Has your industry been disrupted by digital?
Disruption has many stages and every industry goes through it. Things are far gloomy when one is actually in the midst of disruption’s unknown, oft-hyped initial stages. In the 1980s, steel giants famously miscalculated the potential of mini-mills. In the 1980s and 1990s, the personal computer put a stop to many big corporations and other minicomputer makers. More recently, web retailers have disrupted physical ones, and Nestaway and Ola (ANI Technologies) have disrupted lodging and car travel, respectively. The examples run the range from database software to packaged healthy and fitness food.
The Good News
The heroes of disruption are far more often the attackers than the established incumbent. The good news for incumbents is that many industries are still in the initial days of digital disruption. Print media, travel, and lodging provide valuable instances of the route increasingly more will follow. For most, it’s early enough to respond.
Understanding the Life Cycle of Disruption
Here’s a video from McKinsey and Company that talks about the framework for understanding the life cycle of industry disruption.
Source: McKinsey & Company
Moving to the cloud is also a digital effort, and entails application development, integration or architectural skills. Or becoming a data driven enterprise which calls for data science or analytics skills could be another way. Going mobile also means going digital, which includes providing opportunities for app development and network infrastructure. Other digital efforts look deeply into the internal workings of organizations and their processes or introduce robotic process automation, artificial intelligence or machine learning to internal activities.
Share the activities and roadblocks encountered by you in our comments section below