When a newly introduced product or service brings radical change in the industry or business strategy creating a new market, disruption is said to occur. When a market is disrupted, you can see changes in the crown market, stock exchange and buyers’ choice.
For example, when Apple introduced iPod in 2005, the MP3 player that puts whole music collection into people’s pockets, revolutionised the whole music industry, signalling the death of then famous Walkman and Discman. But then Apple’s CEO, late Steve Jobs habitually connected with real-world emerging conditions. He noticed that cell phones with cameras were swallowing up the digital camera’s market. He predicted and foresaw the same fate befalling the iPod if those cell phones start coming up with and integrated music player. Tackling that problem during 2007, Apple came up with their own, iPhone.
The above example shows how Apple inclined and took advantage of ongoing market disruption. There is always a choice: stay ahead of disruption to reap its benefits, or stay behind to taste its consequences.
Again, for example, we all witnessed death of NOKIA, once a phone company giant. The management of NOKIA ignored the change and disruption going on in the market. The same goes for Kodak, Blockbuster and much more.
Disruption readies organisations and businesses to produce strategies that are focused on leveraging opportunity and reduce risk. Simply, be the disruption or be disrupted.
Do you have a proper strategy reflecting on shifting real-world conditions? Are you ready for the disruption? Or are you overly attached to your past or present success?
Here, we provide the main points that you and your team need to keep in mind to face the disruption:
1. Have a shared and common understanding of what disruption is and how it might impact your organisation.
2. Have a shared understanding of what critical and developing conditions are especially relevant to your business.
3. Don’t ignore the increasingly rapid nature of disruption into account. Calculate and understand how much time remains before resulting changes from disruption will have a permanent impact on your business.
4. You and your team need to understand which conditions constitute of disruptors or the aspect that have the potential to “turn the game” for your organisation.
5. Ready your resources and supply kit, that will be required to tackle the disruption and changes it brings along the way.
6. Understand how both benefits and risks might affect your businesses’ ability to generate sustainable revenue.
7. Prepare yourself and your team members to keep up with the pace and effect of disruption.
We have all witnesses businesses’ and organizations’ rise and fall throughout the years and the main cause is “disruption” in technology and market. We at Versatile Information Solutions can prepare your business for the upcoming revolution in the market by providing you the necessary assistance and forming a scientifically approved strategy.