The concept of “disruption” generally has a negative connotation, but every disruption provides an opportunity.Understanding the impact of disruption is the key to find ways to adapt and utilize the factors to your benefit. Companies looking to adapt their business models should consider five basic questions, as outlined in EY’s Eight Megatrends Driving Disruption report.
The report suggests the following five questions you should be asking yourself when dealing with disruption.
- What business are you in?
- Who are your customers?
- What’s your value proposition?
- Who are your competitors?
- What’s the risk of standing still?
The report emphasizes that new technology continues to come at a rapid pace and it is pushing businesses, professionals and the industry to respond in a way we’ve never seen before. Disruption may be just a word, but its impact is being felt among every business, professional and industry across our country and world. By thinking outside the box, utilizing disruption is an opportunity to refresh and drive innovation within your business. That begins with understanding and predicting these transformations is a business imperative.
By asking and find the answers to each of these questions relative to your business, it’ll help build a foundation on understanding how you and your business can adapt to the ever-changing business environments. Don’t underestimate the power of disruption. Ignoring it won’t make it go away.
If evolution has taught us anything, there’s a reason why certain species have adapted and survived over hundreds of thousands of years and why others have vanished. Those who embrace change and find creative ways to adapt can find success in what may originally appear to be an uncomfortable business environment. No one is immune to disruption, but it’s how you handle it that’ll determine when you sink or float.