Disruption, we hear it all the time. Industry disruption is happening all time, classic examples of industry disruption include AirBnb, Netflix, and Amazon where these organisations designed their products and services to meet an unmet client need. Disruption can come in many forms such as technology or a new competitor entering the marketplace. A changing environment will also disrupt industry as we are seeing with the impact of COVID-19. We are experiencing unprecedented action by government and industry to contain the virus spread and keep economies alive.
It is inevitable that our business will face disruption in some way. If not, expect it sooner rather than later and remember to use the opportunity as a wakeup call, a moment to learn and become more adaptable to whatever comes your way. During these times our clients are also being disrupted, so as we are required to adapt to new environments so do they. Therefore, their perception and expectations also change. Things are no longer the same.
Dealing with disruption is a critical capability your business needs to have, and the good news is that we are in control. The problem is that often we deal with disruption incorrectly. The following are some tips to get you thinking in the right place:
Don’t bunker down it will blind you with bias. This is like putting your head in the sand and being blind and deaf to your surroundings
Don’t increase scrutiny on everything and force people to feel more afraid of failure, it will stop them from trying new solutions. This is an opportunity for the entrepreneurs within our organisation to shine, so let them shine
Don’t centralise decision making and take away autonomy and accountability it will centralise risk to a small handful of people. This is like saying that only a small number of people possess the wisdom and excludes those who are actually working through operational challenges on a daily basis that have extensive knowledge of the business
Don’t think things will go back to normal it will distract you from learning. We need to accept that once COVID-19 pandemic is over that things will not be the same. This an opportunity for the organisation and its people to demonstrate what it can achieve when confronted with a disruption.
Disruption should not be taken this as a single event, disruption will continue to take place at an ever-accelerating pace, it makes sense to ensure your business handles it now, and continues to move and adapt to the changes that will continue to emerge. ‘In the field of observation, opportunity favours a prepared mind’. Our preparedness and ability to adapt cannot be underestimated. We need to have the ability to filter out all of the noise and seek new opportunities that our business can adopt and respond too. So what are the opportunities?