There might be many occasions when critical success factors of a company’s industry are likely to change, given the fact that these CSFs exist in quite a broad scope – industry factors, environmental factors, strategic factors, and temporal factors. Organizations are forced to do their best to adapt when the mentioned CSF tends to change. It seems reasonable to state that the most successful ones in this regard apply differentiated management and marketing tools to assess the changing conditions appropriately. For instance, one is able to use a PEST analysis when it comes to fluctuations in the framework of environmental factors. Then, a firm could utilize the VRIO framework to assess shifts in strategic factors.
In any case, when CSFs change, companies are forced to adapt their core competencies. And there are some notable examples in this vein. Xerox brought xerography to this world, which was an essential prerequisite to modern photography. After plenty of innovational processes, the corporation created Ethernet technologies, which, in turn, was a basis for the nowadays’ Internet. There is a visible fact that the “shift from hard copy to digital technology required a new set of core competencies among its staff, and the company’s core competencies have changed accordingly over time.” Another example was Volkswagen when the top management intensified its hiring of software specialists to adapt to auto industry innovation trends in 2019.
