We live in disruptive times. Digital disruption impact on business will face uncertainty. Technology has changed the way we work, shop, sell, our economy, day to day factors such as transportation, right down to the way we live in society. With the new era, comes a new disruptive technology that will change the way we live or how we think.
A wave of innovation disruption is happening faster with companies going out of business faster.
Especially, now that we have all different technologies suddenly converging – IoT, robotics, self-driving cars, AI, Big Data and analytics, 3D printers, nanotech, AR, VR, quantum computing, bioengineering and blockchains. The immediate impact of blockchain technology may not be apparent for the non-technological eye; however, it could improve existing systems within society at large.
This digital disruption impact on business is, therefore, changing lives on many fronts. It is changing the value propositions for a business.
Moreover, a common example is an e-commerce as a digital transformation in business. Disruption in commerce means a radical break from the existing processes in the industry. A recent study by Accenture showed that industry leaders expect up to 40 per cent of incumbent businesses to be displaced by digital disruption by 2020.
The global financial sector could be worth US$26.5 trillion in 2022 with a CAGR of 6%. There are still financial institutions that do not have an app or a website to meet today’s market demand. Therefore, the businesses that put customers first, are those that win the prospects.
What are the most disruptive technologies or trends between now and 2022?
The answer found at Quora, by Thomas Kutschi, VP Alliances at Infonova, a leading-edge BSS vendor.
To change the world within the next 1-5 years the technology has to be mature already and in the early adopters’ phase. This limits it to a few “un-revolutionary” technologies. A few that come to my mind:
Distance education: education is still seen as an on-premises activity. This will largely change. The technology is there, providers of education are ramping up their efforts to tackle this market and users start to adopt it.
E-Commerce: A significant part of purchases are already made via the web, but this is going to increase and conquer a new customer segment.
Non-linear media consumption: linear TV is still king in the living rooms of today (and it is there for good, just less important) – but non-linear VoD, Time-Shift etc. will be widespread with availability of broadband.
Home automation: This might probably take longer. Moreover, five years from now it will be normal to live in a fully “automated” and remote-controlled living environment.
Big data: We are currently only talking about this, but the impact will be there five years from now. That said, big data will evolve with tailored solutions, mass-customization, personalised offers and ads.
Internet of things: More and more sensors or actors will be internet-connected.
Cashless payment. Either via plastic, NFC, mobile, whatever – we will see less cash circulation 5 years from now.
Recycling: A lot of very expensive and valuable material goes to waste. Garbage is put into a hole in the ground or burned. New technologies for separation of garbage and re-winning material out of it will hit the street and make your garbage a big business.
Digital disruption impact on business
Business meetings shifted to video conference. Digital technologies are in use in the day-to-day of every company. In addition to that, businesses who have trouble switching to digital communication are rare.
Moreover, the sudden switch to technology and digital communication affects companies at all levels. Changes the channels of communication with customers and suppliers. And even the tastes and dynamics of the market change in a profound and surprising way.
A real case study example of disruptive technology transformation is a company WW (formerly Weight Watchers).
According to Which 50; In response to COVID-19, the company moved 30,000 face-to-face meetings — impacting a third of the company’s members and the bedrock of its business — into the digital realm. A month later, high satisfaction ratings from its customers demonstrate the success of the venture.
There are many examples of companies who adapted the new change quickly without any difficulties. Online meetings performed easily through the video calls with the app we already know such as Zoom or Microsoft Teams. Online payments are also possible through e-commerce and communication between teams through Slack channel, popular in the tech community.
In summary, the digital disruption impact on business already resulted in a sudden change in the way we do business. How we communicate with our partners or customers. It also changed the way students learn in schools and are prepared for the new era of digitalization. Meanwhile, Fintech companies offering short-term financing to cash-strapped businesses are slammed with online enquiries for help.