INSEAD professors W. Chan Kim and Renée Mauborgne are the creators of the Blue Ocean Strategy, which is based on a global business study that defined a Red Ocean - where ‘a lot of blood is spilt’ as companies compete for existing business, and a Blue Ocean of untapped markets where competition is less fierce.

Their study of 30 industries shows how companies that can develop ‘blue oceans’ reap the benefits for 10-15 years because they are hard for rivals to copy. Their book on Blue Ocean Strategy is a 3.6 million copy global best-seller.

To benefit, Porter argued the industry needs to adapt in a similar fashion and simplify its proposition and maximise the use of technology to benefit customers.

Porter said: “I am already seeing simplification and collaboration in practice in the sector as part of reinventing the leasing proposition by progressive companies who have made a choice not to compete if they don’t have to.”