Some statements hold up vehemently. No wonder, because change always means effort and uncertainty. Humans are by nature sluggish and like regulated processes. That’s why the latest developments are often underestimated. We have summarized ten misconceptions from the business world for you.

1. digitization is linked to high investments.

Digitization is much more than just investing in new technologies. It’s about making processes more efficient and linking structures together. New technologies, software and hardware can support this. But it also requires appropriate management approaches and a questioning of existing processes. Often, even small investments can bring about big changes.

2. We don’t need brands; good products sell themselves.

Particularly in small and medium-sized businesses, there is a persistent misconception that good products sell themselves and that brands are just unnecessarily expensive. Brands are for the big players. But brands create trust and bind customers as well as employees. A strong brand has an attractive effect. Identification is the buzzword and this is automatically accompanied by greater public attention. Your company or product becomes “someone” and you are not arbitrarily interchangeable.

3. Success depends on the name.

Kodak thought so too. Everyone immediately knows what the name stands for. But unfortunately, the company failed to adapt its business model and put its market leadership at risk. They didn’t take the digitization of cameras seriously and changed their production too late. Neither the name, nor the quality of the products were the problem. Even today, the name is a household word with everyone, but this is no longer reflected in sales.

4.That has always worked, will continue to work.

The example of Kodak also shows, a constant willingness to change and to recognize market needs must not be underestimated. Ultimately, it is the customer who decides. The customer chooses the most convenient option. New business models should therefore be tackled at an early stage.

5.Our company does not need a vision.

A clear view from management of the direction in which your organization is heading in the medium to long term creates incentives and increased awareness for and from your employees. When your staff knows where you want to go, forces can be combined and you can look to the future together. A concrete plan and a goal help to find the right path.

6. Well-functioning management processes and structures can be transferred one-to-one to subsidiaries.

What works well in Germany does not necessarily have to work well abroad. The rules here are completely different. The mentality of the employees is also different. So think carefully about structures and processes for each location.

7. Platforms do not affect our business.

Everyone is talking about the new Platform Economy, but from your point of view, it doesn’t affect every industry. Far from it. Platforms are developing in every industry, and it doesn’t matter whether you’re in B2B or B2C. Overarching linking will shape the coming years – especially in logistics. So it only makes sense to develop a platform strategy early on.

8. The right tool leads to success.

With the right software system, will you take off into the digital working world of the future? That would be a bit short-sighted. It is important to work out the business processes and methods. Only once these have been defined can tools be selected that provide optimal support. Sometimes an integrated tool suite makes sense, sometimes several individual solutions can complement each other.

9. Bitcoin and blockchain are the same thing.

Bitcoin is a digital currency and Blockchain is, simplified, an encryption technology. Blockchain brings great potential, but in the future it will also play a major role in the Platform Economy or the even broader Silicon Economy. It will minimize uncertainties and create trust in the exchange of data, information, goods and values of all kinds. It can also be the basis for other digital currencies.

10. As of today, we are agile.

Agile leadership is definitely important and is also becoming necessary in view of increasing digitalization. However, using it to disguise bad structures is not promising. Agile is a culture, an overarching guiding principle, and must be lived. You don’t become agile overnight. Processes, structures, tasks and functions must be clearly defined. Then it takes a lot of patience.

A lifelong learning process should keep the brain young and the mind fit. But a learning process can take many forms – thinking about a continuous improvement process at all levels of the company can be one of them. New things are fun and always present the brain with mental challenges. So: rethink and get going!