I recently attended a conference where one of the presenters spoke about the new economy. He described a clothing store in the United States that carries no inventory. Rather, the customer browses a video inventory of suits on a large video screen. The body and face of the potential client are then scanned and the client views his own image in an assortment of custom-made suits. Once a final selection has been made the order is written up and the shopper returns the following day to take delivery of his new suit.

Several interesting observations can be made: 1) The business has no inventory; 2) Manufacturing is completely outsourced; and 3) The real value for both the customer and the retailer is the custom-made solution. What really matters is how favorably the client views the experience of dealing with that business.

We are in the midst of unprecedented change. Globalization and the computer revolution have struck at the heart of the economy. The marketplace is littered with remnants of companies that have been unable to withstand these new forces.

The Internet is making direct purchase of commodities and services available to us. You can now access the Internet, search for Myrtle Beach Golf Resorts, view the hotels (including the rooms) as well as the courses, and completely set up your trip via Internet. Does this mean that travel agencies will no longer exist? I don't think so. But I do believe that travel agents who do not create a favorable customer experience will lose business to those who do.

Recently, I had lunch with a client who complained that his assistant -- who has been with him for several years -- still won't book appointments for him, using arguments such as "you know the individual better than I do" and "you know how long you are going to take." The thought which ran through my mind was, "What is the ultimate value of this individual to her employer? How is her paycheck justified?"

Years ago I had season tickets for the BC Lions. When the new Dome was completed, the Club continued to schedule summer games for Saturday and Sunday afternoons. A significant number of fans, including myself, asked the Club to reschedule games in future seasons to weekday evenings so that our weekends would be free. For some reason they did not bother to address this rescheduling request. One season, several hundred ticket holders simply did not renew their tickets. The Lions Club, upon realizing the severity of the situation, quickly set about rescheduling those summer games -- but it was too late. As customers, we had had an unfavorable experience and most of us weren't coming back.

It has been suggested that warmth, civility, flexibility, and creativity will be the key requirements for tomorrow's employees. Consequently, these are the qualities we must instill in ourselves and in our organizations in order to prosper in the emerging economies. A recent study by the BC Institute of Chartered Accountants concluded that, "Ultimately, the marketplace will dictate what it wants or needs. Those organizations which are prepared to adapt and change to meet these needs will continue to grow and prosper. Those that do not risk losing market share to organizations that are prepared to meet those needs. Similarly, if a segment of the marketplace determines it does not need a certain level of quality, it will ultimately seek only that which it needs."

Where do we go from here?
We need to look at ourselves as individuals and as organizations, and then ask ourselves the following questions. What value do we bring to our clients? What segment of the marketplace do we wish to occupy? What do we need to do to be there? Are our own attitudes acceptable? Would we deal with ourselves? Are we continuously investing our time and our resources to upgrade our competencies for these emerging economies? These are questions for us all.