Digital disruption is the change that occurs when new digital technologies affect a business. However, the term ‘disruption’ is misleading, and businesses should not misinterpret its meaning as negative. The reality of a digital disruption is that it is an essential part of creating a Future Workplace and engaging with Digital Transformation. Companies who embrace it often find that it contributes to their success, rather than stopping it.
To get more specific, digital disruption is a transformation. It occurs when emerging technologies and business models enter the market and affect the value of existing products and services. It impacts businesses by changing what they market and whom they market it to. Consumer needs shift, with new and existing customers altering their perceptions of what they want and when they want it. Because technology is evolving at such a pace, it is vital for companies to stay ahead of this disruption – and even plan for it. In fact, businesses who strategise for emerging technologies are far more likely to thrive in a modern marketplace than those who don’t.
The one question businesses engaging with Digital Transformation need to ask is ‘are we ready for the next step?’ All companies can be effective as a Future Workplace by having a good strategy in place. These strategies should account for:
- Improving existing products and services when digital disruption occurs
- Learning from disruption to improve products and services
- Overcome the challenges associated with a significant disruption
All of these components can be addressed by understanding how a digital disruption will affect a specific industry and its standards. For example, an evolution in the tech industry will significantly influence corporate and lifestyle operations, while one in transport will send ripples across industry services. Business leaders need to ask how a change will affect them to understand how they can best react to that change.
Digital Disruption is already occurring on a global scale, and many business leaders are feeling threatened by its impact on their operations. This is why it is crucial to see disruption as an opportunity for growth; a change to create new markets and leverage the power of insights and data to deliver new and exciting solutions and services. Many companies can be the disruptor and work to shift their business models to change the market itself rather than wait for it to affect them and their operations. According to Forbes, 84% of surveyed executives who viewed their company as a digital disruptor saw increased revenue over the past three fiscal years.
Disruption today is reshaping the market, and it is easy for companies to get left behind. Preparation is the key to surviving in a modern environment, and fortunately, there are a lot of positive steps organisations can take to ensure that they are not only ready for what comes next but prepared to be part of the next big thing.
To find out more, contact MOQdigital today.