The term disruption sounds alarming, but when the same term is associated with the digital platform it simply means a transformation or evolution. Digital disruption is the remodelling of the existing business modules with new technologies.
It transforms the existing products into an upgraded format that is provided at a lower cost to the customer. For example, the switch from a typewriter to a computer is a kind of digital disruption that has changed the mode of communication as a whole.
Does Digital Disruption Impact A Business?
Digital disruption is nothing less than a risk or a challenge, but the one who embraces it will be able to lead the business to success. It is important for any business to keep an eye on the changes happening within its specific industry and set the strategies accordingly to achieve the desired digital goals.
Such a movement opens new avenues for the growth of the business. Having said that, not every evolving technology can reshape a business model, but it can certainly have the potential to bring an impact. In short, the business leaders need to prepare for the impact and adapt to it rather than ignoring the fact and being left behind in the race.
How Can Digital Disruption Be Harnessed?
The digital disruptions encompass the vision of bringing an innovative and potential change in their business by using their existing digital technologies and developing them into a compelling product for the customers.
For any company that needs to function successfully in the marketplace, the first and foremost thing to consider is identifying the opportunities for disruption. The initial step towards this approach starts with the recognition of the company’s business capabilities – one that can set apart a business in the eyes of the customers from other businesses within the same industry. A SWOT analysis (Strengths, Weakness, Opportunities, Threats) can be useful for determining the capabilities of a business. Once a strategy is placed, the experts must decide on which technology within their business should be transformed to device a new product.
The next step is to connect with social media to inform the world about the new service or product. Using a social media platform can immensely help in retrieving customer feedback on the product or the services. This further initiates the company to create a platform to collaborate with its employees to analyze the challenges faced by the customer and emerge with a customer-centric solution. Such an approach helps in understanding the new product or the services in a better way and efforts can be put in that direction to enhance the end-user experience as well as the quality of the product or the services.
How To Stride With Digital Disruption?
The motive behind any business is to make its customer content. From B2B to B2C platform, the digital disruption is sure to permeate in order to win customer satisfaction. Anyone who leads a business must work on the following three competencies to emerge as a winner.
- Agile business solutions: It is important for any business to deliver a solution that can meet the requirements of the customer instantly. The digital disruption of the transportation industry by mobile technology can be set as a prime example to explain the business agility process. Here, the motto of the mobile application is to find a cab for the customer along with the payment options
- Being aggressive about the product: When a business starts disrupting its industry it majorly focuses on delivering instant and easy solutions to its customers. This further fetches benefits for the business itself
- Meeting customer satisfaction: Customer seeks a technology that is personalized to meet their requirements at any time and anywhere without any hassle. It is meant to provide transparency on the market values/prices that enable the customers to decide on when and where to buy the products
4 Ways To Stay Ahead In Digital Disruption
Digital disruption is more of a reality now than a theoretical concept and hence staying ahead in this competitive field is not a mere challenge. As a key player, it is necessary for any business to remain on the disruptor side of a business equation to bring the change. Here are five ways to get started on this disruptive journey:
- Creating a new market: The first step involves gathering the information on the current demands from the customer on a specific requirement. Then, leveraging the existing resources and methodologies to make it customer-driven. This approach also involves brand awareness across the social platforms and in turn engaging the customer in the business
- Being on the disruptor side: Think like a disruptor than being an onlooker. Look for avenues to flourish in the same business industry. Then, try to make a shift in the present business model by collaborating with digital savvy peers
- Prepare organized data: A customer-driven product can be successful if the business compiles organized and consolidated data from the customer. Moreover, a day-to-day evaluation of the challenges to reach the customer in a better way should be the foremost aim of any business
- Collaborating with new channels: To bring a small impact many businesses attempt to upgrade their software. However, some business leaders go outside and partner with other companies to bring remarkable disruption using innovative technologies. This helps in offering an exceptional customer experience for the product
There are always a lot of uncertainties that surround a business. However, business leaders with an innovative mindset know exactly where their business is headed to. It becomes inevitable to prepare for the future digital disruption by keeping an eye on the digital transformations happening around.
Digital disruption is going to stay here owing to its potential growth. The only mantra to succeed is to flow with the pace and become potential digital disruptors to bring a change.