The Chief Information Officers have to deal with the business’ digital society, the future of the workforce, the enterprise future, the digital business – and more.
Moreover, businesses are subject to disruption consistently. However, controlling digital disruption in business is not the right approach to deal with it. CIOs need to correctly ‘react’ to it and with the right attitude. An intelligent market disruption strategy can help them in conducting their intentional reaction.
The arrival of the market disruption event is inevitable. So, they must be prepared with the principles of disruptive strategy when it comes. And for developing the strategies, they have to be more thoughtful, alert and conscious.
Furthermore, the solution is not to fold your hands and pretend nothing’s wrong or being indecisive. That is because there will be more uncertainty in the upcoming years. And therefore, organizations require a strong and smart plan to tackle digital disruption in business.
Buckle-up for the Digital Disruption Impact
Gartner introduced the A6 model that exhibits the six ways in which the Chief Information Officers can respond to disruption. The digital transformation strategy involves six actions to brace for impact. So, being among the markets ready for disruption is the basis for consistent growth in the long run.
With every new wreckage comes change which the company must be ready to embrace. This is how disruption theory runs in industries. So, for a complete digital business transformation, here are those essential actions to execute.
The prior action to anything- invest time in comprehending the competition and the manner it deals with the disruption. This primary step to deal with digital disruption can seem passive but is the principle foundation to plan further wireframes.
Furthermore, you can gain marketable insights. Watch closely how others in the market tackle, manage and dodge the market disruption event. However, observing for too long can cause a delay in developing decisions.
For instance, PayPal’s business model for online payment wasn’t as viable so thought the banks. So, they decided to analyze for a prolonged time period. PayPal has above 300 million followers now and banks lost a large portion of market share.
Spot the threats. Deal with those digital disruption threats with aggressive and swift actions. This could mean targeting a specific market segment. Furthermore, this could also indicate taking legal measures. Mainly the latter type happens during some kind of violation or infringement. Yes, such breaches fall under the digital disruption events too.
The first exercise comes back again. Study how your competitors are doing. According to that, frame an alternative market opportunity to deal with digital turmoil. This is how important it is to observe and apprehend the conduct of competitors during times of crises.
Build a community to form an empire. Partnering with another organization is a smart move. When looking for collaborations, you can include external vendors in your options. They bring fresh potentials to the company. Also, they assist in winning more market share. Moreover, during the time of digital disruption, sharing resources to make a larger global presence is one of the important moves.
You can intend to buy a company that can contribute to your growth. Look for organizations that already have the relevant potentials. One example is the popular takeover of WhatsApp. It purchased a company that was already established and was relevant to the targets of Facebook.
Avoid ignoring digital disruption or taking no actions. This can potentially hurt your organization. Failure or falling back is imminent with such idleness. Time brings in new technology and methods for further modification. You must act promptly after deriving insights from competitive market trends.
What Digital Disruption brings
Change is the only constant: it is the foundation of life and the world. How do times change? It is only a matter of new introductions. And in the commercial realm, this is significant for growth. As a matter of fact, it is so for other fields as well.
Furthermore, incorporating the new development into their provisions becomes a challenge. That is because of the amount of risk present. And to avoid that, the A6 model comes handy. This is how one can tackle the occasional wave of digital disruption. With active and thoughtful minds seeking the correct and efficient way to tackle the market disruption event.