October 25, 2019

3 Ways To Prepare Your Business For Disruption

October 25, 2019

3 Ways To Prepare Your Business For Disruption

Business Strategy, Disruption

UPDATED: As of 24 March 2022

How do you prepare for the unpredictable?

While some businesses have managed to leverage disruption to their advantage — many companies are falling behind.

Where others have emerged with better workforces, efficient operations, and improved customer experiences, some continue to struggle at the backfoot of change.

The difference? Strategy. Most organisations don’t have a game plan to navigate the evolving business landscape.


Insight: Disruption affects all organisations. Businesses need to determine a sound strategic response that sets the best course of action to ensure success.

Data: 63% of 3,600 companies face high levels of disruption. 44% show severe signs of susceptibility to future disruption. (Accenture)

What’s the step change: Prepare for emerging disruptive trends and leverage them to one's advantage.


What Disruption Looks Like In 2022 And Beyond

 

Let’s face it — every business is bound to face some type of disruption in the future. In fact, industries we thought were safe (such as government services and finance) are fighting for relevance.

In the next 10 years, the business landscape will experience a radical shift. There’s no way to stop disruption in its tracks. But you can prepare for it by identifying its drivers and crafting a strategic response.

The top disruption drivers for 2022 and beyond encompass three key areas: technology, consumers, and society.

1. Technology

Rapid innovation has led to technologies that disrupt the way we do business and even life. The need to improve business-critical functions will drive the future of disruptive technologies. This will also serve as the compass in developing the devices needed to address them.

Disruption in this area can look like:

  • Creation of metaverse experiences
  • Popularity of blockchain technology, non-fungible tokens (NFT), and cryptocurrency
  • Use of virtual and augmented reality
  • Transition into a cashless society

How to counter it:

Not every one of these technologies will transform the business landscape. However, some of them hold the potential of changing the way people work and shifting the value chain.

Business leaders need to identify the technologies that will affect them the most. This way, you can prepare and innovate ahead to leverage emerging technological trends. With innovation, you can reduce bottlenecks in processes, minimise failures, and predict errors long before they happen.

 

2. Consumers

One of the biggest areas where we see disruption today is in how businesses cater to customers. Brands that have cultivated a direct relationship with their customers are the ones who saw the most growth despite the challenges.

Disruption in this area can look like:

  • Customers taking control of their experiences
  • Democratisation of knowledge
  • Rise of entrepreneurs and solopreneurs
  • Increased burden of compliance

How to counter it:

Whether you're looking to craft a customer-centric approach or improve customer engagement — there is value in focusing on the needs of your customers first. This way, you can use the insight gathered to guide your strategy and stay one step ahead of change.

 

3. Society

Massive societal changes around the globe call for proactive responses and radical transformation. These changes are often rooted in humanity displacing the environment or mankind displacing ourselves.

Disruption in this area can look like:

  • Sustainability as a business advantage
  • Growing population
  • The flourishing of niche markets
  • Customers craving convenience

How to counter it:

Businesses need to find a way to recognise and respond to these changes. This begins by considering the disruptive factors that will likely impact the future of your business and building the capabilities needed to counter them.

 

Tying It Together

Disruption is inevitable and will affect your business. But when organisations are equipped to navigate the uncertainties brought about by disruption, challenges become opportunities for your business.

By keeping abreast of the top factors that drive disruption, you are better equipped to build the right strategy, make informed decisions, and plan ahead. This is how you can manage and leverage change, as well as set your business up for success regardless of the disruption coming your way.

 

Download our 2022 Disruption Drivers One Pager

With disruption coming at you from all fronts, stay ahead of the playing field with Step Change’s 2022 Disruption Drivers PDF which:

  • Identifies over 30 potential disruptors that could affect your business
  • Covers the key categories of technology, consumers, and society
  • Defines 5 ways you can deliver value in today’s fast-changing landscape

2022 Disruption Drivers GIF

 

Get your 2022 Disruption Drivers copy today.

 

 

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