HOW CAN BUSINESSES STAY RELEVANT AMID RAPID DISRUPTION?
Only a few years back technologies such as machine learning, driverless cars, and 3D printing were concepts that we were looking forward to. However, today such breakthrough can potentially disrupt the way we live, work, and learn as all industries, economies, and businesses are experiencing fundamental changes.
On one hand, such changes have given businesses access to a larger pool of talent and resources, made markets more efficient, and extended competition to a global scale. While on the other hand, it can make it difficult for companies that are not equipped and focused on navigating the complicated landscape of digital disruption to grow and prosper.
To stay relevant amid this disruption, it is important for companies to make their employees develop fundamental thinking skills that are scalable, timeless, adaptable, universally applicable, and portable. During an unprecedented change, critical thinking, systems thinking, and design thinking can help both businesses and employees remain pertinent, thrive in an uncertain future and gain more control over the future of work.
Why is it Important for Businesses to Embrace Disruption?
There are instances wherein a new business model can disrupt incumbents. However, businesses that efficiently adopt modern technologies can thrive amidst disruption and emerge as pioneers. Threat from the competition offers an opportunity for businesses to become more innovative that will help them serve customers and reinforce the playing field.
Businesses that embrace disruption are aware of the importance of investing in mobile and data management, and artificial intelligence. However, choosing the right tools and integrating them into existing processes can be problematic. Steering the learning curve for employees and setting aside resources to fund investments can be challenging, especially in industries where the margins are small. To overcome these challenges, businesses must adopt a process to identify susceptibilities and the business models that can alleviate them.
How can Businesses Stay Relevant Amid Rapid Disruption?
Each company must have its own approach to staying relevant amid rapid disruption. However, there are various examples of how certain companies have thrived despite massive disruption. For instance, when Amazon disrupted the online retail market, its competitors had to evolve by adopting advanced technology through their supply chain. Immense data crunching and management enabled other retailers to create a single view of the customer making in-store purchase and online orders a seamless experience.
Disruption is something that no company can ignore but businesses that collaborate with startups and adopt key technologies can stay relevant and prosper. At first, technology adoption was seen as a chance to gain a first-mover advantage but today it has become a necessity. 3i Infotech is doing its bit by enabling banks to stay ahead of disruption by leveraging digital transformation. 3i Infotech services suite addresses the whole spectrum of requirements of the banking and financial services sector from corporate banking, retail banking to wealth management, and risk & compliance.