USING THE TECHNOLOGICAL DISRUPTION WAVE TO GET AHEAD

Technology is front and center in every aspect of our lives today. Whether it’s big data, A.I., blockchain technology, or AR/VR/XR tech, no one can remain indifferent to the fact that massive technological advancements have furthered human endeavors but brought waves of disruption in their wake.

Over the years, many corporate greats have fallen victim to digital disruption led by technologically driven and future-oriented businesses that dared to challenge the status quo. Kodak was struck down by digital camera brands, Blockbuster lost to Netflix, taxis went under after Uber scaled to success, and we all know what Airbnb did to hotels around the world after it launched in 2008.

But are digital disruptions something to fear or a good thing for businesses? Here’s what I think.

Digital disruption allows for a renewed analysis

Disruption is not something to be feared. I believe it’s an opportunity to transform and evolve. It’s your chance to reevaluate your business offerings and once again listen to what your customers are saying.

Disruptions highlight areas of weakness, where you can use new technologies to redefine your value proposition to fit consumer needs. This customer-centric approach drives consumer satisfaction, earning you renewed trust and loyalty, and will help you grow and scale into new areas and avenues.

It leverages technology to innovate

Another key component of digital disruption is internal digital transformations—leveraging technology to innovate newer, more efficient operating systems and processes. This bolsters workflow efficiency which ultimately translates into reduced costs. By embracing digital disruption, you can also actively create a workplace culture that fosters adaptability to changing market paradigms. This is the key to surviving and thriving in today’s cutthroat commercial and corporate markets.

Embrace disruption and your customers will love you and the competition will fear you—that’s a win-win!

Is embracing disruption a choice?

I think not, especially after the Covid-19 pandemic, and the disruptions it spurred across major industries. Companies are leveraging new technologies and adopting innovative business models to meet changing consumer demands faster than ever before. If you resist disruption now you will likely fall behind your competition to a point that’s beyond recovery.

The next wave of disruption ????????

The next wave of technological disruption is here and it’s more prominent in emerging markets like Saudi and the GCC countries than it is in the western, developed world. The key driver of this wave is government support and backing. The Saudi government’s vision 2030 is a prime example of how the adoption of technology and digital transformation is being supported, governed, and led by the state.

Emboldened by this encouragement, trailblazing entrepreneurs are starting to challenge conventional business ideals and leading digital transformation efforts across major industries. The fintech and e-commerce revolution is thriving right now, and it looks like more industries are about to become subjects of digital disruption.

The first two industries that I think are on the cusp of doing this are health and education. Health-tech and Ed-tech startups are coming up with ingenious, tech-driven ways of serving their respective target markets. Digital consultations and doctor visits in the health sector and online learning platforms in the education sector are on the rise.

The culinary world is also ripe for change. The GCC region is seeing international players enter the market with innovative digital platforms that are promising to expand access to restaurants, redefine food delivery, and make digital kitchens a norm. Saudi Arabia recently saw the entry of c3 by SBE, a US-based food and beverage platform that is on a mission to bring together the biggest culinary brands and reshape the future of food service.

We are also seeing some brilliant innovations come out of the hospitality and travel industry, where technology is being used to revolutionize holiday experiences. Agri-tech, tech-enabled logistics, and supply chain solutions are also on the rise, revolutionizing the way industries previously operated.

The point is, disruption is everywhere one looks, and mark my words, with widespread 5G rollouts, this next wave is set to be the biggest.

Getting ready for disruption

Here are three ways to ride the digital disruption wave to success:

1.?????Build a culture of change in your organization. Always be ready to adapt.

2.?????Become customer obsessed. Ideate solutions for targeted customer problems.

3.?????Make data-driven decisions. Identify the data you have, in what format it exists, and how you can best use it to gain key market insights.

It’s time to get on board with technological disruption now or be forgotten forever.?