Digital disruption has changed the game in the business industry. It has existed for years already, but do you really know what it means? Digital alone is a word you understand. It is an electronic technology that generates and stores data. Disruption, by itself, is also a familiar term. It is a problem that interrupts an activity or event. But when you put them together, you get an entirely different sense. Digital Disruption refers to a change that occurs when a new business model or technology affects the value proposition of products and services. So, is it a challenge or an opportunity?
Digital Disruption is both a challenge and an opportunity. It is a challenge because digital disruptors are now entering your market. Your partners, your competitors, and even your customers are now digital. Armed with smartphones and tablets, they are better informed and more empowered than ever. Their expectations are higher. They can easily share their experiences about your business with anyone. They can become your strongest champions. But, they can also expose your weakness to the whole digital world.
It is also an opportunity to transform your customer experience and operations. It is a chance to make your business fully digital. It accelerates competing ideas, personalizes interactions and promotes integration. You will keep your competitive edge if you know how to appeal to individual customers by providing them with real-time interaction. How is it different from the old disruption?
The old disruption allows access to very few people so minimal capital and very few ideas were brought to the market. But with Digital Disruption, many people have access to digital tools that allow them to bring many ideas to the market at a fraction of the cost. With the old disruption, you ask what the customer wants and build a product with that information – building a great wall in front of your customers and increasing their chances of going to your competitors. With the latter, you help them look for things outside their current product experience and determine which of these you have the skills and resources to act on. Then, you create a product that is better, faster and cheaper.
Digital Disruption is faster and more powerful than traditional disruption. It does not just come from the information technology sector but across all business industries. If you have the opportunity to practice it, do it! Get ahead of businesses that failed to catch the first wave. Remake your business for the digital world.