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Four ways to win in the age of disruption

https://www.itproportal.com/features/four-ways-to-win-in-the-age-of-disruption/

itproportal.com

Four ways to win in the age of disruption
(Image credit: Image source: Shutterstock/everything possible) History loves winners. And in an age where disruptors like Tesla, Netflix and Alibaba are lionised, it's clear that the market is kindest to those who not only keep up with change but who instigate it. However, not every company can be a disruptor.

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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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Disrupt

The companies which disrupt are the ones who adapt, remain agile, keep learning, and never get comfortable. 

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