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Four ways to win in the age of disruption
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Disruptive companies are gold
Disruptive companies are well-liked by investors and stakeholders, in this tough and cutthroat industry.
According to a study, 70% of startups fail, usually within two years of operation.
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How to be a Disrupter
Four strategies for being a disrupter in this volatile industry:
- Be ready to disrupt yourself
- Don't get distracted by economic conditions
- Harness the power of data
- Understand that people are your biggest asset
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Disrupt yourself
There was a time when Netflix used to deliver DVDs on mail, but now they have disrupted the digital distribution of content. Google didn't have a viable business model till 2002, but now Youtube, Android, and its ads businesses are shattering records consistently.
We need to disrupt ourselves instead of getting comfortable in what we do now.
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Don't let economic conditions distract you
Just remember many companies started and flourished during economic downturns. If your idea is good enough, you don't have to worry about the economy and just keep building and refining your product or service.
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Harness the power of data
Every company can benefit from big data, and insights using analytics. It is no longer a luxury option, but an important growth driver for the business.
Your company's life depends on market and customer data, and harnessing data can be its strongest asset.
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People are your biggest asset
Have a concrete and compelling vision that attracts the right people who are smart enough to push it forward and turn it into reality for you.
Invest in people, give them the right skills, and build an environment of trust.
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Generational Change
When the end-users needs and problems are solved in fundamentally different ways, even companies that aren't a direct competitor to the old establishments pose a threat.
Generational Change is inevitable and no company can remain dominant for long.
The Beginning, Not The End
When we look at the developments in the last 100 years, it can be said that today's technology may just be the beginning of bigger disruption in the future.
Companies like Apple and Google may just be the initial stepping stones, and technology will evolve further in unpredictable and unimaginable ways, impacting the next generation.
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The future workforce
In the future, change is the only certainty.
Workers, employers, and education providers need to be agile, flexible and prepared to adapt as technology continues to interrupt industrie...
Education vs training
Until two decades ago, the general goal of colleges was for academic pursuits and teaching individuals to become more well-rounded. The general thought was that colleges were not vocational institutions.
Now, and possibly in the future, colleges will have to focus more on training and change their curriculum to meet the demands of employers.
Alternatives
A four-year college education remains the best choice for those who can get admitted to a selective university. But for everyone else, an alternative path might be the best way to go.
In the future, one training path will be company-sponsored apprenticeship programs to cover the skills missing between the secondary system and what employers are looking for.
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Talent Spotting
Digital leaders don’t have to do everything themselves, but they must be able to spot the areas of their organization that need improving. Moreover, they need to be able to hire an...
Adaptability
Sudden changes in the industry can disrupt the status quo, potentially derailing the success of your organization. In these situations a leader must remain flexible and adaptable, ready to make the quick decisions that can keep the company on track with minimal negative impact.
Risk-Taking
Putting speed and innovation ahead of tried-and-tested business practices often makes leaders cautious. However, in a fast-changing world, the only strategy that is guaranteed to fail is not taking risks.
For a start-up, the risks can be even greater but innovation is impossible without risk. And if you can’t take risks, you may not be cut out to be a digital leader.