With technology, there would always be the
disruption of industries. Technology brings transformation and the traditional
ways of doing things have to be transformed to a more convenient method. When
electricity came, people stopped relying on lanterns. Cars came and people
moved on from using horses--with technology, there’s bound to be disruption.
Today, online learning is rapidly disrupting
the traditional educational system. People now want to learn how and where they
want. Remote working is becoming the more preferable way to work and it looks
like many companies may adopt it permanently. This would
affect commercial real estate owners and reduce the number of people on the
road, among other things.
Companies like Uber and Lyft have taken the
demand from taxis. Their workers can control their work hours from just their
app. They don’t have to move around; all they do is stay at a spot and wait for
a notification. People don’t have to wave down taxis anymore. Uber and Lyft use
their technology to make the whole process easy for their drivers and their
customer.
Airbnb is disrupting the hotel industry.
People can now rent out their homes and apartments for travelers at lower
prices.
How Can Your Company React to the Disruption?
Yes, technology is disrupting almost
every industry., Elon Musk’s companies will disrupt lots of industries in the coming years;
including energy, automotive, telecommunications, transportation,
infrastructure/tunneling, Aerospace, AI and Healthcare--It’s only a matter of
time.
As a business, if you don’t embrace
technology and innovation, you would fail. Apple for example is a company that
has been at the forefront of innovation; dating back to 1976 when they pioneered the personal computer and the
graphic user interface. They have since created the iPod, iPhone,
iPad, Apple Watch, and Airpod--with the Apple
car project and Apple
glasses in the works.
They kept relevant because they keep on
innovating. Netflix’s initial disruption was when they came to disrupt the DVD renting Industry. With their
single innovation of having people rent movies via mail, they disrupted blockbuster. Years later, they moved into the streaming
game, which disrupted DVD. If you don’t embrace technology in your business,
you will struggle, significantly.
The question here isn’t should you
embrace the disruption. The question is, how can you use technology to your
advantage to simplify the lives of your customers.
The world is changing, and the COVID-19
has only accelerated the speed. Companies that failed to embrace digital
solutions faced a lot of difficulties in the heat of the pandemic.
It would be catastrophic if all you do is
fold your arms and hope that the disruption would go away. If there’s something common among humans,
it’s technological change; we continuously seek out the improved version of
things.
Technology is here to stay, so businesses
have no other options than to embrace it to remain competitive
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