Disruption is part and parcel of any business. Old business models will soon be replaced with new ones. Before a new model takes effect, it is always resisted. The resistance does not take long. Sooner or later the new business models will always come into play.
Normally, disruption comes in various sizes and shapes. It can be an efficient way of executing tasks. This is a cheaper way of conducting something. It is completely new product that will eventually substitute the old one.
Digital Disruption defines a transformation which is brought about by emerging business models and digital technologies. It involves using technology, computers, and the internet to enforce change.
There are many businesses that have tasted digital disruption in a hard way. Some of the companies or products that have been put to an end by effects of Digital disruption are Kodak Cameras and Blockbuster.
The companies once enjoyed a monopoly for far too long. Kodak cameras were replaced by digital cameras from Nikon and Canon whereas Blockbuster has been replaced by Netflix.
Those Ds reveal the progress of digital technology and provide a clear way of rapid development which offers huge opportunities. This is why today entrepreneurship is growing at an alarming rate.
Entrepreneurs just need to understand how digital technologies are growing and developing. Below are some of the six important steps Digital technologies go through:
Once something has been digitized, immediately it gets into an exponential growth like that of computing. It spreads so fast just like the internet. Many people immediately get to understand what the product is all about.
In the beginning, the growth is a bit slow. For that reason, its potential might become deceptive. After that the growth speed increases. In a matter of time, digital technology growth will be notable everywhere.
Here digital technologies are not only cost-efficient but also effective. Digital things or services have a tendency of outsmarting their traditional counterparts. As a result, people will tend to go for digital technologies and forgot the traditional ones.
The advancement of digital technologies starts removing money from the existing equation. More concentration goes to the enhancement of the software. The software even becomes less expensive than the hardware.
There is a notable reduction in physical products. Most tasks which required separate products such as GPS, Phone, Maps, Radio among many more can now be executed on your smartphone.
Once something becomes fully digital, it can be accessed by millions of people. That is why powerful tools accessibility is not limited to only the super rich and strong governments around the world. Many people can now access them.
Digital disruption is mostly associated with killing businesses that are not willing to transform into new technologies. It also has some positives in the following grounds.
Digital disruption can make firms and businesses more social. Large businesses capitalize on many reliable channels through which they can get in touch with their customers. Businesses can interact with customers through social media, email, text and live chats.
Businesses get to understand their customer needs broadly. This is possible through the use of analytics which allows businesses to monitor customer preferences. Businesses can now get more personal in order to address customer needs in the best way possible.
More intimate relationships can now be created. The relationships are focused on enforcing brand advocacy and customer loyalty. The transformation of video calls to advanced live support happens to bring about intimate relationships.
It is high time that people understood that digital disruption cannot be avoided. Companies need not dwell on whether it is vital or not, instead, concentrate on putting up with digital disruption. Businesses and companies are expected to get ready.
The International Monetary Fund is on the verge of being fully disrupted. This is a possibility that people never thought it will come to pass. Large disruptions are soon going to affect the existing financial sector.
This can be confirmed by the inception of digital currencies such as Bitcoin. These digital currencies are expected to transform monetary transactions.
You just cannot run away from change. Sooner or later it will catch up with you. The digital era is revolutionizing everything. You only have two options, either you stay stagnant and crumble or put up with the changing times.
About the writer: Anna Kucirkova works as a copywriter for over 4 years. She speaks 3 languages, loves traveling and has a passion for kids and writing. While she has been to many places in Europe and South East Asia, she still wants to explore the rest of the world.
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