Macquarie takes a look at 5 areas to consider before you disrupt your industry
Disrupting your industry means challenging the status quo while offering something much more than change.
Disruption can come from anywhere and in this technology-filled world where everyone can access the latest information, the size of a business doesn't necessarily reflect its ability to disrupt. Before you start you should ask yourself the following questions:
- Who are you doing it for?
- Do you have 100% employee/investor buy-in?
- Are you ready to think outside the box and bigger?
With these questions in mind, and the following tips, Macquarie wants to help you realise your potential and seize the opportunities for growth.
1. Embrace the power of the idea
It's time to relinquish the long-held belief that the most important factor, when making major changes, is the business behind you.
When you explore new opportunities it's wise to take into account the prospects for enhancement or reinvention that may already exist and areas of your business that you could improve.
Small players can think big and, thanks to innovations such as crowdfunding, the cloud and client reach through social media, they can effect very valuable disruptions for a fraction of the cost.
2. Set new benchmarks in customer experience
The digital era means the way services are delivered to customers has fundamentally changed in almost every sector.
Take advantage of the tools at your fingertips. Identify what your customers are looking for in your industry, where they occur in the user journey and then use digital pathways to eliminate them.
Find ways to simplify, streamline and enrich the customer experience and you are likely to cement customer loyalty. It could be as straightforward as rethinking the way you communicate with your customers for follow-ups and servicing.
Take advantage of the tools at your fingertips. Identify the customer pain points in your industry, find out where they occur in the user journey and use digital pathways to eliminate them.
3. The rise of digital devices
The ever-emerging network of digital physical objects and advanced connectivity is taking communication beyond computer-to-computer interactions.
According to a market forecast from ABI Research, by 2020, the number of devices connected to the internet is expected to exceed 40 billion. And that's just the start.
We are already seeing technology such as smart thermostat systems in washer/dryers that can facilitate remote monitoring via Wi-Fi. Soon, embedded devices, such as built-in sensors in transportation and medical equipment, will collect and autonomously transmit data between other devices.
This is the beginning of automation in nearly all industries and fields.
4. Capitalise on new technologies and collaborations
Nothing invigorates a disruption like a fresh approach.
Whether that fresh set of eyes comes in the form of emerging technology, or it's the acquisition of new skills and experience, reaching out in this way can change 'What if?' to ‘Why not!' for your business.
Think about 3D printing and the drones for B2B delivery. These technologies may enable the creation and delivery of a wide range of physical items quickly, cheaply and potentially with a reduced impact on our environment.
5. Reinvent your culture
Effective disruption cannot happen in a company culture that does not foster and celebrate innovation.
Encourage networking, transparency, the sharing of ideas and, perhaps most importantly, the ability to take strategic risks. Providing a safe space for employees to test, learn and revise is crucial to originality and improvement. Empower your people.
To learn more about digital disruption visit our digital insights page.