In today’s world of business, there are three major disruptors that any organisation will face – Technology, The Internet and Outsourcing. Together they’ve created a perfect storm for overseas groups to come into the local market and disrupt just about every industry.
And I am not just talking about the obvious ones, either.
We’ve all seen how the music, book publishing and media industries have been affected, but if you keep looking you will see virtually every other industry is being affected. From the Quick Service Restaurant (QSR) industry; inhabited by big players like Hungry Jack’s, KFC and McDonalds, through to car dealers – if anyone believes their industry is safe, they have their head in the sand.
Even the big four banks are looking over their shoulder at international organisations and technology innovations eating into their market. Today, fewer people carry cash in their pockets, and with the advances in mobile phone payment systems from Google, Apple & Samsung, it’s plausible that in the next 3-5 years’ time, most of us will be transacting without even seeing the physical cash. Even worse for the banks is that a lot of the transactions will not even be going through the traditional banking system!
It doesn’t matter which city or country you’re in; we are no longer competing with businesses across town, or interstate – we are now truly in a global economy, competing on the international stage with organisations large and small all across the world.
Focus on Objectives but Remain Agile with Strategy
Every business, regardless of size, needs to be laser focussed on their objectives and agile with their strategy, to ensure they utilise technology to maximise their reach and position. One of the great strengths with a lot of today’s technology is that it can be re-packaged from one industry to another. A framework, system or even application designed for one industry can often be reconfigured for use in a totally different industry – with equally successful outcomes.
We need to think outside of the square. Just look at anonymous self-driving cars. How many people would have envisaged a company like Uber looking at self-drive technology for its own business? It’s not hard to see the effect this will have over time. Once the technology is proven, it will virtually eliminate Uber’s biggest cost – the human being driving its customers from A to B.
So, how does your business fair in its industry? You can look at this and panic, or you can embrace the technology evolution we are on and stay ahead of the competition.
Check out the SpiceWorks Webinar replay: What you don’t know will hurt you.