The Imperative of Adapting to Change: Lessons from Kodak and Others

Remember Kodak? Back in 1997, Kodak employed around 160,000 people, and its cameras captured 85% of the world’s photographs. Yet, despite its dominance, Kodak failed to adapt to the rapid rise of mobile cameras and digital photography. The result? Kodak filed for bankruptcy in 2012, its workforce was drastically reduced, and a once-iconic brand became a cautionary tale.

But Kodak wasn’t alone. Many other renowned companies, which once seemed invincible, met similar fates:

HMT (Watches)

A household name in India, HMT was known for its quality timepieces. Yet, it couldn’t keep pace with the influx of digital watches and international brands.

Bajaj (Scooters)

Bajaj scooters were once the lifeline of Indian transportation, but the shift towards motorcycles and cars left Bajaj struggling to maintain its market share.

Dyanora (Television)

A leader in the Indian TV market, Dyanora couldn’t compete with the advent of color TVs and foreign brands.

Murphy (Radio):

Known for its iconic radios, Murphy couldn’t withstand the shift to more advanced audio technologies.

Nokia (Mobile Phones)

The once-dominant mobile phone brand, Nokia, failed to pivot to smartphones quickly enough, losing its market leadership to Apple and Android-based devices.

Rajdoot (Motorcycles):

Rajdoot bikes were a common sight on Indian roads, but changing consumer preferences and competition from other brands led to its decline.

Ambassador (Cars):

An iconic car in India, the Ambassador couldn’t keep up with the modernization and fuel efficiency demanded by consumers.

These companies didn’t fail because of poor quality products. They failed because they couldn’t evolve with the changing times.

The Rapid Pace of Change:

The Fourth Industrial Revolution

Standing at the threshold of the present moment, it’s hard to fathom just how much the world will transform over the next decade. However, experts predict that 70-90% of today’s jobs could be obsolete within the next 10 years as we enter the era of the “Fourth Industrial Revolution.”

Let’s look at today’s tech-driven companies:

Uber:

A software-based company that owns no cars, yet it’s the largest ride-hailing service in the world.

Airbnb

The largest accommodation provider globally, yet it doesn’t own a single hotel.

Paytm, Ola, Oyo Rooms:

These companies have revolutionized finance, transportation, and hospitality without needing the traditional assets associated with these industries.

The Disruption of Traditional Professions

The impact of technological advancements isn’t just limited to companies; entire professions are being redefined:

Legal Profession:

In the United States, there’s a growing concern among new lawyers as AI-based legal software like IBM’s Watson can perform legal research and advocacy more efficiently. This trend could potentially eliminate a large percentage of legal jobs in the near future.

Healthcare:

Watson is also revolutionizing healthcare by diagnosing diseases like cancer with greater accuracy than human doctors. By 2030, AI is expected to surpass human intelligence in many areas, drastically reshaping the medical profession.

The Future of Transportation

The next 20 years will likely witness a revolution in transportation:

Electric and Autonomous Vehicles:

It’s predicted that 90% of today’s cars will be off the roads, replaced by electric or hybrid vehicles. The rise of autonomous vehicles will lead to fewer accidents, reducing the need for car insurance and even traffic police.

Driverless Car Services:
. Imagine summoning a car with your phone, and a driverless vehicle arrives at your door. The cost per person could be cheaper than owning a bike, drastically changing our concepts of vehicle ownership and public transportation.

The End of Physical Shops

Just as we’ve seen with the disappearance of STD booths (once vital for making long-distance calls), physical shops are also undergoing a transformation:

Mobile Recharge Shops:
These became obsolete with the advent of online recharging services, forcing owners to pivot to selling and repairing mobile phones—a business that is itself threatened by online retailers like Amazon and Flipkart.

The Changing Definition of Money

Money, too, is evolving:

From Cash to Digital:

We’ve moved from cash to credit and debit cards, and now to mobile wallets like Paytm. The ease and convenience of digital payments are rendering traditional banking methods obsolete.

Adapting to Survive

The lesson is clear: Those who fail to adapt to the times are left behind. Whether you’re an individual or a company, continuous innovation and adaptation are essential to survival in this rapidly changing world. Embrace change, create meaningful content, and keep moving forward.
Teekay Adams write for Adeleke reporters