Change has no respect for legacy.


CASE STUDY- Nokia Corporation

Background












Nokia corporation is a Finnish multinational communications and information technology company, founded in 1865, it employed 61,656 people across 120 countries, conducts sales in more than 150 countries.
Nokia was a public limited liability company and is the oldest company listed under the same name on the Helsinki Stock Exchange, beginning in 1915. Nokia has had a secondary listing on the New York Stock Exchange since 1994.

 When Jorma Ollila went to work for Nokia in 1985 the company manufactured a diverse line of products that included televisions, toilet paper, and rubber fishing boots; mobile telephones made up only a small portion of the business. After taking over as president and CEO in January 1992, Ollila extricated Nokia from debt and transformed the company into one of the world's leading manufacturers of cellular telephones. His daring, unorthodox, innovative management not only saved Nokia but revived the Finnish economy, which had fallen into a severe recession during the early 1990s after the collapse of the Soviet Union. Known for taking risks and tolerating mistakes, Ollila insisted that maximum flexibility and continuous adaptation to both market conditions and consumer needs should govern research and development, manufacturing, and sales.

A lot of journals have been written about the success of the company,the tech giant has been a reference point as a successful Multinational.From inception
The latest article caught my mind."The Decline and fall of Nokia"
During the press conference to announce NOKIA being acquired by Microsoft, Current Nokia CEO ended his speech saying this “we didn’t do anything wrong, but somehow, we lost”. Upon saying that, all his management team, himself included, teared sadly.
Nokia has been a respectable company. They didn’t do anything wrong in their business, however, the world changed too fast. Their opponents were too powerful and swift to adapt to the changing environment.
They missed out on learning, they missed out on changing, and thus they lost the opportunity at hand to make it big. Not only did they miss the opportunity to earn big money, they lost their chance of survival.
The message of this story is, if you don’t change, you shall be removed from the competition.
It’s not wrong if you don’t want to learn new things. However, if your thoughts and mindset cannot catch up with time, you will be eliminated.
1.      To change and improve yourself is giving yourself a second chance. To be forced by others to change, is like being discarded.
Conclusion:
1. The advantage you have yesterday, will be replaced by the trends of tomorrow. You don’t have to do anything wrong, as long as your competitors catch the wave and do it RIGHT, you can lose out and fail.
Those who refuse to learn & improve, will definitely one day become redundant & not relevant to the industry. They will learn the lesson in a hard & expensive way.
NSN headquarters.JPG
Nokia Headquarters,
ALL IS NOT LOST
Nokia is planning to re-enter the mobile phone market in 2016, designing and licensing handsets again once an agreement with Microsoft preventing it from doing so ends at the end of next year.
Nokia will "look for suitable partners," chief executive Rajeev Suri said. "Microsoft makes mobile phones. We would simply design them and then make the brand name available to license," he told German publication Manager Magazin. The news comes soon after Nokia denied rumours that it intended to return to the phone market.
Rather than build any new phones itself, Nokia plans to license its name out to other manufacturers, similarl to how Google does with its Nexus brand, which has appeared on products made by Samsung, LG and Motorola.Under rules agreed with Microsoft in return for the sale of Nokia's phone- and tablet-making business, Nokia cannot currently use its name on handsets until the fourth quarter of 2016.


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