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Disruptive technologies that can completely change the way an industry works may be developed by another industry all together. Keith Coats Discusses:
Disruption in business is probably not going to come from within your own industry, and the danger of benchmarking is that we mark ourselves and our progress against those who are running the same race.
There’s a large bank in Africa who rolled out an entire African strategy who, by benchmarking themselves against fellow competitors, that’s all they looked at.
They went into Africa to discover that the biggest competitor to banking came from cell phone technology, or mobile technology, people transacting through their mobile devices, that changes the rules of the game.
So, the principle is this, is if we’re only looking within our industry, at people running in the same race as us, the chances are we’re not going to see the disruption.
And smart organisations today are looking far enough and wide enough outside of their windows to … and asking the right questions to see the disruption that will change the rules of the game.
And our message to big companies who are leaders in their own particular sphere is don’t wait to be disrupted, be the disruption in your own industry, change the rules of the game.
And if you don’t and you become complacent and you focus on business efficiencies, there will come a time when somebody will disrupt your industry and it’s going to come from outside.
Disruptive technologies are huge factor in our connected economy. Connected Economy TV will continue to bring you expert TV shows about this new industrial revolution.