Coasting along on the back of past success does not position a business for the future. Not actively and continually engaging with the market is akin to putting your head in the sand.
The market that the business operates within is likely to be in a constant state of flux.
- Customers display elements of fickleness as they gravitate towards the ‘next big thing’.
- Competitors release new products and services that have customer appeal.
- Changes in customer expectations cause customers to explore other options.
- The financial landscape changes buying patterns.
Intelligence of what is happening with your market, what impact changes will have on your business if left unaddressed and what options are open to you in response is essential. An actively used and well-populated Enterprise Architecture can support this need.
Not having an Enterprise Architecture can result in:
- Lost opportunities: The lack of visibility of business trends affects the ability to proactively introduce new products and services that engage existing and potential customers.
- Barrier to Change: Sitting back and being aware of neither external nor internal pressures leads to no activity that would promote business change
- Stagnation: No innovation and not responding to change pressures can result in attrition of the customer base, with only the most loyal remaining.
- Business Failure: Losing customers to competition or lack of on-going relevance and failing to gain new customers can result in the ultimate failure of the business.
An Enterprise Architecture, actively maintained and used, will enable the impact of trends and change pressures to be properly considered whilst exploring the benefits that different options can provide in response.
Continued complacency, when provided with good business intelligence, could be identified as being incompetence.