Agile Business: The Rise and Fall of KODAK

Agile Business: The Rise and Fall of Kodak
Kodak was once the undisputed leader in the photography industry, with a market share of over 70%. But in the early 2000s, the company faced a major challenge: the rise of digital photography.
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Kodak was slow to adapt to the digital revolution. It was reluctant to cannibalize its own film business, and it missed out on opportunities to develop and market digital cameras. As a result, Kodak's market share plummeted, and the company filed for bankruptcy in 2012.

Kodak's story is a cautionary tale for businesses of all sizes. It shows that even the most successful companies can be disrupted by new technologies and business models. To remain agile in today's rapidly changing world, businesses need to be willing to adapt quickly and experiment with new ideas.

Here are some lessons that businesses can learn from Kodak's downfall:

Don't be afraid to disrupt your own business. Kodak was too focused on protecting its existing film business, and it failed to see the potential of digital photography. As a result, the company was left behind by its competitors.
Be willing to experiment and innovate. Kodak was slow to develop new products and services. It also failed to experiment with new business models, such as digital subscriptions. As a result, the company missed out on opportunities to grow its business.
Focus on the customer. Kodak became too focused on its own products and services, and it lost sight of what customers wanted. As a result, Kodak failed to adapt to changing customer needs and preferences.
Businesses need to be agile in order to survive and thrive in today's rapidly changing world. By following the lessons of Kodak's downfall, businesses can increase their chances of success.

How to be an agile business

Here are some tips for how to be an agile business:

Create a culture of innovation. Encourage employees to come up with new ideas and to experiment with new ways of doing things.
Be customer-centric. Focus on understanding and meeting the needs of your customers.
Be data-driven. Use data to make informed decisions about your business.
Be adaptable. Be willing to change your business model and your products and services as needed.
Be resilient. Be able to bounce back from setbacks and failures.
By following these tips, businesses can increase their chances of success in today's rapidly changing world.