Reinvent or Become Irrelevant!

Why Continuous Reinvention is the Future of Business

In my last blog post I covered the notion of Digital Transformation and how it has essentially evolved from being the hot topic of 2010 to simply a part of doing business. What was interesting is the emergence of Business Model Innovation, and specifically a report published last year by Accenture on the reinvention of the enterprise. It essentially analysed the evolution of Digital Transformation and what it has become. 

Are you a Reinventor that constantly challenges the business norm?

Fundamentally, transformation is no longer a one-off project. The days of launching a major digital initiative, patting yourself on the back, and riding the coattails of  that success for years are over. Instead, the future belongs to those who make reinvention a constant part of their strategy. Whether you’re a large multi-national company or a growing startup, adopting a mindset of continuous reinvention isn’t just beneficial, it’s crucial for survival in today’s highly competitive environment.

Think about it. The pace of change over the last few years has been staggering. Accenture's Total Enterprise Reinvention report reveals that companies which embrace ongoing transformation are creating entirely new performance frontiers, surpassing competitors in financial growth, innovation, and resilience​. These “Reinventors” don’t just adapt to change; they anticipate it, drive it, and make change part of their DNA. It’s a strategy that sets them up for long-term success, even in volatile times. It's hard to defend against as well, as its a constant moving target

What makes these Reinventors different? For starters, they don’t see transformation as a finite project. Instead of updating a few systems or launching a new app, they take a holistic approach, reinventing every part of their enterprise. This has historically been the premise of Digital Transformation as well (digital cores, data and apps), but unlike a Transformation, which by definition would suggest that at some stage you have “transformed” and this process has ended. For Reinventors, they are constantly finding something else to “Transform” and they will also get to a point where they are transforming again what they have transformed before. Take for example ChatBots. An organisation may have implemented a clever solution for ChatBots several years ago when they realised that moving to a digital solution for being able to cater to customer’s needs was fundamental to their transformation. Today, they will be throwing all of that out in favour of a GenAI driven ChatBot, or potentially replace ChatBots with much more intelligent channel-oriented GenAI solutions that are aware of the customer context and much more intelligent at problem solving than a ChatBot that simply navigates a decisions tree towards a clumsy outcome for the customer.

Take Siam Commercial Bank (SCB) as an example. SCB didn’t just upgrade its IT systems, it overhauled its entire business model, shifting from a traditional bank to a fintech powerhouse. In the process, it grew its digital user base from 2.5 million to over 13 million in just a few years. That’s the power of continuous reinvention at work​.

But it’s not just about technology. Reinventors understand that true transformation requires a cultural shift. They break down silos, empower employees, and foster a mindset of agility and innovation across all levels of the organisation. And this is on a permanent basis, never to return to the old ways. This approach allows them to move faster, make decisions more effectively, and respond to market disruptions with ease. It's not enough to have the best tech—you need the right people and culture to harness it.

This shift to continuous reinvention is backed by data. According to Accenture, companies that embrace this strategy report a 10% higher revenue growth and a 13% improvement in cost reductions compared to those taking a more traditional, piecemeal approach​. In a world where disruption is the new norm, these advantages aren’t just impressive, they have become game-changing.

At the core of this strategy is a simple truth: businesses that stay still will be left behind. If your company is only transforming in reaction to market shifts, you’re already too late. The leaders of tomorrow are those who take proactive steps to reinvent themselves before they need to, anticipating change, not just reacting to it. The companies that have adopted this mindset are already creating new benchmarks in their industries, defining what success looks like for everyone else.

The question is, will you be among them? Will you be a Reinventor, shaping the future of your industry, or will you fall behind, stuck in a cycle of playing catch-up? Continuous reinvention isn’t just a strategy, it’s the key to thriving in the future of business.