Use Some Performance Criteria

If you are unsure as to the position on the S-curve of your organisation/product/service, etc, use some performance criteria, such as sales, profit, staff numbers, productivity indicators, market share, number of awards achieved, etc, to draw your S-curve and see where you are. Remember:

"...institutions falter when they invest too much in "what is" and too little in "what could be". There are many ways companies over-invest in the status quo: they devote too much marketing energy to existing customer segments while ignoring new ones; they pour too much development dollar into incremental product enhancement while under-funding breakthrough projects; lavish resources on existing distribution channels while starving new go-to-market strategies......legacy strategies have powerful constituencies; embryonic strategies do not..."

Gary Hamel, 2005

Even if things are going well, it is prudent to think of ways to change or re-invent or re-vitalise. It may mean developing a new market for your products/services, changing products/ services, changing to a new industry, re-structuring your organisation, new geographical market location, etc. On the other hand, if you have already peaked and are moving "down hill", you need to urgently start doing things differently!!!!!!

The waves of innovations during the different industrial revolutions are good examples of the S curve

It has been claimed that there have been 4 major industrial revolutions where changes in technology have impacted the whole economy, not just in industry or sector:

i) in the late 1700s with the arrival of steaming coal; locomotion and mechanisation revolutionised transport and manufacturing eg textiles; new methods of communications, eg telegraph

ii) around 1870 with electricity and oil to lay the foundations for automobiles, mass production  and construction with steel

iii) in the late 1960s with the growth of nuclear power, the arrival of computing and electronics plus the start of the Internet

iv) in the early 2000s with
"...renewable energy technologies such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, biotechnology, augmented and virtual reality, cloud computing, biometrics, block chain (distributed ledgers) and smart contracts. Many of these will be carried by 5G mobile networks. Quantum computing is around the corner. These technologies will combine to reshape communications and service delivery. With everything connected, AI will power mass personalisation. Trust will be automated.......competition can emerge from nowhere......access will be defined by data capabilities......owning a customer relationship at the application level will be key..."
James Eyers 2020
Other technologies including digitalisation, data analysis, etc

Diagram below shows possible impact on banks of 4th industrial revolution

fourthindrevolution

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