Why should companies periodically update their industry-specific advisory inputs?
Industries evolve rapidly, with changing customer expectations, technologies, and regulations. Regular updates from advisors ensure businesses don’t fall behind.
Reasons to Refresh Advisory Engagements:
Industry Disruption:
New technologies or competitors can shift market dynamics.
Regulatory Changes:
Laws and standards are updated, requiring fresh interpretations.
Internal Changes:
As businesses scale, they may face different industry pressures (e.g., from local to global compliance).
Customer Demands:
Evolving buyer behaviors may call for updated service models or supply chain structures.
Conclusion:
An outdated advisory plan is like using a 10-year-old GPS—periodic reviews keep strategy and compliance relevant.
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