Disruption in business is inevitable

Disruption in business is inevitable

The business environment is continuously evolving with the introduction of new products and services. In some cases, we hail disruption as groundbreaking, incredible or the product of genius. In others, we perceive it as ominous or threatening.

However, it’s not circumstances that cement the legacy of a company but rather how that company manages them. We define disruption — and what it yields is up to us.

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3 Ways Companies Can Leverage Disruption for Business Growth

entrepreneur.com

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  1. Adopt a human-centric approach to business. Every business is the sum of its internal and external parts — from customers, investors and suppliers to employees and end-users. So the primary effects of disruption are to the people that make up the organization, not the business itself.
  2. Investigate and redefine customer experiences. Disruption inherently causes shifts in customers’ behaviors and expectations. 
  3. Update your business strategy. Disruptions may come in the form of viruses, new technologies or upstart competitors, just to name a few. Their common denominator is change, and that change can affect both the basis and feasibility of a given strategy. While a company’s service mission may remain the same, its specific plans for accomplishing that mission should be regularly updated to reflect current possibilities. 

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A business model shift is a deliberate and systematic move toward more relevance and value for customers, and as a result growth of your organization. Business model shift can reflect bold moves into wholly new business models. 

But more often, shifts start as small moves inside an existing business model that evolve into entirely new ways of creating value and relevance.

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Business Model Shifts

Business Model Shifts

by Patrick van der Pijl

“The biggest risk is not taking any risk. In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

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Leadership disrupted: Pushing the boundaries

www2.deloitte.com

Organisations face 3 types of challenges during a pandemic:

  • Traditional Demand: The need to satisfy the same customer demand as before but with a modified approach. 
  • Emergent Demand: The need to satisfy a new customer demand that emerged from the pandemic
  • The time period of changes: Forecasting how long these changes will last, whether temporary changes are likely to disappear once the pandemic is over or sustained changes that will become a regular part of your organization’s operations going forward.

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Cases of Innovation in the COVID-19 Era

sloanreview.mit.edu