This strategy is still common, of course. However, the business sector is beginning to experience a paradigm shift. And it is becoming clear that many organizations are moving away from this long-established way of thinking.
It is an ongoing revolution that in many ways parallels the Copernican Revolution in astronomy from centuries ago.
The Copernican Revolution
In 1543, astronomer Nicolaus Copernicus published “De revolutionibus orbium coelestium”. This volume put forth a concept that was revolutionary at the time: a heliocentric system in which the Earth, along with other bodies, actually revolved around the sun.
This was at a time when most astronomers believed in a geocentric system, which had the Earth as the centre of the universe. This was a radical change in thinking which led to a rapid evolution in mankind’s understanding of the universe.
As the business world adjusts to the 21st century, many business owners, executives and even students still working towards one of the many MBA specializations, are witnessing a similar change in thinking that echoes the Copernican Revolution of the Renaissance.
A Shift in Focus
The Copernican Revolution in astronomy involved a change in focus which resulted in a transformation of scientific thinking. The current Copernican Revolution in business has earned that name for a reason: it involves a similar focus shift that is transforming business philosophy in a substantial way.
The traditional focus of many businesses is on maximizing shareholder profit, with customers inhabiting a lesser role as part of the business universe that revolves around shareholder concerns and needs.
However, the current Copernican Revolution posits that customers should be at the centre of the business universe - and all other organizational facets need to revolve around customer wants and needs to survive and thrive.
Although business has always been customer and client-focused to some extent, the newly emerging philosophy is that companies have to be flexible and nimble enough to respond appropriately to ever-changing customer needs and attitudes.
In this philosophy, the customer is truly at the centre, instead of being an influential yet movable facet of business, second to the shareholder.
A Slow and Complicated Transition
The Copernican Revolution did not happen overnight. Drastically new ways of thinking were generally met with obstinacy and refusal by established authorities, and acceptance of the theory created massive controversy and cultural upheaval for the world at large.
While a paradigm shift in the business world is not likely to be quite as contentious, there are still deeply-held institutional practices and beliefs which are likely to take much longer to adapt than smaller, newer businesses and modern, open-minded entrepreneurs.
Wall Street may react negatively. However, even if these shifting business practices face resistance from institutions or just simple inertia, as businesses begin to perform much better and more profitably than they do with the ingrained practices of old, this new way of thinking and operating is likely to spread.
Most importantly, just like the original Copernican Revolution led to innumerable discoveries for astronomy and science in subsequent centuries, a business paradigm shift of this magnitude can only open the path to even more effective business practices.
RECAPTHA :
c3
2c
11
1a
