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Is your Business Ready for the Digital Disruption? By Jeff Vardy

  in Business | Published 2019-07-11 11:01:15 | 5 Reads | Unrated

Summary

Do you know what does digital disruption means for your business? Well, businesses worldwide are spending a million dollars on cloud technologies alone.

Full Content

Do you know what does digital disruption means for your business? Well, businesses worldwide are spending a million dollars on cloud technologies alone. There are still many organizations that have chief digital officers or have developed separate units that are responsible for driving digital strategy.

The concept of digital disruption is not a new one. Various kinds of businesses are fighting with their organizational structures that facilitate the change towards digital transformation and to face the digital disruption challenged head-on.

Disruption in technology is co

mmon. The advancement in technology has revolutionized everything which is challenging businesses to think about what their businesses will look like in the coming years.

No doubt, technology is responsible for bringing innovations but innovations that seem disruptive are only disruptions because of the path organizations follow. Not only in technology, but disruptions also happen in the way businesses cope with their hiring, systems, and operations.

However, digital disrupters know that technology alone cannot make all the difference. True disruption occurs with the right integration of technology, people and processes with an alteration in the overall organizational structure and business model.

Whether it is the matter of reinforcing the new vision or reallocating budget to new digital technologies and better customer interactions, organizations must find a way to overcome the wave of disruption quickly sweeping quickly.

Before discussing how we can deal with digital disruption, there is a need to have a small discussion about what exactly the concept is. You might have observed that the market these days is powered by software in one way or another. This means it is very easy for a new firm to show up that they are able to use the software in order to create a digital disruption.

The term digital disruption was first used by Kyle McNabb who works for Forrester Research. Kyle believes that all that is needed by an organization to have discovered a way to move faster than everyone else in their industry through the right application of software and IT technology.

Dealing with Disruption

On facing new technologies or business models, the businesses face a strategic choice between avoiding the disruption and bridging the disruption.

As per the Global Centre for Digital Business Transformation, 45% of the company leaders believe that digital disruption is not a broad-level concern.

How to survive digital disruption

Disrupt the disruptor

By challenging the competition before it begins.

Secure your position

If you cannot be like your competitor, it is good to buy them. For instance, Facebook acquired WhatsApp.

Absorb digital capabilities

A good way to integrate online and offline customer interactions.

Monitor the footsteps

Get an idea of the disruptors’ tricks and infuse a digital-first mindset within your organization.

In order to transform your company, you need to realize that your customers have changed too. Moreover, you need to use the power of your IT department to feed your information to them so that they can receive it the way that they want to. The other thing you can do is to gather the customer data that is going to be needed in order to allow your company’s employees to create more new ideas that will help you serve your customers faster.

In a nutshell, businesses cannot escape digital disruption as it is already happening. You cannot blindly apply high-level digital technologies to your business without understanding the potential impact as it may take your business to losses.

For the right step, businesses need to understand which companies are most prone to steal your share of the pie and how?

You should find out the way to disrupt your business model in order to keep your competitors from narrowing the circle in the first place.

How you can use innovative digital technologies for improving the customer experience throughout the value chain?

Does your business really possess the right set of skills to compete in the age of connectivity, collaboration and rapidly evolving customer needs?

If you are lagging behind in the digital transformation strategy for your business, then it’s high time to reconsider your strategy and to plan how you will manage your business’s future trajectory.

Author’s Bio: Jeff Vardy is one of the most trusted names associated with Step Change, which is a strategically-led digital creative agency based in Australia. This agency works with an aim to create a full ground-up digital offering to challenger businesses. Being a digital leader with years of experience, Jeff Vardy has helped thousands of companies with inbound marketing strategies. With a great understanding of the business strategies, he focuses to provide the best investment return.

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