We all know the examples of disruption such as Uber in the taxi market or Mofibo in the book market. However, disruption is not a new phenomenon, and during the years disruption has affected several industries, just ask the typographer or the travel agencies – two industries, which are almost distinct compared to the past glories despite the fact that people travel and read as never before.
Disruption hits all industries, and eventually it will affect your industry. Your competitors will use the new digital opportunities to find innovative ways of gaining market share or to service customers differently, even though your product is neither modern nor digital. Digital innovation drives disruption and today, you should keep an eye on especially three areas in order to figure out how your company should deal with disruption.
The new players in the market use three trends to invent new ways of entering the market. New ways of thinking about the customer experience are common to all disruption. Take Mobile Pay as an example; Mobile Pay was not a new thing; however, when Danske Bank rethought the customer and user experience, and introduced Mobile Pay they smashed their competitors.
Disruption is definitely not just a new buzzword invented by the nerds in Silicon Valley to put old wine in new bottles. It is a strategic threat or a giant opportunity for the company, depending on whether you want to be first mover angling for an attack or you lag behind a disruption attack from a competitor.
My recommendation is that all companies respond to how the digital disruption – which will for certain hit their market – will affect their company’s strategies and then make the decision whether their company will be hunter or prey.
Thomas Honoré is Chief Executive officer and President of Columbus.