‘Disruption’ is a word in business that evokes mixed feelings. Disruption means never getting to be complacent due to the birth of fresh challenges and situations to adapt to on a daily basis. It means always having to be on one’s toes. We are living in a world where the landscape is changing every day. Disruption means fresh challenges, but it also means fresh opportunities.
Old business models are getting shattered on a daily basis, with businesses having to carve out new approaches for new situations. One can no longer rely on a ‘standard model’ and hope for success. Technology is evolving and advancing at such a furious pace that businesses are seeing the importance of evolving on a daily basis or get left behind. The marketplace undergoes daily disruptions with the arrival of new technologies. In short, embracing new technologies as and when they arrive and modifying business models accordingly are becoming the requisites for success.
Everybody has witnessed many technologies becoming exceedingly prominent in the past few years, causing great disruptions in the business world. Among these new technologies were big data, cloud computing, as well as the explosive growth of social media. No industry stays the same once a new technology makes an entry. Knowing how to utilize a new technology is what makes the difference.
It’s not just new technologies that cause disruptions – technologies that have been around for quite some time can create fresh disruptions as well. For example, take the case of social media – it’s only recently that we witnessed a social media ‘revolution’. This is because it’s only recently that businesses figured out how to completely utilize social media’s potential; which means that new uses of old technologies can cause disruptions just as potent as those brought upon by fresh technologies.
Big data has truly caused a great change to traditional business models. Big data has helped companies to improve their efficiency by giving them valuable insights. Big data analytics help companies discover opportunities for cost-saving. Needless to say, a business becomes more competitive as it reduces costs. Big data is also helping businesses to understand their customers better. Big data has also become a valuable gauging tool for businesses, letting them know whether efforts are paying off. In fact, the data gathered can even be monetized to create a completely new market. These are just a few of the benefits of the disruption caused by big data.
As far as new technologies are concerned, it is easy to see what great an influence disruption can have. Expansion of reach and increased productivity are within easier reach of companies who see the benefits of cloud computing. The utilization of big data allows companies to understand their customers better as well as know where they need to and can improve. Such opportunities offered by new technologies are within easy reach of companies who instinctively pounce on them. Instead of taking disruption in the literal negative sense, if companies see it as a fresh opportunity, they will enjoy greater chances of success.