A “legacy” industry is one that — at some point — paved the way and set a standard. The term is a badge of honor. In fact, many of today’s executives recall a time when the most famous legacy brands were themselves fledgling startups.
But something remarkable is happening.
Columbia Records, an undeniable legend that established a legacy industry in 1887, recently had to face the rise of illegal digital filesharing. In a harrowing comeback story, the industry’s largest, oldest brands fought back by embracing the apparently subversive disruptors: subscription-based streaming services.
The first motorized London taxi, introduced in 1879, laid the foundation for a legacy industry that lasted for a century and a half. And in the last few years, as the world looked on, new ride-hailing services have collapsed the industry. Still, these new players have created more jobs than were eliminated by the disruption.
Or take the business-to-business example of workplace collaboration. Legacy brand Microsoft once dominated productivity programs, supplying businesses the famous “office suite” of word processing, data analysis and email tools. That is, until digitally nomadic, mobile-first workers needed online networking, file sharing, instant collaboration and secure cloud computing. In a decisive move, leadership strategically absorbed IP Communications startup Skype. Then, just months ago, Microsoft purchased LinkedIn to cement their determinative comeback.
Everywhere you look, from hospitality, banking, computing, data collection and science all the way to retail, logistics and biotech, every industry is experiencing destabilization. And nowhere is that more evident than when a company gears up to buy and consume consulting services.
Clear change management is the only thing standing in the way of these primed and ready enterprises to terminate their reliance on big consulting once and for all. Find out what is involved by downloading the full story below.