Netflix, Uber, Airbnb continue to make the headlines for radically changing their business sectors. Not only have they invented new products and services, they have made it impossible for their industries to carry on as before.
True disruptors start small, get little attention, but eventually will eat into your mainstream customer base or create a new business segment that sidelines another. Failing to identify a disruptor and therefore failing to act may be a mortal mistake and could result in the collapse of an established company or industry, such as the downfall of Blockbuster Video as a result of ignoring Netflix targeting its main market.
Needless to say, disruption has been causing widespread concern in the boardrooms. But panicking is not an option. What is needed are reliable strategies to master the challenge.
Disruption in the 21st century was largely triggered by digitization which forces us to start thinking and operating in radically different ways.
But this not a new phenomenon; technological innovation has been disruptive in the past and a powerful driver of progress. We see disruption as an opportunity as well as a threat, it just depends on whether managers can develop the strategies to cope.
This video is the first in our series on #masteringdisruption. In the weeks to come we will be covering major industries like automotive, financial services, manufacturing, retail and the media industry
We suggest answers – hinting what business can learn from successful "disruptive entrepreneurs". Are you prepared for the future?