Digital disruption within business has become more commonplace over the past decade, with new innovative ways of doing business threatening existing models, says recruiting experts Hays, in the latest edition of the Hays Journal.
As technology evolves at a rapid pace, it continues to affect our day-to-day lives, as well as the way we do business. As business models become disrupted, we have seen big organisations cease to exist, as others innovate in their marketplace and change the landscape of their industry.
While some businesses are already addressing the challenge directly these advances have left many companies concerned that their very way of doing business may cease to be, within the next few years. Identifying the next potential evolution or opportunity can be difficult, as changes to sector are not guaranteed to come from within the industry itself.
This was demonstrated by the car industry recently, wherein Google and Apple now seem to be competing with giants in the automotive industry such as Ford.
Lynne Roeder, Managing Director of Hays in Singapore says, “No business is truly safe from digital disruption and business leaders must use this as the catalyst to drive change within their own industry. They need to look beyond their pre-existing world and look farther afield than their own sector, while accepting that there may be new or better ways of doing things.”
Part of the challenge that businesses face is how to predict and plan for any disruption that could affect them. Organisations can also struggle to identify where that change needs to come from and the skills they will need to spearhead it.
See: Going Digital: 5 Ways to Help Singaporeans Get Future Ready
One way to drive innovation internally is to ensure a workforce is diverse, with people from different backgrounds and varied experiences, encouraging different ways of looking at things and problem solving.
“Diversity can be a powerful tool and will ensure your business has a mix of ideas. You need the younger generation, who may have a better grasp on newer technology, and you need experience to ensure it is implemented in the correct fashion,” added Lynn.
She further continues, “It’s the culture you need to change within an organisation. So you can also ask employees to take part in brain storming sessions, to create a culture of idea sharing and not being afraid to suggest left field ideas. This could in turn make innovation happen within your own business.”
Once an idea has been identified, it’s important for a business to adjust their company accordingly, including their workforce, as it could involve redefining an organisation’s entire business model. Companies must therefore ensure that they are also enabling their workforce, with the latest technology and tools to assist them.
Lynne says, “Business leaders need to ask themselves whether they have the new skills required to implement the new way of doing business and whether they are assisting their workforce the best they can, with the tools that are needed. This will ensure they can adapt quickly and keep up with the needs of their customers.”
“So rather than trying to keep up with industry changes, embrace disruption and look to disrupt your industry before someone else does.”
Also read: Boards Still Lack Key Competencies to Handle Digital Disruption: Findings Here