Imagine it’s a Monday morning and you’re trying to notify a client about an upcoming meeting. Instead of slipping out your iPhone to send a meeting request in Outlook, you grab your 2005 flip phone and make a call, or even worse, you begin writing a letter.
The entrance of smart phones into the communication market shows a disruption that has improved our daily lives. Just imagine where we’d all be without our iPhones, Androids, Huawei’s etc.
So, What is Disruption?
Disruption is defined as the “disturbance of problems which interrupt an event, activity, or process”. The use of the words “problem” and “interrupt” suggest that disruption is a negative thing. Consequently, many of us shy away from this idea of disruption. Instead, I would like to suggest that we view disruption as innovations that redefine the operations, value offering or structure of an industry. This type of disruption is not a bad thing.
Why is Disruption Scary?
When we are young, out-of-the-box thinking defines our lives. As children, we run around and create new games to play and pretend worlds to live in. In the workforce however, many of us are afraid of anything beyond our comfort zone. We become familiar with the ways in which we believe things have always been done and tend to put complete faith in the industries we work for. But, this is not reality. Disruption will always come at one point or another.
The scariest part of disruption is that we don’t see it coming, that we are not prepared for it, or that we have not predicted the scale of its impact. This is no small fear. Disruption is happening all around us, with industries often turned on their head overnight. So how do we make sure not to be one of the sorry companies left behind in the wake of disruption? Listen and watch. Pay attention to what competitors and start-ups are doing. Step away from your biases about the path of the industry you’re in. Be objective about the potential for change.
Why is Disruption so important?
It makes us better. Disruption opens the way for people to think differently than their peers. It allows us to use our imagination to redefine the industry’s we work in and the world we live in. As a result, society benefits from innovations that improve our efficiency and the ease of our daily lives.
It can help solve major issues. In the past few years, many new environmental and social risks have emerged such as climate change and the #metoo movement. Disruption may be necessary in solving these issues as new issues require new ways of thinking, something disruption knows all about.
It improves economic growth. Although disruption can lead to job loss, it also allows workers to enter into new types of jobs. Skill-based jobs tend to be the most impacted by disruption, as these jobs are easily automated. Those who use to work in these skilled jobs can further develop their skillset and enter into knowledge-based jobs instead. With more of the population in knowledge-based jobs, individual financial positions and the country’s economic output will improve.
We are not suggesting chasing every new innovation in the market place. Instead, we are encouraging you to be open to new developments that come your way. Be ready to analyze new developments and make informed choices about how your business may be impacted. Luckily, Sidepart is here to help you on the digital front. For any questions about your digital presence and strategy, please reach out to us at firstname.lastname@example.org
Stay tuned for articles in the coming weeks where we’ll feature innovations with the potential for disruption in the Real Estate and Financial Services Industry.