As the digital automation and transformation is reshaping many businesses, the legacy business models of many industries or organizations is becoming a liability. The next generation of consumers have already defined the new baseline for service expectations. Many executives are now searching for the next generation of transformation leaders to redefine their businesses.
Market valuation of many new businesses surpasses that of the similar legacy businesses. One of the most interesting case study is about OYO. A 19 yr old entrepreneur saw an opportunity in the existing hospitality industry, where he saw 90% untapped and under leveraged small hotels. Within 6 years he converted that opportunity into the multi billion dollar entity and the largest hotel company, poised to surpass all the biggest hotel chains in the world combined. OYO’s innovative approach converted the legacy business to a transformed model.
One of the major challenges with the legacy businesses is the culture. Many companies may not be prepared to bring a cultural shift. Even so, some organizational leaders may not be ready to shift the status quo of their existing business processes fearing disruption of existing revenues.
Transformational disruption will continue to reshape the legacy business models. Is your company ready to transform?
Author: Jasbir Sandhu