There were so many companies that were ruling their markets in the past, but now they are either no more or on the verge of extinction. This is due to the continued downfall of companies’ prospects as they could not cope up with new innovations and trends.
Here are 5 famous companies that failed to innovate, because of which company could not cope up with the trends.
Compaq was one of the biggest sellers of PCs in the entire world; it manufactured some of the first IBM PC fit computers. Compaq was the first company to legally engineer the IBM Personal Computer. It tried hard to keep up in the price conflicts fronting Dell and was acquired by HP in 2002. Dell succeeded by keeping operating expenses and components inventory well below Compaq or HP.
2. General Motors
General Motors was among the greatest car manufacturers for almost a century and one of the greatest companies in the whole world. This company failed to innovate and ignored the competition all around which lead to its death. GM didn’t care much about customers and improving the quality of its products. The main focus of the company was getting the maximum profits without investing in the new technologies. The old one was acquired by the new GM in 2009 and bought the majority of the assets including the brand.
Microsoft was the company which ruled the tech industry; it was one of the wealthiest company in the world. But once Apple, Facebook and Google came into the picture, it has been left behind. Microsoft has now declared the Surface tablet that rivals ultra-thin notebooks and full-blown PCs with a regular keyboard and desktop OS and competes against the Apple iPad, Android tablets, Amazon’s Kindles etc.
Kodak was one of the largest film company, but it could not keep up with the digital revolution. They would have come up with a number of opportunities to drive the company in the right direction, as they were the leader in design, production and marketing of photographic equipment. This delay to get adapted to the change in the technology led to its demise. Rather than investing billions of dollars for developing technology for taking pictures using mobile phones and other digital devices, they would have concentrated into making the digital camera for the market. Kodak invested billions of dollars into developing technology for taking pictures using mobile phones and other digital devices
Nokia phones were my personal favourite, but I don’t know why it just got disappeared suddenly. Phones like Apple iPhone, Samsung or Google Pixel have captured the market like never before. Nokia was the company used to deliver the latest platform on the market but in last past years, it started falling. They did offer products recently but failed to appeal to the new customers. That only will be a tough matter for Nokia to master. Nokia failed because the company was not taking things adeptly it has lost those old consumers who were stuck around in support of Nokia for a while, but after realizing this even they left.
As Steve Jobs said, ‘Innovation is an ability to see change as an opportunity – not a threat’.
All the above companies show they could not keep up with the new technologies and trends because they failed to compare and analyze the data to competitors in the industry. It is important that professionals should be proficient in Business Analytics and Data Science, as business analyst analyzes the data and evaluates the requirements from a business perspective, designs and recommends systems and processes related to an organization’s overall system. Whereas data scientists perform statistical analysis of data and provide insights based on that analysis.