Is your business next to be hit by digital disruption?

During the last ten years, one industry after another has been disrupted by digital technologies. The music industry was the first to go. The travel industry followed, then newspapers, retail, telecommunications and advertising. Now with Uber and Airbnb the transport and hotel industry are coming under pressure.

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It seems that soon the payment industry, television and even the auto industry and logistics will be disrupted. Strongly regulated industries (such as the financial world) will be protected longer, claims the management-issues.com website.

Digital transformation is gaining ground. Will your industry be next?

Ambitious entrepreneurs in Silicon Valley dream about building their own global company. At the same time, they want to shake up the existing order. They want to replace the established, bureaucratic and frequently inefficient practices with much better services.

The current characteristics of individual industries have great predictive value. There are three factors that increase the chances that disruption will occur. Consider those below.

1) Amount of waste in your industry

We are talking here about unused capacity (empty rooms, car seats, or containers), time-consuming processes and actual waste.

2) Amount of money your industry makes thanks to a confusing offer of products

Do clients keep on using a sub-optimal product because it is too difficult to find something better? This is surely the case of some investment and insurance products.

3) Flexibility of your products

When there are fixed schedules for flying, or sales processes (standard offers instead of tailor-made ones), disruption is coming.

-jk-

Article source Management Issues - British website cntaining practical information, tips and advice to managers
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