If you have spent any amount of time with Peggy Smedley lately, listening to her podcast, watching her on Constructech TV, at the Technology Days event last week, or otherwise in person or on the phone, you likely know she is a firm believer that the pace of change isn’t going to slow down anytime soon. It is a common theme she has been talking about for more than a year. There is no doubt it is impacting every business across the country, but the question remains: What do businesses need to do next?
Here’s the reality: organizations are concerned about their ability to keep up with a rapidly changing landscape, particularly as new digitization strategies are emerging all the time. Some drivers of this trend are new, disruptive competitors and the need to meet client needs faster than ever before. Gartner even suggests the pace of change is the top emerging risk for organizations in the second quarter of 2019, even above the talent shortage.
In the survey, 71% of respondents indicate that pace of change was a key risk facing their organization and that it was consistent across all industries. It says the concern around pace of change is driven by fears of being disrupted by nimbler competitors and a lack of clear avenues for growth. Here’s what is really scary though: Although businesses recognize that this is the top concern, 24% of organizations report no action to address the impact of the pace of change.
So what needs to happen next? Take risks. Is there really any other option? The pace of change is only going to pick up and businesses need to be more nimble than ever. The old adage rings true now perhaps more than ever before: Work smarter, not harder. I attended a keynote earlier this year that really had me thinking about this trend. Companies need to be really strategic when planning their next move. The pace of change doesn’t necessarily always mean speed up and move quickly, but rather be ready to shift gears quickly, as the market changes.
The challenge, naturally, is when it comes to technology, quick changes can be difficult. This is why it is key to develop a strategy upfront, involve everyone on the project to provide input, and be prepared to make changes when needed.
What are your thoughts? Are you experiencing this trend in your business? How is your construction company responding, particularly as it relates to technology?
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