impulsive need to just "pick one" sometimes has leaders (or people in general) avoid making ANY choice.
I use the exmaple of someone building a house and being stuck in room picking colors for walls and carpets. Add in outlet placement, the myriad of upgrade options and people tend to just agree to things without considering the longterm outcome (typically overspending).
*This is why I also suggest people buy a car online whenever possible. There is no reason for 3 hours at a dealer other than wearing you down.
This same in-ability to shift towards emerging tech is what killed Border's Books & Music. They suffered from a CEO who hated using email and thought a small company by the name of Amazon would be a good partner to handle online order full-fillment.
That small company not only learned about buying habits but cut better deals with publishers of both books and CDs to handle distribution. (Same lesson that destroyed Suncoast, Wall-to-Wall, Tower, etc.)
Kodak is a sad story since they led the industry in development of product but kept trying to vertically integrate in an effort to prop up stock rather than fund research or production.
Great article but I think number 2 of adaptability is part of the problem. There has been a recovery creep over the years which is contributing to the anxiety people feel in these markets.
As in people and firms do not have enough time to recover? Sadly, I do not see that going away. Our markets are quicker than ever, information travels fast, and people are expected to respond. Whether that is a good thing or not, is still unclear.
Yes both individuals contributors and the firms or strategically decision makers. The rapid turn around has led to a lot of short term decision making. Which is also why I suspect that many companies are pushing so hard for AI. They dont have any ideas and they want to catch the trend. Decision fatigue catches everyone eventually and the increasing need to be on may become more problematic later.
Bias time?
Not only does decision fatigue lead to poor outcomes, but the impulsive need to just "pick one" sometimes has leaders (or people in general) avoid making ANY choice.
I use the exmaple of someone building a house and being stuck in room picking colors for walls and carpets. Add in outlet placement, the myriad of upgrade options and people tend to just agree to things without considering the longterm outcome (typically overspending).
*This is why I also suggest people buy a car online whenever possible. There is no reason for 3 hours at a dealer other than wearing you down.
Totally! Being stuck making a decision is the worst outcome.
A great article with so much to take and apply.