In today’s economic world, by the time a technology acquire a foothold, it is already fallen out of favor and is being replaced by something new. The disruption can be scary even for the largest enterprise IT organization- we see it happening across all industries. The disruption is not a novelty though it can be defined as disturbance or problems which can interrupt an event, activity or process. The disruption has both the negative and the positive meaning. A disrupting industry feels stagnant and fading as butter scraped over too much bread. This is dominated by long-established companies which although claims to start running out for practical solutions and bold ideas. Such industries remain closed to new concepts and suffer from pain points. Depending upon the last year continuing, the lifespan of a Fortune 500 company has gone from 75 years to just 15. In pour fast moving ever-changing world, the new technologies and products are disrupting businesses and complete industries at an accelerating rate.
The era of digital transformation is here and it has no plans of leaving because the reality is that the less sexy industries are just as primed and are ready to disrupt as all the rest. According to the reports of Delloite, nearly 90% of the managers and executives surveyed expect great or moderate digital disruption, but fewer than half says that their organization is adequately preparing. It is more crucial than ever for the organizations to get serious about digital innovation and transformation. In order to compete with both the web scales, giants and nibble straps, the enterprise must invest in technological innovation, technical talent to stay sharp and ahead of the pack in tumultuous times ahead. Sooner rather than later, a disrupting industry is doomed for collapsing and exploding with organizations. According to the Cambridge Dictionary, the disruptive means a new idea or method which is being tried for the first time or the use of such ideas or methods. The greatest examples of disrupter mindset business-wise are Netflix, Apple, Uber & Airbnb.
It is quite obvious then that the only way for protecting your organization is to think like disruptor. Below are some of the vital points that will help you to identify and understand how to protect your organization from disruptive industry:
The S-curve represents the growing process which every organization goes through before it finally becomes mature enough to move up to the next phase of development. By deeply understanding that your business has one, and getting familiar with how it works and where it begins and ends, is the first step towards progress.
Innovation leads to consumer expectations, compelling even the most loyal of customers for admitting defeat of their favorite brands which are being disrupted and move on to their successors or their disruptors. But, the consumers are not the only ones who desire and expect the innovations; instead, it is the insightful leaders to build cultures.
In today’s fluctuating markets, companies must stay open to and seek new solutions whether in terms of embracing new technology or in terms of coming up with new products and services that would remove the pain points of customers and thus disrupt the industry. It is not easy but you can think about new viable ways to solve them.
The smart leaders should embrace the design thinking and build the cultures of innovation which would motivate employees to always go one extra mile for thinking outside the box functionality and to freely express their opinions, and ideas. If you do this, then your organization will not stagnant but exceed all expectations.
To be the one who disrupts the industry takes plenty of courage and strategic risk-taking. That is the only reason why design thinking relies not only on empathy and identification or planning and ideation but also on prototyping and testing. It is a perfect understanding and tackling to reduce complexity in people’s everyday life.
It is not possible to predict exactly which trend will become the most disruptive over the course of 2018. Below are some of the latest trends of disruption that are having an effect this year and will continue in the coming years too as:
A major shift in business thinking has to place artificial intelligence technology at the very heart of business strategy. In the year 2017, the tech giants which include Google and Microsoft focus on AI strategy, leading the way for other major corporate to follow suit. Companies are demonstrating a willingness to use AI tools like machine learning to automate the process, reduce administrative tasks and collect organize data.
As an extension on the future of artificial intelligence, we can expect to see the popularity of a virtual assistant like Google Home and Alexa increasing even more popularity in public consciousness. All this is because it is increasing the public warming to conventional interfaces, what with the uptick in popularity of AI chatbots as well. Marketers must take note because this will allow more effortless connection between brand and consumer.
According to the statistics, 79% of the shoppers say that they only like to engage with an offer if it has been personalized to them based on their past interactions. The consumers want brands to know who they are and show it in their marketing services. This percentage of customers is only expected to increase now and into the future until it becomes boilerplate in advertising. In coming years, this will be likely on the most important tools to help business to maximize the efficiency.
According to the statistics, by the year 2020, the augmented reality technology will be 29.5 billion dollar business. So expect to see virtual reality in the realm of healthcare industry utilize this technology for training med students and technicians. Doctors will be able to pre-plan the surgeries in the 360-degree virtual environment to maximize the chance of efficiency. There are also many other industries behind like real estate, retail industry, etc.
Organizations in many sectors now realize that in order to maintain their commercial strategies, they require to invest in sustainable development. But the market has a say in this as well. Many CEOs are on board because they realize that sustainable development can help them in creating new economic opportunities. Even the United Nations has gotten on board with their sales development goals programs around the world.
This may be the boldest and the most contentious prediction of the whole list. After all, the blockchain technology itself is bold and contentious tech disruption. This platform gears up for crypto-currency transactions which are little understood in the public space. However, in the year 2018, more and more businesses are experimenting with blockchain development services because they see the potential to reduce cost and improve transparency for the customers.
Destruction is the form of creation so never afraid of it. The only way to get rid of your business in a disrupting industry is to take the initiative and lead it into the future. You must never stop reinventing the wheel sooner or later; it will take you to the new level of the printing press, new electricity or something far, far better.