Three facts you must know about 2020 to thrive in 2021

Thanksgiving was wonderful (thank you for all the great messages!), December is here, and that means one thing and one thing only - it's time to wrap up the amazing, unique, and demanding 2020!

Each week of December we'll work on this task - and today I want to start with data.

For a number of years, my team and I run a Global Reinvention Study, which engages thousands of people around the world.

This year the data is particularly telling, so I want to share 3 most important insights everyone needs to know to understand 2020 - and get ready for a productive 2021.

1: The speed of change is accelerating:

In 2018, out of over 2,000 managers participating, 47% reported that in order to survive, they needed to reinvent their businesses every three years or less. Data from 2020 show that the number has jumped to a whopping 60%.

The median fell at precisely 3 years – the speed we have not seen in data before!

2. There is a much greater need for reinvention:

In 2018, despite the reported speed of change, not all industries saw reinvention as a strategic priority (as measured on the scale from 0, representing the lowest need with 100 representing a very high need).

As a result, many got disrupted by start- up newcomers, including the entertainment industry that got shaken up by the likes of Hulu and Amazon Prime, or retail, which is going through a fundamental shake-up.

 
3.  When it comes to reinvention, companies talk the talk but don’t walk the walk:    

We asked companies to grade them- selves on how committed they are to reinvention, how sufficient the resources they are allocating to continuous renewal, how systematic, deliberate and organized they are with their reinvention efforts, and how efficient they are when implementing change initiatives.

The answers are clear: words and actions do not match. As a result, efficiency suffers.

Now that you have these numbers in front of you, the real question is: what do you need to do differently to survive AND thrive in this new accelerated 2021?

Share your thinking with our amazing global Reinvention Society, so that we can learn from your experience and get ready for a new year together. Comment under this post - let's reinvent together!

P.S. Want more reinvention insights? If you have not yet had a chance, make sure you download this free 85-page preview of my new book, The Chief Reinvention Officer Handbook: How to Thrive in Chaos - here is a direct link, no forms to fill out ;)