Disrupt yourself or risk being disrupted: Competing in 2020
Stability and predictability in business today are a thing of the past. The convergence of cloud, mobile, big data and social has produced a flood of new business models presenting challenges for various industries. Emerging technologies like Augmented Reality, the Internet of Things, and Artificial Intelligence have become mainstream. The choices you make over the next three years will determine your position in the new digital economy.
Any organization can disrupt your business model. Do you have a plan in place to be an industry leader and disrupt your market? Your ability to become agile and disruptive will allow you to compete and create new business models well into the future.
Will you be disrupted?
Business leaders know their industries are ripe for transformation and are eager to bring the benefits of technology to their business. In fact, in a new study by Harvard Business Review “Competing in 2020: Winners and Losers in the Digital Economy”, 80% of the 783 respondents believe their industry will be disrupted by digital trends. Most of those (84%) said their industry has either passed the inflection point of disruption or will pass it by 2020.
Digital leaders are doing today the things they need to do to be successful in 2020. Companies that form their strategies now, shift resources to new digital initiatives, and redesign their organization and culture will have a distinct advantage. Micro revolutions occur typically every 12-18 months, so companies must be in a continual state of transformation.
See the opportunity, not the threat
Almost half of the survey respondents feel their organization’s traditional business model will be obsolete by 2020, yet the new models and strategies are still evolving. Executing multiple experiments now will allow you to find the right combination to win.
Culture, cloud and innovation
- Be prepared to accept some risk, fail fast
- Leverage cloud to execute quickly and develop a test and learn culture
- Empower employees to execute agile experiments and proof of concepts
- Create connected systems of innovation and reduce organizational silos to improve collaboration
- Create partnerships outside your industry to accelerate innovation
Customer Experience
- Continuously improve your customers experience and engagement
- Find digital hotspots in your customers journey to innovate
- Leverage insights from connected systems and external data sources
The market is moving quickly from talking about digital transformation to doing it. Download the Harvard Business Review “Competing in 2020: Winners and Losers in the Digital Economy” report to find out how prepared business leaders are for this change and which industries are most receptive and ready for change.
