How can you identify and evaluate disruptive technologies in your industry?

1 Scan the environment

The first step to identify disruptive technologies is to scan the external environment for signals of change. These can include emerging customer needs, preferences, or behaviors, new entrants or competitors, regulatory shifts, social trends, or technological breakthroughs. You can use various sources of information, such as industry reports, media articles, blogs, podcasts, webinars, conferences, or expert opinions, to monitor the environment and spot potential disruptors. You can also use tools like PESTEL analysis, SWOT analysis, or Porter's five forces model to assess the impact of these factors on your industry.

2 Analyze the potential

The second step to evaluate disruptive technologies is to analyze their potential impact on your industry and your business. You can use frameworks like the innovation matrix, the technology adoption curve, or the disruptive innovation theory to classify the technologies according to their degree of novelty, adoption, and disruption. You can also use criteria like customer value proposition, market size, growth rate, profitability, barriers to entry, or competitive advantage to compare the technologies and rank them according to their attractiveness and feasibility.

3 Experiment and learn

The third step to leverage disruptive technologies is to experiment and learn from them. You can use methods like prototyping, testing, piloting, or launching minimum viable products (MVPs) to validate your assumptions, gather feedback, and measure results. You can also use tools like the lean startup methodology, the business model canvas, or the value proposition canvas to design and refine your value proposition, business model, and customer segments. You can also use techniques like agile development, design thinking, or open innovation to foster a culture of innovation, collaboration, and learning in your organization.

4 Adapt and innovate

The fourth step to leverage disruptive technologies is to adapt and innovate your strategy, processes, and capabilities. You can use approaches like the blue ocean strategy, the value innovation process, or the innovation portfolio to create new value propositions, markets, or business models that differentiate you from your competitors and satisfy your customers. You can also use practices like the balanced scorecard, the innovation audit, or the innovation dashboard to align your vision, goals, and metrics with your innovation strategy and monitor your performance and progress.

5 Collaborate and partner

The fifth step to leverage disruptive technologies is to collaborate and partner with other stakeholders in your industry or ecosystem. You can use strategies like the platform strategy, the network strategy, or the ecosystem strategy to create and capture value from the interactions, transactions, and relationships among your customers, suppliers, partners, or competitors. You can also use mechanisms like the open innovation model, the co-creation model, or the alliance model to share resources, knowledge, risks, or rewards with other innovators and benefit from their complementary skills, capabilities, or assets.

6 Anticipate and prepare

The sixth step to leverage disruptive technologies is to anticipate and prepare for future scenarios and uncertainties. You can use tools like the scenario planning, the futures wheel, or the foresight matrix to identify and explore possible outcomes, implications, and actions based on the trends, drivers, and uncertainties affecting your industry. You can also use methods like the contingency planning, the risk management, or the resilience planning to mitigate potential threats, exploit potential opportunities, or cope with potential shocks from disruptive technologies.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?