James Hall, managing partner of Andersen Consulting, has issued a dire warning to business leaders of the dangers of not embracing the electronic economy, which, he says, will sound a death knell to traditional organisations.
Speaking at the annual conference of the independent educational organisation, Common Purpose, Hall told delegates that “businesses must change or die”.
He warned: “We are on the verge of a new electronic economy which will consign many organisations to the graveyard.
“Over the next 20 years the pace of change experienced in recent years is unlikely to slow down – if anything it is going to increase and the consequences will be profound for individuals, communities and businesses.”
In order to prosper in the impending electronic age, Hall believes organisations must embrace innovation and develop new capabilities swiftly. “The time between having an idea and making it happen is greatly reduced in the e-economy. Continuous innovation becomes a condition of survival. This will put tremendous pressure on the new capabilities of businesses.”
Hall compares the importance of the industrial age to the beginning of the electronic economy. He said: “In 20 years’ time, as we look over our recent history, the big hierarchical industrial corporations will truly seem like remnants of a bygone era. To survive in the electronic era, you will need to be willing to change.”
Turn to page 18 of this month’s issue to find out more about James Hall.
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