Corporate entities often struggle to compete with consumer technology due to their traditional, hierarchical structures. This rigid framework inhibits innovation and agility, unlike the flexible, customer-centric approach adopted by successful tech companies. To overcome this, corporations should focus on three key areas: culture, structure, and strategy.
Culture is crucial as it drives behaviour and decision-making. Corporations must foster an environment that encourages risk-taking, accepts failure as part of the learning process, and values customer insights.
Structure-wise, corporations should adopt a flat, flexible model that promotes collaboration and rapid decision-making. This can be achieved by implementing cross-functional teams and decentralising decision-making.
Lastly, corporations should adopt a strategy that prioritises customer needs and experiences. This involves using data to understand customer behaviour, developing products that solve real problems, and continually iterating based on customer feedback.
By focusing on these three areas, corporations can become more agile and competitive, enabling them to keep pace with consumer technology companies.
Go to source article: https://www.linkedin.com/pulse/why-corporate-fails-when-competing-consumer-tech-how-change-james