Disruption is inevitable in any industry you encounter. Thanks to an increase in computing power and integration of faster and smarter technology which allows for better information sharing, there is a rise in employment disruption. Leaders of their industries must embrace the changes and adapt to it. With such a shift comes a more efficient marketplace, access to more qualified talent and resources, and expanded competition to a global scale. No business, whether established or startup is immune to it.
In the face of such change, many companies do not feel ready for what lays ahead. Accenture reports have found that “while 93 percent of executives … say they know their industry will be disrupted at some point in the next five years, only 20 percent feel they’re highly prepared to address” it. This is due to the fact that most executives believe two common misconceptions. The first is the disruption is by chance and therefore an unpredictable force. And second, the only possible outcome is a winner-take-all situation. But when looking at these two scenarios logically, one can see they are not realistic. Disruptions does not have to be taken in as a negative situation, but an opportunity to create a new revenue stream. It will force more established executives to insert a new level of innovation and continue to evolve within their industry. At which point, partnering with smaller companies might bring a whole new perspective on the matter and benefit customers and industry all together.
Change, although scary, is inevitable. Companies that efficiently invest new technologies will thrive within the disruption and pave the way for others in the industry. Having competition is healthy for many companies because it forces them to be innovative and create much needed change as time goes on.
In order to overcome the challenges, companies need to have a plan set in motion to identify vulnerabilities and correct them before it is too late. Instead of trying to adopt any new technology, business owners should ask “What are our biggest challenges, and how can we fix it”? And work from there. Look for ways to collect data at faster and more efficient speeds in order to maximize results. Disruption is upon us, but ride the wave with the right tools and your company will not drown.