3 Ways To Prepare Your Business For Disruption

How do you prepare for the unpredictable?

While some businesses leverage disruption to their advantage like second nature — many companies are falling behind.

Where others enjoy better workforces, efficient operations, and improved customer experiences, some continue to struggle at the back foot of change as another wave of disruption looms on the horizon.

So what’s the game changer? Strategy. Most organisations don’t have a game plan to navigate the evolving business landscape. Nor do they bother to predict trends and track challenges or opportunities that lie on their radar and that makes all the difference.

So how do you get better at keeping your finger on the pulse and preparing your business for disruption?

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 2024 And Beyond

Let’s face it — every business is bound to face some type of disruption. 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 — with the AI technology reimagining products and services as we speak. 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 2024 and beyond encompass three key areas: technology, consumers, and society.

1. Technology

AI is just the beginning — more and more sectors are being reimagined with tech by the day. The need to improve business-critical functions will drive the focus of disruptive technologies. This serves as the compass in developing the devices needed to address them.

Tech-focused disruption can look like:

Creation of metaverse experiences and digital twins
Development of smarter machines and AI technology
Popularity of blockchain technology, non-fungible tokens (NFT), and cryptocurrency
Use of extended, virtual, and augmented reality
Transition into a decentralised finance

How to counter it:

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

Identify the technologies that will affect you the most. This way, you can prepare and innovate ahead to leverage emerging trends in tech. With the right digital ecosystem and innovation in place, you can reduce bottlenecks in processes, minimise failures, and predict errors long before they happen.

2. Business

Two words — hyper-personalisation and autonomy. One of the biggest areas where we see disruption today is in how businesses cater to customers. Brands that cultivate a direct relationship with their customers and their needs while equipping teams are the ones who see the most growth despite the challenges.

Business disruption can look like:

Customers taking control of their experiences
Democratisation of knowledge and open access resources
Rise of entrepreneurs and solopreneurs
Remote and hybrid workplaces
Autonomous organisations

How to counter it:

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

Gaining buy-in from your team also plays a big factor in business success. By empowering and supporting teams, you equip them with the mindset, skills, and tools needed to deliver a customer-centric journey.

3. Society

What we value as a society transform the way we live life and do business. Massive societal changes around the globe call for proactive responses and radical transformation. Many of these changes are anchored on sustainability and ethics which inform how consumers and businesses make decisions together.

Societal disruption can look like:

Sustainability as a business advantage
Ongoing inflation and subdued economic growth
Cultural fusion driven by globalisation
Microtrends and niche markets
Health, wellness, longevity, and authenticity

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 inform societal values and impact the future of your business and finding a stance that is true to you and your s. Once you step outside your bubble and engage with the environment — then, you can start building the capabilities needed to counter or leverage them.

Data In the Time of Disruption

In any case, data becomes your most valuable asset — whether you're facing disruption in any or all three areas. The question then shifts from what kind of disruption are you facing into:

Can you get the data?
Can you use the data?

Once you have the data and processes necessary to distil your insights, you can use them to create value across connection, delivery, personalisation, status, and innovation. Paired with a sound strategy and a high-performing team, you're now better positioned to navigate disruption, unlock opportunities, and lead change.

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 and set your business up for success regardless of the disruption coming your way.