‘Disruption’ is commonly found to be a negative term, often referring to being interrupted by a disturbance or a problem. However, digital disruption is not a negative concept for those who latch on and embrace the transformation it is creating. The world is running in a new direction, and businesses who wish to thrive and succeed in an increasingly competitive marketplace must run with it.
For many businesses digital disruption can be negative, technological advances are moving at speed, unleashing a disruptive force and driving the next wave of innovation – making it is easy to be left behind. According to Forbes, 51% of executives surveyed report a high level of risk to their organisation from technology-driven disruption by start-ups or innovations by incumbent companies.
Markets are being forced to change drastically and at rapid rates to accommodate this new age of digital products and services. Consumer needs are shifting, therefore by embracing changing technology and disruption businesses can maintain current customers whilst simultaneously creating exciting opportunities to engage new customers.
Consumer knowledge is greater than ever in this digital age, offering customers complete control over the buying process. Therefore customer focused marketing is more crucial than ever. Enriching customer experience and ensuring seamless transaction processes are examples of how disruption is radically reshaping today’s markets—as well as creating new ones. In turn, this positions data as the key element, a new corporate asset utilising customer data in new and innovative ways not simply to be disruptors, but to provide superior customer experiences. According to McKinsey; Digitising customer interactions provides a wealth of information for marketing, sales, and product development while, digitising internal processes generates data that can be used to optimise operations and improve productivity.
Digital disruption is inevitable, a powerful force that will continue to change and evolve markets. In order to succeed businesses must not only embrace digital disruption but plan ahead and work with the movement to promote growth, expansion and gain competitive advantage – Surviving and thriving in today’s digital economy demands no less.
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