Change is constant. Private individuals and businesses experience this phenomenon. A disrupted environment is an atmosphere where unexpected events occur in a way that influences processes and procedures. Disruption could be positive or negative. For instance, an influence in marketing that led to tremendous sales is a disruption with a positive impact. Disruption can occur at any phase of a business. By the idea of disruption, a company will not be able to compete with rivals during the transition if sound plans and strategies are not in place.
The global pandemic of 2020 increased the need for digitalization to be adopted and used in daily life. Many began working remotely, developed new talents, and integrated technologies into products like chatbots.
Digital strategy is focused on using technology to improve organizational performance, whether that means creating entirely new products or radically reimagining current processes.
Disruptive innovations are those that create new markets or displace current ones in the business world. Industries have been quickly disrupted by technology, which has affected everything from work methods to expectations for results at the end of the day. By merging with business, technology has advanced beyond hardware and software in the current period. As digital technology becomes more widespread and as firms continue their journey of digital transformation, digital strategy and business strategy will be synonymous. It describes a company’s plan for creating new technology competitive advantages as well as the techniques it will utilize to make these advancements.
How to survive in a disruptive environment
● Maintain awareness of business trends
A business can endure more easily if it is adaptable to new changes and enthusiastic about growth. Businesses should be on the lookout for new technologies that rivals are into as they have the opportunity to evolve throughout their life cycles. Innovations with a high potential for effect should be extensively examined to learn the reasons, timing, and methods behind their introduction. Take note of the problems competitors are attempting to tackle and decide whether or not to pay attention to them. Maintain current knowledge and be informed of trends.
● Recognizing the business SWOT analysis
A firm can survive by adapting to changes in the marketplace. To ensure that the firm is moving in the direction of its goals, it is important to periodically examine its strengths, weaknesses, opportunities, and threats. To remain competitive, use this analysis. It involves coming up with new ideas and resolving problems that rivals are either unaware of or don’t believe are solvable. Intelligent measures can be implemented to prevent being caught off guard when there is a thorough awareness of the business’s inner workings. Examine previous concepts as you analyze your company to see if any might be substituted.
● Recognize tactics
The majority of companies want to stand out and disrupt their industry. To achieve this goal, however, requires work and top-notch service. In-house adaptability to interruption varies, therefore this should also be taken into account. Unstable operations, pressure to adapt, and on-time delivery can all be effects of change. The effects of disruption can be reduced by advancing in step with other industries. To succeed and avoid phasing out, the business would need proactiveness. A business shouldn’t be overly inflexible to prevent future changes or changes.
● Practice strategies
Planning is excellent for blueprints, however, it is less productive if not backed by the right effort and suitable strategies. Understanding the core objectives of your company and the issues you are attempting to resolve is more important in terms of strategy. A focus on ideas helps to adjust to the market evolution and gives a quick response to market disruptors. Ensure to weigh the impact of potential disruption and make decisions.
The business goals must be understood and adhered to while developing digital strategies in a disruptive environment. Never create or put into action a strategy that goes beyond what your firm is capable of. There should be a strong commitment to your knowledge of what being digital means for your firm, even while you can change the specific techniques you’ve decided to employ. When an industry is disrupted, there is a chance to advance or lose your position. By closely monitoring your customers, keeping an eye on your competitor’s moves, and keeping up with technology, you can remain ahead of disruption.
Emmanuel Otori is a 9News Nigeria contributor and has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.