Report: Internet Requires Preparation For Extreme

Jan. 13, 2005
As the Internet changes the business landscape, executives must rethink traditional business models to stay competitive, according to a report recently released by Mainspring Communications Inc., a Cambridge, Mass. business research firm. "It's ...

As the Internet changes the business landscape, executives must rethink traditional business models to stay competitive, according to a report recently released by Mainspring Communications Inc., a Cambridge, Mass. business research firm. "It's increasingly important that executives be adept at planning for extreme scenarios," says Patricia McGinnis, managing director of financial services at Mainspring. "The pace of the Internet makes it essential for executives to proactively imagine market scenarios and understand how to expand or reconfigure their business model in response." The report, entitled Rethinking the Business Model, cites several examples within the technology and financial-services industries, but some of the lessons offered may well apply to manufacturing, too. "Managers who hope that the future of Internet initiatives will soon become clear are destined for disappointment," McGinnis says, because the rate of change will not slow. "Forward-thinking managers need to prepare a hypothesis about the likely behavior of their competitors and consider even the most unlikely future scenario if it can have a significant effect on their business."

Popular Sponsored Recommendations

Seizing the digital opportunity – An industrial software action plan

Aug. 9, 2023
Industrial enterprises are under pressure to adopt a digital-driven approach for their operations and for interacting with markets, customers, and the world around us. As modern...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Beware Extreme Software

Sept. 24, 2023
As a manufacturer, you understand the importance of staying ahead of the curve and being proactive in your approach to technology. With the rapid pace of change in the industry...

Discover How an Eye Tracking Study Improves Training Procedures

Oct. 29, 2023
Did you know that your training processes can be streamlined by visualizing and analyzing key skills within your employee base? Find out how we use eye tracking to capture advanced...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!