Did you know why MySpace failed miserably when there are so many other social media networks? With Facebook phenomenally rising, the company could never understand what it was doing wrong and how to fix it. It was facing what we now call ‘Digital Disruption’.
Many industries across the world are now facing what has been called Digital Disruption. Digital Disruption was coined by Harvard Business School’s professor Clayton M. Christensen, who used it to describe how any new technology pushes a current technology out of the way. For businesses, it is now imperative that they brace themselves from digital disruption to ensure they don’t lose out to their competitors and changing trends.
Take newspapers for instance. New York Times, Washington Post, Time and many other were once powerhouses of news. However with the huge adoption of internet and smart devices, their main cash cow, news became abundantly available online, free of charge. This caused a lot of problems for print media that had for years and years earned its revenue through advertisements. But with readers now getting news from numerous channels, their ad revenues started to dwindle. Now almost all the major news publications have their own websites. These websites are not only mobile responsive (they can easily open on any screen type) but also have amazing user interface. Their websites now feature their content that can be read easily.
Digital disruption can hit any business now. Technology is fast changing with new developments coming up. For businesses it is important that they anticipate it before it drops them off the cliff. So here’s how you prepare your enterprise against a possible digital disruption.
Knock Your Grey Cells…Time To Prepare A New Digital Strategy
Whatever you do, it’s important that you think about how you can deliver your products or services through digital mediums. So a strategy has to be made that is both comprehensive, engaging and looks towards the future.
Put Yourself In Your Customer’s Shoes
Your customers are the foremost source of digital disruption. This is why you need to think about your customers. Think about how your customers will use your products and services. This would require you to go deep into your customer data and analyze it to get an actionable plan from it. This would help you to know about your target customers like the back of your hand.
Hire Someone Who Understands Digital
You must have heard about the new role that flying around in the market – Chief Digital Officer. This is not role that is managing one department but in fact looks after the whole enterprise, holistically. A person while for this role will help shape the culture, infrastructure and the processes of the company to ensure it meets the challenges of the digital world.
Work Like A Startup
Startups survive digital disruption far more easily compared to larger enterprise. The reason is that they are always on their toes, keeping their ear to the ground and have astonishing ability to adapt to new technological trends their customers are following. As an enterprise, you should do so as well. Following up with what your customers prefer is the perfect way to stay ahead from digital disruption kicking you off the cliff.
If your business isn’t ready to meet the challenges of the digital world that we now live in, chances are the digital disruption will knock you sideways. It is imperative that you sit down with your team and discuss how best your company can meet any problem or challenges before you too join a long list of companies that never saw digital disruption coming.