Digital disruption. Yes, many people may be tired of this buzzword but there is a reason it’s not going anywhere. Digital disruption is all about putting data in the driver’s seat and seizing the opportunities that this perspective provides. A road leading to the creation of new markets, a way to leverage data to offer solutions in inventive ways, and an opportunity to assume the role of the disruptor (instead of being the disrupted).
Making the most of a technology-driven environment. Emerging digital technologies and new markets arise from the emphasis on data and the space it’s generated; the Internet of Things (IoT). The IoT global market is expected to grow from its previous level of $157 billion in 2016 to $457 billion by 2020, according to Forbes. The amount of data will keep pace with the increase in the number of connected devices. In order to reap the benefits of all this new information, businesses need to be able to determine the meaning behind the numbers.
Technology keeps evolving to help companies, and analysts, deal with this avalanche of data. Big data tools offering analytics and visualization have proven to be essential to understanding and interpreting data for business intelligence and insights. Finding ways to work with the flow of data prevents companies from being buried under it. This can also lead to the discovery of new growth opportunities or to offer solutions in new ways.
Analyzing everything you do. Market leaders realize disruption in their industry signals large-scale change and respond by digitizing and monetizing their data, transforming it into an asset. Remodeling data in this way provides company-wide access to centralized and clearly segmented information on everything from customer interactions and behaviors to back office operations and business processes. The generated data can then be used to enhance productivity and efficiency, reduce operational risks, improve customer experiences, and exceed expectations.
Don’t let the term ‘disruptor’ mislead you. The only thing negative about it is if you choose to ignore it or attempt to fend it off. Being the disruptor allows you to adopt, transform, and plan. Allowing you to stay on top of the game and recognize that the signs of digital disruption emerging in your industry mean new opportunities for growth.