The Impact of Digital Disruptions on Your Business

Digital disruption has brought negative transformation…
Digital disruption has demolished business opportunities…
What are your thoughts on the above statements? Or could disruption be a good thing?
With technology rapidly changing, it has created an enormous impact on the way businesses operate and the way in which businesses interact with their audiences. It has influenced the value of existing products and services offered by them.
The question is – are you ready to embrace it or fear it??
We must understand the emergence of new digital technology and the incredible potential it brings. This will help to perceive the significance of it for re-evaluation and the re-shaping of businesses.
Let’s talk about Uber.
It is the world’s largest provider of personal transport. Today, Uber has extensive media coverage and is present in over 60 countries and more than 300 cities.
What makes Uber so successful?
It uses responsive websites and apps which also features GPS positioning. It’s because Uber is connecting people who offer a service to people who have a need.
Digital disruption is an uncontrolled and an unstoppable force which requires you to embrace it if you are to be successful. It is absolutely essential to keep up to date with changes that are happening both in the market place and globally. Consider the following:

  1. Customer behavior
  2. Change in technology
  3. New methods of distribution
  4. Competitors’ analysis

The availability of free digital tools and many digital platforms are unleashing a disruptive force that completely alters the business model. Businesses are required to understand the mindset and behaviour of digital disruptors.
Starting a Digital disruption can cause many changes to businesses that affects the value of goods and services. Let’s look at a few points:
 

1. Difficult to follow-up

Technology used in businesses keep changing within a short space of time. Its increasingly difficult to keep track of the many changes that occur. While offering a new service to your customers, always ensure that the front-end functionality and the back-end technology are coordinated. Suppose, you are launching a mobile app service for your business, always run a test function before your customers use it. Most businesses miss out on the follow-up component.
 

2. Uneven distribution of data

It is not a big deal to collect data regarding the transformation, but the distribution of data and proper analysis is vital. The collected information is useful only if you are able to derive real insights about your customers and market needs.
 

3. Every company is a technology company

Technology is entirely disrupting every sector in business. Be it education, medical, glamour or a service business, all are affected by the disruption caused by it.
 

4. Absence of focus

Digitalisation and disruption go hand in hand. It’s not that you have to go with the latest innovation or technology but be mindful whether the disruptions add value to your business or not. Focus on what’s needed rather.
 

5. Monopolies

Companies embracing the disruptions can take on the economy which creates a monopoly in the market. Small businesses mainly will be influenced as they are less likely to embrace the changes. The growth and viability of such businesses can come to an end.
Customers’ needs and preferences are changing too. They will move towards alternative products or services if they are seen to be more beneficial and especially if the digital disruption has created more choices and opportunities. This has generated competitive threats to businesses which has challenged them to re-shape their business tactics and tools.
To explore more on how digital technology disrupts your business?
Digital Entrepreneurs is the perfect platform where you can come together and discuss the digital disruption and ways to use them for your competitive advantage.
To learn how you can leverage technology for your business, contact +61 3 9369 6171 or email at info@digitalentrepreneurs.biz.

The Digital Perspectives