Today, rapid advancements in technology are changing the way we do business. But what happens when these advancements threaten to replace your core business offerings? What do you do when the winds of change threaten to blow you over?

It’s a question horse buggy manufactures asked themselves with the arrival of the automobile in the early 20th century. It’s a question the entertainment industry asked with the emergence of streaming media in the 21st century. And it’s a question we’re asking today with the advance of AI.

Only by anticipating, embracing and engaging this change have we continued to grow and thrive. We’ve also learned a few critical business principles along the way. If you find your business at a crossroads—energized by the prospect of change but unsure of how to proceed—we hope you find these insights helpful.

Honesty is the best policy.

It’s also a sound business strategy. Your organization’s leadership must be honest about the changes that are happening. You must assess the risk to your business with clear eyes.

You’re not just conducting a SWOT analysis. You need to understand how the new technology will affect you, how it might change the market, how your competitors will likely respond and how customer expectations are likely to shift.

This is only possible with honest and open dialogue.

There are no sacred cows.

Change offers the opportunity to assess all aspects of your business—your value proposition, your service guarantee, your core process, etc. The goal of this assessment is to identify the parts of your business that remain viable, the parts that need to be retooled and those which must simply be phased out.

Make sure to include personnel at every level of your organization in this process. Create open channels of communication and encourage feedback. Your personnel will experience changes in process and technology most directly and profoundly. Remain open, receptive and flexible in the face of both feedback and constructive criticism.

There can be no sacred cows in this process. Just because a line of business has been a source of growth in the past does not mean it will be in the future. What got you here may not get you where you want to go.

It’s all about evaluation, adaptation and evolution.

Don’t be afraid to reevaluate your business model. This may even mean letting go of features that you once thought of as your point of differentiation.

Adapt to changing conditions and track your progress as you pursue change initiatives. Create reliable performance metrics, monitor the impact of new technologies on your business and make adjustments as needed.

Ultimately, this is the kind of flexibility you’ll need in order to evolve as an organization. At TechSpeed, we have experienced this firsthand. As AI transforms the speed and nature of productivity, we have evolved from a people-driven manual process model to an AI-driven human-in-the-loop (HITL) model. This adaptability has been rewarded with growth.

Create a culture of continuous learning.

Real change requires a culture of continuous learning from senior leaders down to junior analysts. Implementing change is more than just building and incorporating new technology. Real change requires internal leadership. Anything less heightens the risks of underperformance, internal resistance and even outright failure.

HR can support this culture by investing in training, upskilling employees and rewarding team members who keep up on industry trends with leadership opportunities.

Invest in innovation.

In times of change, double down on R&D. You can be shaped by change, or you can shape the change yourself. Choose the latter.

Build innovation SWAT teams and work with reputable third-party providers to rapidly re-tool and integrate new technologies into existing processes. Allocate resources accordingly, and take part in the drive to improve or supersede existing products or services.

Win friends and influence partners.

Strategic alliances are critical, not just for navigating change, but for seizing this change as an opportunity to grow. This may be the perfect time to acquire, or join forces with, a company that has the tech you need.

You might also be able to strike up valuable partnerships with key clients. For instance, TechSpeed invited some of its top customers to invest in AI tool development. Not only did this strategy help us raise the capital needed to stay ahead of the curve, but giving our clients a stake in the business helped to solidify customer relations and enhance overall satisfaction.

Listen to your customers.

Of course, there are other ways to engage your customers in the process of change. Just as honest dialogue is essential for your internal team, it is also essential that you discuss changes openly with your customer base.

Communicate directly with your customers. Try to understand their needs, their expectations and their perceptions of the new technology. This will be some of your most valuable input as you implement actual change.

Become a change manager.

Clearly communicate changes and their benefits to all employees. Implement structured change management processes, incorporate comprehensive training, and provide guidance throughout the transition.

And keep in mind that for a business with its sights set on long-term growth, change is never done. Remaining on the leading edge of innovation requires constant monitoring and review.

Read the article as featured in Forbes