Change is constant. Individuals and businesses are familiar with this phenomenon. A disturbed environment is an atmosphere where unexpected events occur in a way that influences processes and procedures. The disturbance can be positive or negative.
For example, an influence in marketing that led to huge 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 its rivals during the transition if solid plans and strategies are not in place.
The global pandemic of 2020 has heightened the need to embrace and utilize digitalization in daily life. Many have started working remotely, developed new talent, and incorporated technology into products like chatbots.
The digital strategy focuses on using technology to improve organizational performance, whether that means creating entirely new products or radically reinventing current processes.
Disruptive innovations are those that create new markets or displace current markets in the business world. Industries have been rapidly disrupted by technology, which has affected everything from working methods to expectations of ultimately results.
By merging with the companies, the technology has moved beyond the stage of hardware and software in the current period.
As digital technology becomes more mainstream and businesses continue their journey of digital transformation, digital strategy and business strategy will be synonymous.
It describes a company’s plan to create new technological competitive advantages and the techniques it will use to achieve these advances.
How to survive in a disruptive environment
● Stay on top of business trends
A business can endure more easily if it adapts to new changes and is enthusiastic about growth. Businesses need to be on the lookout for new technologies that are of interest to their competitors, as they have the opportunity to evolve throughout their life cycle.
Innovations with high potential for impact should be thoroughly investigated to find out the reasons, timing and methods of their introduction.
Take note of the problems competitors are trying to solve and decide whether to pay attention to them or not. Maintain current knowledge and be informed of trends.
● Recognize the SWOT analysis of the company
A business can survive by adapting to market changes. To ensure that the company is moving in the direction of its objectives, it is important to periodically examine its strengths, weaknesses, opportunities and threats. To stay competitive, use this analysis.
It involves coming up with new ideas and solving problems that rivals are unaware of or don’t think they can solve.
Smart measures can be put in place to avoid being caught off guard when there is deep knowledge of the inner workings of the business. Look at previous concepts when analyzing your business to see if any could be replaced.
● Recognize tactics
The majority of companies want to stand out and disrupt their industry. Achieving this goal, however, requires hard work and top-notch service.
Internal adaptability to interruption varies, so 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 moving at the same pace as other industries. To succeed and avoid phasing out, the company would need to be proactive. A company should not be too rigid to prevent future changes or changes.
● Practice strategies
Planning is great for plans, however, it is less productive if not backed by the right effort and proper strategies.
Understanding the fundamental goals of your business and the problems you are trying to solve is more important in terms of strategy.
Focus on ideas helps adapt to changing market, react quickly to market disruptors. Be sure to weigh the impact of potential disruption and make decisions.
Business objectives must be understood and adhered to when developing digital strategies in a disruptive environment.
Never create or implement a strategy that goes beyond what your business is capable of. There should be a strong commitment to your knowledge of what being digital means for your business, although you can modify the specific techniques you have decided to employ.
When an industry is disrupted, there is a chance to advance or lose your position. By closely monitoring your customers, keeping tabs on your competition’s movements, and keeping up to date with technology, you can stay ahead of disruptions.
About the Author:
Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the World Bank’s Growth and Jobs (GEM) Project, GiZ, Consulted for Abuja Enterprise Agency, Novustack, Splitspot and NITDA companies. He is the Managing Director of Abuja Data School.