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Four ways to win in the age of disruption

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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

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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, A...

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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 produc...

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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...

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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, an...

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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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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. 

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How leaders cope with uncertainty

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During periods of heightened uncertainty, leaders reflexively reduce investment, stop hiring, slash marketing, refrain from entering new markets, or stop making decisions.

Although understandable, acting in a pro-cyclical manner can be counterproductive. It can leave companies poorly positioned to benefit from the next stage of the cycle.

Attributes to succeed in uncertainty

Organizations should be inclined toward action. As a baseline, companies must strive to be fit for growth. This can be done by aligning costs with priorities and strategy, investing in varied capabilities, and using traditional and digital levers to execute.

They must regularly engage in scenario planning with an array of options. They must build the capacity to be agile. They must learn to become more resilient to withstand strong external forces and quickly recover from setbacks.

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The future workforce

The future workforce

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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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