Disruptive technologies are moving forward in the economy, leaving behind businesses that can’t adapt and evolve. There is no way of protecting a company from disruption, but here are a few steps you can take to adapt to technology and move forward for good.
What are Disruptive Technologies?
Disruptive technology is an invention that replaces an established technology. It fundamentally transforms the way products, markets, or companies work, and creates an entirely new industry. Disruptive development blows out the structures or behaviors as it has superior qualities. Current manifestations of emerging technologies cover e-commerce, web news outlets, ride-sharing services, AI, GPS systems, blockchain, etc.
The automotive industry, energy, and broadcasting were, at one time, revolutionary innovations of their day.
Even a start-up with little funding may try to challenge technology by creating a whole different way to get things accomplished. Some businesses prefer to rely on what they know and seek gradual progress rather than radical changes. They respond to their most significant and most competitive customers.
Get Clear About What Business You Are In
Each corporation can describe its market in terms of detecting the needs of its customers and giving solutions and satisfying their requirements, not for its goods, services, or distribution mechanism.
To this purpose, businesses need to recognize the services that their clients need and how to improve them. A company cannot accurately assess new technologies or other innovative product unless it has acknowledged this.
Understand the Disruptor’s Advantages and Your Own
Organizations that successfully respond and engage in changes learn to distinguish how the disruptor suits consumers better than their products.
For instance, Fifth Third Bank is in 12 nations. The bank has confirmed that it will shutter 100 of its 1,300 branch offices. While individuals used to go to bank branches for check deposits, they’re now depositing checks with their mobile phones. At the very same time, even so, the bank has realized that people still want to speak to a bank manager face-to-face about more financial management processes, like home financing, retirement planning, and college savings.
Through recognizing which tasks mobile banking will enable customers to perform best and which activities face-to-face communications also encourage more, the bank adapts to and engages in mobile tech disruption. It will contribute to excellent performance for both consumers and the bank, with one caveat. The level of service delivered by online banking will begin to increase, so mobile banking will start to eat away from other branch services.
Disruptive technologies will always be part of the economy. Stay vigilant and be able to let go of the old ways. In individual businesses, the fear is not that new technology would make their services redundant. Instead, the threat is that companies will not recognize the advantages of disruptive technologies over their own, which will strictly limit their capacity to evolve and take part in the disruptive economy.
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