Why Did 429 Companies Fail? Succeed After 60 Years? Essay

Better Essays
In 1955, Fortune magazine identified 500 of the largest companies at that time; 60 years later only 71 of the 500 still were operating (Perry, 2015). Why did 429 companies fail to succeed after 60 years? A lack of adapting to evolving technology is a common denominator in many of their falls from the top. Blockbuster, Dell, Sun Microsystems and Sears all enjoyed enviable success which after time led to unenviable stumbles due to their lack of embracing and adapting to the evolving technology in their fields. Technology is not just a means for millennials to socialize, rather technology is setting the tone for current and future business models, urging businesses to invest more in gadgets, software etc . that will build a stronger team and provide more advanced products to the end user. Businesses have evolved since the onset of the internet expanding from the traditional storefront brick and mortar to the ability to sell to the masses by utilizing the internet to market worldwide. As technology continues to advance, communication to clients allows client relations to better track trends and be available instantly to answer client disputes through the use of SMS or provide answers to common questions allowing clients to shop at their leisure. Technology has not just become a means for providing better service and better manufactured products but allows businesses the competitive edge. Research suggests that businesses must be aware of and familiar with technological
Get Access