Digital Disruption: Is It Your Friend Or Foe?

Digital disruption has become an obsession for businesses and industries alike. It is an obsession that has the potential to overwhelm and dilute the underlying opportunities that a disruption itself presents.  Your business must choose if disruption is its friend or foe!

digital disruption
Digital Disruption: Friend or Foe?

A focus on being disrupted will overshadow the opportunity to disrupt.

10 indicators that your business may be REACTIVE

  1. High investment but declining revenue. This may suggest that you are chasing what you think will change the market without understanding what the market is actually looking for.
  2. High supply, lower demand. This may suggest that you are not aligned with what your customer wants even though you are competing with what is in the market.
  3. More service offerings but complaints from customers are on the rise.
  4. Higher staff churn than normal sees newer staff leaving your business while longer term staff are less likely to leave.
  5. Your industry is experiencing growth but your business is suffering a downturn.
  6. The technology platforms your business has adopted are disconnected from each other. This may indicate you are integrating new technology without recognizing how and where it will work with legacy systems.
  7. Your business is suffering from a progressive loss of market share.
  8. You notice a lack of cohesion in your product or service offerings.  They provide solutions but these are singular in application.
  9. Your business is generating lots of data but has no ability to qualify or contextualize it.
  10. Collaboration and partnering that exists is more of a ‘power play’ than an ‘innovation play’.

10 Indicators that your business is PROACTIVE

  1. Your business is experiencing exponential revenue growth and also enjoying increasing patronage despite more competition entering the market.
  2. Other businesses are seeking your business out to discuss collaboration and partnership opportunities.
  3. Your business is able to confidently make budget projections based on performance indicators measured against milestones.
  4. Agility enables your business to respond to change without impacting your core business strategy.
  5. You see failures as necessary and you are not afraid of them. They are seen as learning experiences your business can build on.
  6. Industry best practices, global trends and benchmarking are used by your business to give you insights to plan and strategize.
  7. Your employees are engaged, have taken ownership and actively participate in the business’ transformation journey.
  8. Your business communicates visibility and transparently without fear or favour.
  9. Digital is at the core of all your business decisions.  You always ask the question ‘How can digital make this more efficient or effective?’
  10. Your strategy is customer led. Your strategy is a living, breathing document that is a ‘work in progress’. It is responsive to change without compromising its core ethos.

Successful change will not happen when you apply band-aid solutions.  A band-aid solution is one dimensional and it only heals what ails the business in that area and at that time.

Transformational change is evolutionary.  When your business chooses to be proactive rather than reactive in its approach the word ‘disruption’ takes on a very different meaning.  To survive and also experience success you must choose to become the disruptor and not the disruptee.

 

Originally posted 2016-10-18 18:02:41.

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