Quality alone will not ensure a successful future, as the classic story of the buggy-whip manufacturer demonstrates. His products were outstanding—better than any others—but when the market changed to automobiles, he found himself out of business.

Markets do indeed change, apparently at an increasing rate. Who would have predicted the diminished profits to be found in coal mining and its concomitant equipment? Or the changing conditions of written language, with pencils becoming nearly obsolete in the face of changing technologies?

Legacy technology can be a burden. Let’s say, for example, that you have made a large investment in the equipment and tooling necessary to make your product the way you always have. If your team has done this over the course of decades, the possibility of a different approach can become more and more remote. The team is doing something they have honed and perfected over years. They do it so well that it has made the organization profitable. This positive reinforcement can be a blinder to potential new models; not just new ways to make the product, but entirely new systems that will allow your customers to meet their needs with less investment.

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