What Is Digital Disruption?
Digital Disruption is much more than improving efficiency within a business, it is essentially a transformation aided by emerging technologies, processes and business models to positively impact the value of an existing service or product. By connecting all the different parts of the business, greater working relationships can be formed with partners, customers, suppliers and even organizations typically seen as competitors.
The word disruption is used due to the disruptions this business transformation has on the current marketplace.
To put it another way…..The effect of digital business models & technologies on value proposition and market position are distinctly distinguished from traditional competitive dynamics by velocity of change & high stakes.
Digital Disruption pulls everything toward the digital center, where everything that can be digitized, is……therefore, better, stronger, faster.
Things are dramatically changing at a dramatic unprecedented pace. Per a study done by Cisco with their Global Center for Digital Transformation, this Digital Disruption will be exhibited in full force in 2018…..
Digital Disruption can be seen as both a threat & an opportunity. On the one hand, the changes associated with new digital technologies unfold at a pace & scale that disrupt existing business practices as well as invalidate existing business models. On the other hand, digital technologies offer new opportunities for the creation of innovative business models for entrepreneurs to compete with established business practices in a wide range of industries.
However, most companies struggle in these four areas….
We are on a journey of advising our customers on how to best prepare for Digital Disruption. Conceptually, please consider these critical components:
- Think Systemically - Actively Promote Development of Digital Vision & Strategy
- Engage with Customers
- Create Innovation Teams - Invest in Digital Skills & Capabilities
- Allow & Promote Experimentation - Culturally Embrace Collaboration, Innovation & Speed
- Empower Your Employees
In summary, don’t be complacent. Keep testing, preparing & looking for opportunities. In a time of rapid & unpredictable change, it is better to be part of the disruption than a part of history
So, What’s Next?
Reach out to Surya if these are some of your concerns or challenges - let's start the conversation!