The history of the world has been filled with stories of companies and innovations that, when they were introduced, disrupted their industry or even the entire world. Consider Ford Motors and its impact on the automobile industry. Read about the story of McDonald’s and how it disrupted the fast food industry. A disruption that has been exported around the world. There is also Amazon and its disruption of the bookstore industry and the general sales industry with its innovative e-commerce solution. Think about Netflix, Apple Inc. and even Facebook, which disrupted the world of social networking, shrinking the world further into a village.
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And then there’s you and your business. Ever heard the term “disrupt or die”? I want to believe you have, and maybe when you first heard it, you quickly shrugged it off without paying much attention to it. Or you said to yourself, “Oh, they’re talking to the next guy who runs that company. Not me!” But, dear friend, they were talking to you. This is because in today’s business world, you can’t achieve tremendous growth and success unless you’re willing to disrupt the industry you’re playing in. And to disrupt the industry you’re playing in, you can’t be caught falling behind on innovation.
Like Satya Nadella said, “Innovation is the driver of progress and success in business”. Innovation has today become a cornerstone for the success and growth of businesses that no business in this day and age can survive without an innovation-focused approach to its strategies.
The Driving Forces Behind Innovation
There are several forces which contribute to innovative eruptions in the business world. Some of these include:
1. Advancement in Technology
Technological advancements have become the order of the day in the 21st century, and companies have two choices: align or be left behind. Some of these emerging technologies are AI, Blockchain, etc and have become major disruptors of the marketplace, changing how things are produced and marketed.
2. Changing Customer Experience
The modern-day customer is very assertive and knows what they want. They demand and enjoy convenience, personalisation and swift access to services.
3. Market Saturation
The competition in today’s market is fierce, and only the strong who can embrace innovative technologies can thrive. There are several key players in the industry competing for the same audiences.
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Innovative Business Strategy Employed in the 21st Century
1. Customer Centric Approach
Businesses of today are focused on solving the real needs of the customer by understanding their pain points. They’ve come to understand that no business thrives without listening to its customers.
2. Automation strategies
AI has made automation easy for companies as they can reduce repetitive tasks and focus their energy on bigger goals.
3. Remote and Hybrid Work Models
These are not mere trends. Companies and businesses utilise these models and strategies to attract top talent across the globe, creating a win-win situation.
4. Sustainable Practices
In today’s world, global businesses and companies want to work with brands that are committed to social impact while adopting sustainable practices.
How to Embrace Disruption in Your Business
● Embrace an Innovative Company Culture
Businesses that choose to be rigid while sticking to traditional methods of rendering services cannot go far in this generation. To succeed, you need to encourage new ideas from employees and be open to experimenting with their creative suggestions.
● Listen to Customers
You cannot understand your customers’ needs and evolve with them if you don’t listen. Adopt different feedback approaches, such as surveys, polls, social media comments, etc, to elicit their feedback and suggestions.
● Upskilling your team
According to Mark Twain, “Training is everything. The peach was once a bitter almond; cauliflower is nothing but cabbage with a college degree”. In other words, invest in training your staff and workforce. It is quite unfortunate that some businesses think they’re wasting money when they invest in their employees, not knowing that they are equipping them for efficient service delivery.
● Invest in Research and Development
Innovation is fueled by research, and no organisation planning to evolve can achieve that without efficient research. Research helps you identify and solve new problems, stay ahead of competitors, understand your audience, and create a competitive advantage.
● Data-Driven Approach
Gone are the days of guesswork and trial by error. Thriving businesses are those that work with numbers and research-generated data. With this data, organisations find it easy to plan for their next move and adopt strategies.
Businesses that fail to embrace technological advancements are left behind in the competition.
Some of the costs of ignoring innovations are:
- Losing market relevance
- Inability to attract and retain customers.
- Falling behind competitors.
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Concluding Thoughts
Businesses that have the intention of surviving in the era of technological advancements have to either choose to Disrupt or Die.
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