Everyday MBA
Rethinking Competitive Advantage with Ram Charan - BEST OF Everyday MBA
Sep 30, 2023
Renowned strategy expert Ram Charan discusses rethinking competitive advantage and leveraging ecosystems. Exploring the importance of customer understanding and differentiation in achieving competitive advantage in the digital age, with examples from Amazon's logistics and data utilization.
27:14
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Quick takeaways
- Companies must personalize and innovate for individual customers in the digital age, as shown by Amazon's success.
- Embracing digitization and deploying algorithms allows organizations to successfully transition and achieve exponential growth in the digital era.
Deep dives
Obsolete rules of competition from the 80s hold companies back today
Many 21st century companies continue to compete based on outdated norms and strategies established in the 1980s. This approach, rooted in mass production, mass marketing, and mass advertising, fails to meet the demands of the digital age. The advent of digitization, cheap computer capacity, telecommunications, and algorithms has revolutionized business. Companies must now personalize and innovate for individual customers, as shown by Amazon's success. The use of algorithms and digital technology allows for mass personalization and convenience, creating a new form of competition that traditional approaches cannot match.
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