We’re living in a world where technologies go out of fashion quicker than clothing.
They’re constantly replaced, constantly updated, and constantly rendered irrelevant.
Companies must embrace new technology if they’re to be successful, or risk getting left behind as competitors innovate.
Digital disruption is one thing, but what’s worse is when you’re disrupted by companies that are doing things the right way, while you remain stuck in the past.
Industries disrupted the most are usually those where there is a huge gap in innovation between start-ups and established enterprises.
Investing in the technologies responsible for innovation is a great place to start, something the start-ups have done so well with an embrace for digital transformation.
This is a true differentiator.
Thriving companies can leverage their technological prowess to take advantage of every emerging development and innovation that scales in today’s digital landscape.
If you’re an emerging company, you’re probably wondering how to avoid digital disruption, or at least ensure it doesn’t negatively influence the future of your business.
Well, if you’re seeking advice on the subject, you’ll appreciate the myriad of information offered below, which will help you through the storm.
But before we get to this, let’s begin with a quick definition of digital disruption to provide some clarity on the situation:
What Is Digital Disruption?
It is a byproduct of technological transformations, where emerging technologies evidently interfere with a company’s current offering.
Innovative solutions naturally impact the value of existing products and services, and this must be factored into the business equation.
The disruption caused must be dealt with, and this creates a demand for further evaluation.
Though digital disruption can be viewed as chaotic, especially when it threatens the status quo employees have grown accustomed to, it should in fact be embraced.
It is an opportunity for companies to develop, shake off old habits, and take a giant leap into the 21st century.
How Do You Stay One Step Ahead of Digital Disruption?
Make Smarter Investments
Software has gained a stranglehold on the business world, and though you’ll never match the capabilities of modern web giants, you can at least invest in the same tools and software.
Transitioning to the cloud can be expensive, ultimately eating into your software budget.
To truly innovate companies should focus on pouring money into what has helped grander companies dominate the market.
There are many tools out there, most of which are designed to make your life easier.
These have made handling mass volumes of data a real possibility, alongside maximizing the efficiency of resources.
Building modern technology is a great way to improve the customer experience and remain relevant.
The transition to making smarter investments, among many others you’ll have to face and manage, is imperative in a world of digital transformation.
Become the Disruptor
Though fighting fire with fire is often ill-advised, fighting disruption by becoming the disruptor is another story altogether.
Disruptors commonly receive greater returns, which is why many companies are shifting their business models.
With a preference to be perceived as a disruptor, companies can channel their digital savvy and increase revenue dramatically.
A disruptive enterprise will be one that stands out for the rest, and isn’t afraid to revolutionize the current way of doing things.
See Disruption For What It Is
Digital disruption is a chance to leverage information in unprecedented ways.
For example, companies can collect advanced data on their clientele to establish mutually beneficial relationships.
Precise segmentation targeting allows innovators to increase customer loyalty, achieved through an enhanced understanding of consumer preferences.
Establishing things like correlation between customer behavior and likelihood of buying has taken marketing to a new level.
Establish A Technologically Talented Workforce
Technology is important, but it’s virtually useless without accounting for the human element.
Are staff capable of operating new technology?
If not they should be educated accordingly, since today a technologically talented workforce is everything.
Invest in your current team, while focusing on recruiting new staff compatible with your digital ambitions.
Investing in the right infrastructure is important, and there has never been a higher demand for skilled workers.
Attracting the right talent means ensuring the right framework is in place to lure them in.
If you’re slightly behind on the times, your prospective employees will be less likely to join.
Your infrastructure must match their credentials if you’re to lure new talent.
Create New Products or Services
Many disruptors now leverage their data or software as products or services.
This enhances value, and has become one of the most prominent forms of disruption across multiple industries.
Monetizing information technology opens doors to innovation and collaboration.
Companies can develop partnerships or acquire other disruptive companies, facilitating innovation with an external overview.
Another means for achieving disruptive innovation is deploying analytics to gain advanced customer insight.
This enables companies to tailor a service that goes above and beyond their competitors.
Chris is the Lead Author & Editor of Change Blog. Chris established the Change blog to create a source for news and discussion about some of the issues, challenges, news, and ideas relating to Change Management.