How much does Digital DISRUPTION mean for your business? If really the destiny of every business what can we do to prepare because of it? Let’s dive in and find out! Home
Drive for digital has already occurred!
According to an outlook by Accenture, in just 5 years, Australia’s digital economy is going to experience a 26. 1% growth from 2015 to 2020.
Business over the world are spending $174 billion on cloud technologies alone. Many firms now have chief digital officers or have developed separate units that are in charge of driving digital strategy.
While the stats look promising, many business are still experiencing their efficiency structures to facilitate the change towards digital alteration and face the digital disruption challenges head on!
Innovation is transforming every business!
The phenomenon of digital disruption is not a new one! Nevertheless the opportunities and dangers it presents change as time passes and those who make the first move, background remembers them as trailblazers!
Ever wondered how ipod touch replaced CDs, how Amazon online defeated Barns and Grand, why didn’t Marriot think of AirBnb, why pickup truck’s cab drivers couldn’t come up with a brilliant idea that Uber did and how Netflix became the number one choice of Blockbuster’s long-time customers!
Businesses that are bold enough to innovate, serve as the poison pill for those that are still following the rules of the last century!
Rate of change remains critical!
When I say only the agile survive, it means that not do businesses need to enhance and change their business models, they need to do it at the velocity of digital dysfunction, as a way to survive!
Coming from the rise of digital, to beginning of websites age, to social media and now mobile, technology, every couple of years, digital appears to be disrupting every aspect of our lives and that too at an unprecedented pace.
Rather than embracing and expanding the new digital wave, Kodak, Polaroid and many others spent their time and energies on defending the status quo. By the time, they realised digital photography is here to stay, it had recently been too late!
Rethinking value creation
One thing that is common of most these innovators (Netflix, Uber, AirBnB and many others) is their ability to flag point a gap in existing products and services and filling it by rethinking a solution that creates greater value for the users! Most of all the core of their investment is focused on the customer and supplier value proposition not product or services they serve!
Perform you really think Marriot knows what a hotel industry is all about? Without having to own property, hire and coach housekeeping staff or be on call 24/7, AirBnB was able to any simpler and more effective business structure that was profitable to all or any parties (i. elizabeth. customers and suppliers) engaged!
AirBnB’s impact on the hotel industry is yet another example! “Digital disrupters know how to reconsider value creation and create a new market space that did not are present before!
Businesses can deliver value to customers using the five steps in the interaction curve: Investing in, using, transferring, co-creating and integrating products and services! Business that can offer greater value in conditions of novelty or efficiency on any of these customer touch points.
Understanding the magnitude of change
The magnitude of trouble can often potentially clean out major businesses and frequently entire industries.
Understanding the magnitude and the size at which a brand new business model will affect your remains critical. Consider how YouTube’s “How to” videos is impacting formal education and how online scheduling for travel has almost eliminated the traditional role of travel agencies.