Disruptive technologies although a trendy catch phrase and bandied about regularly in regards to companies like UBER, is nothing new. From Edison and the electric light back in the 1870’s with the huge disruption that its arrival placed on the gas company’s monopoly of New York city to Tesla Motors with the electric car of more recent times and its failure to gather traction in an oil driven society. Creative destruction is always happening and the incumbent industry will do its utmost to protect itself.
It can be seen as unfair and disturbing, but it is an eventuality. Look at the taxi industry; taxi drivers have been paying their licenses and the industry has been running the same way for many years. Then along comes a completely new model, which works in a different way and challenges the status quo. Is it fair to those who are trapped in the existing industry – probably not, but that will not change a thing.
If we did not have disruptive technologies, we would still be catching Cobb & Co Coaches and having our film processed at the Chemist by Kodak, while picking up a video from the video shop on our way home. So what about our own businesses? Will your business become a Cobb & Co or a Kodak? Or are you more of an UBER?
In business, you cannot play it safe. Nothing is going to remain the same. We are in the fastest moving time of technology and you must move with it and if possible be ahead of the game. You only have to look at Blackberry versus Apple to have another example of not keeping ahead of the trends. Trying to keep your business unique and always refining your offering with a healthy dose of innovation is not an easy task. Innovation is the key.
Disruptive innovation can drive huge efficiencies across organisations. When is the last time you looked at your business and wondered if you could do things in a better way? We just undertook that little exercise and came up with 24 items of change, from one afternoon’s brainstorming. We looked at all our processes and challenged ourselves – just because we have always done it this way, does not mean that it is the best way to do it!
Do you have disruptive technologies or innovation in your industry? Love to hear about it!
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