![]() Tesla, on the other hand, was able to “substitute alternative chips, and then write the firmware in a matter of weeks,” explained Elon Musk. While major carmakers have made strides to pivot to electric vehicles, the ongoing semiconductor shortage has forced companies like VW and GM to halt their production lines. The automotive industry offers another example of the importance of becoming future ready - specifically, in cultivating mastery of software and electronics. Stock prices at Hermes, Nike, and Target have hit all-time highs as they have pivoted to e-commerce, in stark contrast to the parade of bankruptcies among some of retail’s most iconic names: Brooks Brothers, J. The winners have been the ones who have scaled such capabilities ahead of their competition. Executives have been talking for more than a decade now about how retail is moving toward direct-to-consumer, omnichannel, and personalized offerings. And the more uncertain the world seems to be, the more important for companies to become future ready.Ĭonsider how fashion brands and retailers have navigated the past two years. It reflects how companies can adapt, the robustness of their internal capabilities, and how capable of finding new sources of growth they really are. In times of crisis, this type readiness doubles as a source of resilience. It revealed who is ready for the many changes the near future will bring - and who is not. The pandemic put companies under a tremendous amount of stress. ![]()
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