There was an article in the Wall Street Journal the other day about Amazon entering the pharmacy business:
Just Think: What Amazon Could Do To The Pharmacy Business. Are drug reviews and algorithm-based suggestions for further purchases on the way?
While it's fascinating to read the author's analysis of how that could play out, the best thing about the article is the fact that you end up asking yourself these questions:
- What would happen if Amazon suddenly announced it was entering my industry?
- Would my company survive?
- What would Amazon do differently to help it win market share?
- Being so customer-focused, what pain points would Amazon address first?
- What industry weaknesses would Amazon try to exploit?
- What innovations or outside-the-box approach would Amazon try to leverage?
- Why hasn't my own company tried to do any of that already?
Hard questions to be sure, but thinking through the answers now might make a big difference later if you ever find yourself on the receiving end of a panicked email from your board, your boss, your investors or your shareholders saying Amazon is launching a new service that competes directly with your company and asking "What are you going to do about it?"
To read the original article, click here.
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