While disruption has benefited certain businesses with rapid growth, better workforce, efficient operations, and improved customer experiences, many companies are falling behind. Here’s why: leaders don’t have a game plan to better drive their companies in the digital world.
Insight: Disruption will affect all organisations at some point in the future, and businesses need to determine their strategic response and set a course of action.
Data: 63% of 3,600 companies with annual revenues of at least $100 million in 82 countries have been found to face high levels of disruption and 44% show severe signs of susceptibility to future disruption. (Accenture)
What’s the step change: Be ready for the disruptive trends and technologies impacting 2020.
Factors That Will Drive Disruption in 2020
Every business is bound to face a type of digital disruption in the future. In fact, industries we thought were safe, including government services and finance, are fighting for relevance.
In the next 10 years, the business landscape will be radically different. While there’s no way to stop disruption in its tracks, you can actively prepare for it by being aware of the drivers that cause it and knowing how you should respond.
It is crucial to equip your team to deal with uncertainties brought about by disruption so that when they do happen, your organisation can see them as opportunities, and not threats, for your business.
The year 2020’s top disruption drivers can be categorised into three groups: technology, consumers, and society.
The rapid pace of innovation today has led to emerging technologies that are disrupting the way we do business. Many of these technologies have been meant to reduce bottlenecks in critical business processes, minimise failures, and predict errors before they do happen.
The future of disruptive technologies will be driven as much by the methods and systems that drive critical to business functions as it is by the devices that are being used.
Although not every one of these technologies will change the business landscape, some of them hold the potential of changing the way people work and shifting the value chain, which is why business leaders need to identify the technologies that will affect them and start to prepare ahead.
Perhaps one of the biggest areas where we see disruption today is in how businesses cater to customers. Out of most consumer categories, those where brands have cultivated a direct relationship with their customers is where the most growth has been noticed.
From customer-centricity to customer engagement, brands that focus on the needs of their customers first and use that to guide their strategy will always be one step ahead.
The transformation that we see in society today are brought on by the need to respond to massive changes around the globe whether it is humanity displacing the environment or mankind displacing ourselves.
Businesses need to find a way to respond to these changes and consider the disruptive factors that will impact the future of their business.
Tying It Together
Disruption is inevitable and will affect organisations, but by keeping abreast of the top factors that drive disruption, modern-day leaders can build the right strategy, make informed decisions, and better plan ahead.