Disruption - the race is on
Disruption - race is on!
"Disruption" is a buzz word in businesses in this new era of technology-driven by Digital Transformation. In general, it means that doing business in innovative ways that will eventually disrupt existing business market and value network.
While "necessity is the mother of invention/innovation", "innovation is the mother of disruption". Innovations in technology have changed the ways of thinking and doing businesses causing disruption in all kinds of businesses. Technology automation has become the first-class citizen of the businesses. Businesses not having technology-automation at their core processes will not be able to compete well and will disappear soon!
Businesses are in the race of digitizing itself to provide its customer with better services and products with ease and quick delivery to win this race. The race is not new though. It has been going on since the beginning so what is new and why it seems so crazy?
As stated above the race was there since the beginning but within a limited scope, within a small territory or a region using limited tools and technology available that time. The extraordinary revolution in communication, internet, and information technology has significantly changed our world into new iWorld/eWorld. Business is connected than ever and trend it growing at the fastest speed ever. This has opened a new era of doing and competing for business globally. Information is available at lightning speed anytime all times boosting up new opportunities with no boundaries. The sky is the limit!
At the same time, it has created an unprecedented competition in delivering services and products that customer want. A business has to meet or exceed customer-expectation in delivering its services and products to survive and make the difference respectively. Customer feedback is the key in meeting or exceeding expectation. Quickly you deliver the change based on customer feedback, the better you will be at your business. Delivering innovation and changes with speed is key for success. The cycle is shown below and it's a circle that must not end or stop!
Innovation and change cycle with customer feedback
There is a new element in the race which is going to disrupt the business further and that is about predicting and forecasting future needs and planning accordingly. This is already happening!
The early adopters of technologies have a huge amount of customers' and related data. For them, its time to use artificial intelligence/machine learning models and data science techniques to predict future needs of their customer based on their trends from historical data and plan the needful. The race is on!
