In many of my keynotes focused on future trends and the necessity for constant, fast innovation, I often speak about the massive transformation occurring in most industries as the result of the acceleration of business models through technology.
Just consider the impact of Apple Pay, which speeds up the pace of change in the credit card industry; Internet-linked medical devices which allow for virtual healthcare; and Tesla Motors, which is shaking up the global auto industry.
What’s the impact? One estimate suggests that up to 40% of the S&P 500 will no longer exist ten years from now, if they fail to keep up with fast moving technology trends. That’s a pretty staggering thought.
Given this, every CEO in every industry needs to think as to how they avoid THE BIG MISS — playing up a golf analogy — and avoid the disruption occurring all around them.
While preparing for my keynote for the Sporting & Fitness Industry Association keynote, I reached out Derek Sprague, President of the PGA of America, for his observations on how technology has impacted the golf industry, and more specifically, the membership of the association, the PGA Professional. These are folks who are instrumental in the management and growth of golf courses, professional instruction on learning the game, and other aspects of a multi-faceted career. (I was the opening keynote speaker for the 94th Annual General Meeting of the PGA a few years back.)
Derek nailed it in two succinct observations:
In the last five years, video software, launch monitors and game tracking devices (like Game Golf) have brought the technology tools of elite professional players to the masses. Understanding how to integrate volumes of performance data into traditional teaching methods has become “commonplace for PGA Professionals.”
Not only that, but yield management and mobile-oriented buying platforms aren’t just for hotels and airlines anymore. As consumer expectations for technology driven experiences increase exponentially, answering the phone and handwriting tee times onto a paper tee sheet are no longer the norms.
That’s a pretty concise summary – the skills of the membership base has to change at a very fast pace as dealing with new technology comes to dominate an increasing aspect of their role. And it won’t end anytime soon — for example, think about how quickly drone technology will come to challenge the game in new and different ways.
Here’s a video clip from my keynote, about why it’s necessary to avoid THE BIG MISS.