Staying relevant with times and not getting obsolete and out of business is single biggest concerns of any large established company. There are several companies that have died a slow death for having a myopic view of the market. Management gurus have always encouraged large companies to adopt, be agile and innovate in order to stay relevant in the market but there is a need to have a guiding method that in a systematic manner ensure this is happening in a measurable way.
Its PURPOSE, not SOLUTION : Companies today are not about products but solution they are offering to their customer, constantly redefining ways how they are solving their client’s problems. Doing this helps companies in ensuring they stay relevant among clients in the presence of competition. But how about complimentary products? So often seen in the IT & electronics industry; some break through complimentary product ends up killing market for a bunch of companies… sometimes innovative companies. Book stores were brought to heel by e-commerce, e-commerce is being brought to heel by Ipads and IPads would be brought to heels by something absolutely different! a complimentary product. So how do companies ensure they are staying relevant always? Yup, PURPOSE! Perhaps for book manufacturers, purpose could be constantly moving ideas from experts to needy!
Now what other benefits does that serve?
Your employees will always keep this in mind and reorient with minimum resistance when need for change arises. Company will be quick to spot and exploit opportunities whenever a new technology arises that has potential to grow complimentary products. Not to mention the high motivation levels that a PURPOSE provides to human beings!