She explains the thought processes behind this: “The way in which companies are doing research and development is changing dramatically. Digital technology is making the response to new product strategies immediate. There is no longer a three to five week wait, companies know very quickly if something is working or not and this is largely thanks to the social networks.” Much current research revolves around how quickly a product can be brought to market and perhaps, more importantly, how well it is going to serve customer needs. Important to note, says Audrey, is that we are also entering an era where many traditional business theories will be re-examined and re-interpreted.

 

“The rapid evolution of technology means that if you get to market first, competitors can quickly build on the foundations you have laid and potentially overtake you. Therefore, leading companies are realising the future of market development is going to lie in collaboration - allowing their competitors early access into the game so they too can wrestle with the challenges. Small companies would do well to follow this example,” Audrey contends. In many respects it is also about a different interpretation of the 80/20 principle. In that, you develop 80% of the market and allow others to invest resources in helping unlock the last 20% of the market which is proving challenging to access. “Approaching markets and business in this way is a tricky proposition for companies to get right. You need to find a balance between current demands and future developments,” she warns. This also needs to be done against the backdrop of digital evolution and in conjunction with a network of collaborative partners that can strengthen a company’s position.

 

As opportunities in the business world start to unfold at a rapid pace, so do the challenges and risks. In this regard, advises Audrey, companies should look out for certain challenges that will arise. “However, when viewed correctly, risk can be beneficial to an organisation, in the sense that it can force it to look at processes and products and eliminate potential problems before they emerge. Admittedly there is a lot out there today in terms of fast changing regulatory environments and a glut of information. It is critical to ensure that good corporate governance structures and behaviours are in place within organisations to minimise the risk of a misstep. Risks are sometimes overlooked as a result of a confluence of circumstances and when they cause problems and are eventually analysed, there is too much focus on why something occurred. This as opposed to addressing the problem and finding solutions aimed mitigating future problems. “That being said, risks are emerging all the time and companies are going to be under continuous pressure to find them and proactively manage the threats they pose. One only has to consider some of the social media presences, which business executives have built for themselves, in recent years, to realise how far reaching the risks are that companies face today,” she concludes.