Thursday, May 5, 2016

Is Your Business at Risk of Disruption?

I've had my car for 10 years now, and it's about time to get a new car. I mentioned to somebody that this might be the last car I ever buy, and she wondered whether I wasn't expecting to live very long!

Far from it. But I seriously believe this might be the last car I ever buy. Why? Because in another 10 years, we will probably all be using shared self-driving cars rather than owning - or driving - our own car.

This idea might seem inconceivable, especially when you look at how important cars are now in our daily lives.

sydney-traffic

But that's just our world now, and it will be vastly different ten years from now.

After all, here are six technologies that didn't exist just ten years ago:

six-new-technologies

If all of that has come into our life in just 10 years, imagine what the next 10 years will bring!

How do you prepare for this future?

In my presentations and consulting work, clients often want to know what's ahead for their industry and their future.

Broadly, the world is becoming "Fast, Flat and Free". In other words:

  • Everything is moving faster than ever before
  • We've broken down hierarchies and barriers
  • Things that used to cost a lot now cost a lot less

If you want to know what could disrupt your business, look at the opposite of Fast, Flat and Free: Slow, Bumpy and Expensive. If you do anything that's slow, bumpy or expensive, beware!

Here are some examples:

1. Slow

Danger words (potential weaknesses): technical, complex, service

If your product or service is technical or complex, computers will be able to do it soon. This is happening in financial planning, where "robo-advice" is a looming threat to the established way of delivering financial advice.

In fact, if it's a service at all, it will first be outsourced, and then possibly even fully automated. We've seen this happen with travel agents, mortgage brokers, customer service, and many other service businesses.

2. Bumpy

Danger words: regulated, licensed, controlled, mandated

These words have protected businesses in the past, but now they are barriers to progress. The taxi industry, of course, is a well-known example. For a long time, it has been heavily regulated and licensed, so it was inevitable that somebody like Uber would come along. In many jurisdictions, Uber's legality is a grey area, but it won't be long before legislation catches up (It's happened already in the ACT).

3. Expensive

Danger words: up-front fees, delayed results, boring

If you provide an expensive service, customers will look for a way to find a more affordable alternative. You might have survived until now because it wasn't easy for them to look elsewhere, but now your competition is just one Google search away. And they are not only doing it cheaper; they are doing it better.

There are many, many examples in healthcare. For example, patients with heart conditions used to have to go to specialists regularly for ECGs and other expensive and intrusive tests. Now, they can use Alivecor: a small device attached to their iPhone that lets them do their own ECG - for about $1 a test.

Could any of this affect your business?

I know some businesses and industries that are sticking their head in the sand, pretending some of these changes won't affect them. But they will!

If you really want to future-proof your business, ask yourself:

"What do we do that's slow, bumpy or expensive?"

Then fix it! Isn't it better to disrupt it yourself rather than wait for a competitor to do it for you?

33 comments:

  1. Say about future of healthcare We can think about the future of AI in Healthcare for Didates and fighting back to alzelmer. And we can trust on top vietnam it company 2018 or top 25 it outsourcing companies clutch

    ReplyDelete
  2. Essay writing is a challenging and strenuous affair for most students. A few among them do not have any idea of where to begin or how to draft a detailed outline. This compels them to look for Pay Someone to Do My Essay online who can save their day.
    The internet is flooded with not-so-helpful or mediocre essay writer advice, making it incredibly tricky for students to find the advice they need while drafting essays. In this article, we have highlighted some foolproof tips that will enable you to write flawless essays just like the brilliant essay typer.

    ReplyDelete
  3. I recommend that everyone should seek assistance from Assignment Help Australia for the best academic help. There are professional experts from various esteemed universities in almost every field. They are capable to write the premium quality of assignments according to the requirements of students and university norms.

    ReplyDelete
  4. I enjoy kinds very own post. It will be respectable to get a single narrative inside and outside of the core of this distinctive core specialized niche will likely be commonly knowledgeable.
    thesis example

    ReplyDelete
  5. People who buy their food in bulk to save money are usually storing food in smaller quantities until they use it at a later date. A lot of people have realized a big savings in their grocery bill when they decide to buy in bulk and break it down into smaller amounts at home to store for later. Buy Lumion 9.5 Pro

    ReplyDelete
  6. Greatest fighter toasts ought to entertain and supply prize on your couples. Initially audio system next to obnoxious crowd would be wise to understand one particular gold colored strategy as to public speaking, which is personal interests self. best man jokes solidworks software versions

    ReplyDelete
  7. Thanks for sharing this information. I have shared this link with other keep posting such information to provide best in class Finance assignment help online at very affordable prices.

    Computer Science Assignment help
    Commerce Assignment Help
    Management Assignment Help
    Biology Homework Help
    Chemistry homework help
    Chemistry Assignment Help

    ReplyDelete
  8. INTRODUCTION - Perhaps I should start by asking the question "What is a Home Based Business? This is any business operated from the comfort of the residential home of the owner. https://cad.cheapsoftwaredownload.net/

    ReplyDelete
  9. This is best post, I have read this blog and enjoy a lot keep share amazing work in future too.
    Assignment Help
    Assignment Help Canada

    ReplyDelete
  10. We are the professional writing firm, and I love this post that help me in great deals.
    Essay Writer
    Dissertation Writing Service

    ReplyDelete
  11. Thank you for sharing this information. I have shared this link with others who keep sharing this information.
    Essay Writer
    How to Write a Nursing Essay?

    ReplyDelete
  12. Search Engine Optimization is like a key to Fort Knox for any online entrepreneur. Why? Because proper SEO opens your website the door to leading positions in search engines. buy blog comments

    ReplyDelete
  13. Search Engine Optimization is like a key to Fort Knox for any online entrepreneur. Why? Because proper SEO opens your website the door to leading positions in search engines. link building company

    ReplyDelete
  14. Search Engine Optimization is like a key to Fort Knox for any online entrepreneur. Why? Because proper SEO opens your website the door to leading positions in search engines. niche blog commenting service

    ReplyDelete
  15. I can say that you have covered this topic very well, thanks for this amazing stuff I like it.
    Assignment Help
    Business Analytics Assignment Help

    ReplyDelete
  16. Those students who are searching for Online Tutoring Jobs in UK can contact with our experts. We are best services providers over the country. Our experts are available round the clock, students can contact them at any time.

    ReplyDelete
  17. I wanted to thank you for this great read!! I definitely enjoyed every little bit of it, I have you bookmarked to check out all the new stuff you post.... check out mine work one time- Printer is in an Error State

    ReplyDelete
  18. This comment has been removed by the author.

    ReplyDelete
  19. I am so glad this internet thing works and your article really helped me. Might take you up on that home advice you gave. Perhaps a guest appearance would be good.I also have a blog related to Printer not activated error code 30 issue hit this to solve your problem.

    ReplyDelete
  20. Absolutely pent subject matter, regards for entropy. 먹튀플러스

    ReplyDelete
  21. Nice post. I was checking constantly this blog and I am impressed! Very useful information specifically the last part I care for such information a lot. I was seeking this particular information for a long time. Thank you and best of luck. 먹튀

    ReplyDelete
  22. I like this blog so much, saved to bookmarks . 안전놀이터먹튀

    ReplyDelete