Digital Disruption: How failure to change affects businesses?
Many times, you hear this term being thrown around in the business world. But what does it really mean to you and your business?
Digital disruption is defined as a shift in business models caused by emerging digital technologies.
We can learn from a well-known case study from Kodak that stopping digital disruption is impossible and trying to oppose it can impact your business in negative ways.
Kodak was successful for the most part in the 1900s up until the early 2000s, by being one of the first to introduce cameras in the mainstream markets and then monopolizing the markets. However, as the world of technology advanced and the consumer needs evolved, Kodak remained the same.
Digital cameras came into the picture, allowing users a much more user-friendly and fun photographic equipment to use. Brands such as Canon and Sony took advantage of the situation by introducing their new technologies and approaches. Thus, Kodak took the fall.
Even if your business does not directly fall into the IT or technology industry, digital disruption will affect your organisation one way or another. For example, chatbots have been implemented in customer service to customer queries online. The chatbot itself learns and is able to provide better answers. In a way, though customer service is not directly in the IT or technology, industry, it has still been affected by digital disruption.
Failure to change and move with the digital disruption in our era will negatively impact your business.