Don’t Let Disruptive Technology Disrupt Your Business

Remember the good ol’ days when you used to record your favorite shows on your VCR to watch later? Of course not. Because the entire process was way too convoluted and confusing. Jump forward to today’s video-on-demand services that let us view our entertainment anytime, anyplace, and on any mobile device. And there you have it: a prime example of disruptive technology.

What is Disruptive Technology and Why is it So Darn Sneaky?

The concept of disruptive technology was introduced in the 1997 best seller, “The Innovator’s Dilemma,” by Harvard Business School professor Clayton Christensen. He defined it as a new emerging technology that unexpectedly displaces an established one. Think snail mail to email, and landlines (remember those long, tangled phone cords?) to cell phones.

Because disruptive technology is new, may have performance issues, and might not even have a proven practical application, it’s easy for companies to dismiss it. The new tech may not meet the needs of current company goals and business model, and businesses don’t foresee how it could benefit them once it matures and gains market share.

Who Has the Advantage?

Oftentimes startups seem to have an advantage in regard to disruptive technology. They have agility and speed, and can quickly get new offerings to market. Larger, established businesses can get bogged down with legacy infrastructures and day-to-day operations that prevent them from keeping up with their smaller, digitally savvy competitors.

But all is not lost. While established businesses can’t compete in terms of focus and speed, they have the advantage of financial strength. A business can hire the necessary talent to create a new business model and phased implementation strategy to integrate the new technology into their products, services, and processes. They may turn to professionals such as onestream or others like it, to install software relevant to their needs so they can proactively work towards their goals and streamline their outputs.

You are right in thinking that this is a lot of hard work which can also be time-consuming. For some businesses, they don’t have this time to waste. As such, to focus on other areas of their business, the management team may decide to get in touch with an it consulting company that can help to create a plan enabling businesses to change the technology they use in order to propel them into the future. This could be valuable to help you meet any business objectives that you may have.

Don’t Be an Ostrich, Be an Eagle

When established businesses are faced with disruptive technology, they have two choices: ignore it or embrace it.

Companies that ignore disruptive technology are like ostriches. They stick their heads in the sand and hope maybe it will go away. They continue with business as usual and are then blindsided when early adopters start stealing their customers and reshaping the industry (Think: taxis and Uber).

Companies that embrace disruptive technology are like eagles. They’re far-sighted. They plan ahead, understanding the value technology plays in improving productivity, increasing efficiency and lowering costs.

One-way companies can actually prove themselves to be eagles is by implementing new technologies. In today’s scenario where the online market offers anything and everything from products to services, established traditional firms can move online too. They can either get a website or a full-fledged application that lists the products/service they provide. Doing so would require them to hire some reputed developers from a python development company. It is worth the time and money as it would help a business sustain itself in the long run.

What’s a Business to Do?

A good businessman prepares for the worst scenario by making sure they have enough finance (such as from platforms like sell.io and similar other business listing sites). But astute business leaders prepare for disruptive technology and ongoing success by investing in education and retraining programs. They establish a system of continuous improvement that evolves and scales along with the challenges and goals of their businesses.

Autonomous vehicles, deliveries by drone, 3D printing…disruptive technology will continue to create challenges for business. And being prepared with the right approach to deal with those challenges is critical to your success.