
Disruption is a phenomenon increasingly prevalent today as innovative startups restructure the entire business landscape and its operations with disruptive technologies. While disruption may bring about consumer benefits such as enhanced user experience and efficiency, it is a major cause of headache for traditional businesses.
The most prominent cases would be Uber and Grab taxi that made traditional taxi models obsolete with the introduction of mobile apps, and Alibaba that made shopping at physical retail stores redundant with e-commerce platforms. Even banks and insurance companies are facing disruption with the introduction of revolutionary finance technologies. Easy payments, b-b lending, savings and stock exchanges are all possible through the cloud today, making traditional business models of operations leaner and better.
Hence, as traditional businesses get crowded out of the marketplace with the advent of technology, they have to find a way back into the game. Here are three steps companies should consider in order to deal with disruption.
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