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Digital disruption. What does it mean for your industry?

The future success and survival of many businesses and organisations will rest on their ability to anticipate, prepare for and even pre-empt change. The importance of an action plan for navigating the turbulent times ahead is now stronger than ever.

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Digital Disruption. What does it mean for your industry?

By Platinum Speakers

 

Australia’s business and government leaders do not need to look far into the future to see the new wave of digital disruption headed towards them. It is already here, transforming the way companies and Government agencies operate and how they engage with their customers.

Digital transformation is an enormous undertaking for most businesses but Deloitte identified 13 industries comprising 65% of the Australian economy that are facing significant disruption by 2017.

“We have to recognise that the disruption that we see driven by technology, the volatility in change is our friend if we are agile and smart enough to take advantage of it.”

While the PC changed the style of work in all sectors of the economy examples of disruptive technology are Email (replaced conversation style from paper to electronic) and smartphones (killed traditional phone business). Another example is while smartphones are digital disruption technology, apps like WhatsApp are digital disruptions to phone carriers as these apps provide calling and texting at much lower costs – thereby cutting into their market segment significantly.

Uber Disruption

 A great example of recent digital disruption relates to the taxi industry and the impact Uber has made to private fleets of taxis. The regular taxis relied on hand signals or radio calls from their office or base while on roads – or simply waiting at a taxi stand for a passenger to turn up. While Uber utilises an easy to use mobile app to book cabs, there has been a huge digital disruption to regular taxis. What is the digital disruption in this case? A digital app has come up to eat into the customer base of regular taxis that still wait at taxi stands or roam on roads to pick up passengers. Of course further impact or knock on relates to improvements in reliability, quicker service and cost.

So what’s the answer to Uber disruption? The taxi companies have to change their style of functioning. They have to move forward and embrace the technique of Uber or provide even better techniques. They may unite – like they did in Mumbai (India) – and come up with a competitor app for booking cabs.

In short, the digital disruption may be considered an obstacle that can be eliminated by changing few processes of a business. While disruptive technology causes people to overhaul their businesses completely or close down.

Technology continues to gain momentum, influencing consumer interactions and expectations and driving significant changes in the way businesses operate and create products.

These technologies are widely predicted to redefine the world in the next 10 years. But how will these impact businesses in Australia? How will it change the economic landscape? And how can business cease the new opportunities they bring?

Smart leaders and organisations re-invent themselves before change forces them to - Every brand and institution today is facing a perfect storm of technological disruption and market upheaval. As traditional business models and industry structures come under increasing threat, agility and adaptability are more important than ever.


The future success and survival of many businesses and organisations will rest on their ability to anticipate, prepare for and even pre-empt change. The importance of an action plan for navigating the turbulent times ahead is stronger than ever.


Contact us for speaker recommendations to help your business maximise digital disruption opportunities.