Building a Better Future: Navigating Industry Disruption

Disruptions in industry can seem like a daunting prospect, but the truth is that most companies have a good idea of what's coming. However, the question remains: what do you do about it? The biggest mistake companies make is to act in fear and denial, avoiding change and failing to take calculated risks to build a better future.

The Idea of Total Transformation is a Myth

Many companies believe that digital transformation means a complete overhaul of their systems and business model, but the truth is that a total transformation is not always necessary. While it does require a change in culture and technology, it's important to remember that it's possible to evolve and improve incrementally over time.

Building Something New is the Key

A much better way to change is to build something new, something that will become your future. This approach has been taken by successful companies such as BMW with their iSeries, Telephonica with Giff Gaff, HSBC with First Direct, and Chase with Finn. While not every attempt is successful, the benefit of this approach is that it allows companies to try, learn, and limit the cost of total failure and disruption.

Why Do Companies Avoid Taking Risks?

One of the biggest reasons companies avoid taking risks is fear. Fear of the unknown, fear of failure, and fear of change. But by avoiding change, companies risk missing out on the opportunity to evolve and grow.

Another reason companies avoid taking risks is a lack of understanding. Many companies don't understand how to navigate disruption and are unsure of how to proceed. This is where a strategic, forward-thinking approach can make a difference.

Building a Better Future: A Step by Step Guide

1. Assess Your Current Situation: The first step in navigating disruption is to assess your current situation. Take a close look at your business, identify areas for improvement, and determine what changes need to be made.
2. Embrace Change: Embrace change and embrace the idea of building something new. Empower your team to think creatively and embrace new ideas.
3. Build a Strong Team: Build a strong team of experts who can help you navigate disruption and build your future. This may include technology experts, business strategists, and marketing experts.
4. Develop a Strategic Plan: Develop a strategic plan that outlines your goals and the steps you need to take to reach them. This plan should include a timeline, budget, and measurable outcomes.
5. Execute the Plan: Once you have a strategic plan in place, it's time to execute it. This requires a combination of discipline, commitment, and continuous improvement.
6. Monitor Progress: Regularly monitor progress and adjust your plan as needed. This may involve making changes to your strategy, your team, or your technology.

Wrapping up

Navigating industry disruption can be a challenging task, but it's also an opportunity to build a better future. By embracing change, building a strong team, and executing a strategic plan, companies can successfully navigate disruption and emerge stronger and more competitive. So don't be afraid to take calculated risks and build something new – your future depends on it.