Disruption in an industry leads to innovation. Uber and Airbnb are two examples of companies that are disruptive and have turned an industry on its head. They created a peer-to-peer model that combines technology and business. Previously, these industries had cobwebs in their innovation labs. They had established markets dominated by a few main players. By companies such as Uber creating a sharing economy, consumers have greater access to goods and services that may have once been unavailable. The result is an expectation for other companies in that industry to adapt and evolve. While consumers are not necessarily demanding digital transformation, they will gravitate to those organizations that offer the best customer experience.
By leveraging a digital communications platform, you can create a unique and engaging customer experience that sets your business apart from your competitors. Perhaps it is getting rid of a point of friction, such as the lines and checkouts, like Amazon Go did with their new retail concept store. No matter what it is, digital communications enable you to create meaningful connections between technology and your stakeholders.
Technology has changed how people see various industries and they expect choices. Innovators have developed platforms that enable businesses to easily collect, process and deliver targeted information across the organization on any screen; enhancing your business’s two most valuable assets, people and data.
Think outside the box
Uber and Airbnb are disruptive because they don’t actually own any cars or hotel rooms. What they have done is transform the entire experience, not just create an app. Consider Airbnb for a second, they disrupted the entire travel industry in 2008. Before its existence, boutique hotels were providing guests with a more intimate stay than the large, mainstream hotels. Travelers began to expect even more choice, they craved a new type of hospitality that provided a personalized experience; the ability to live like a local and immerse one’s self in the culture. Airbnb used technology to be disruptive and create a “marketplace for people to list, discover, and book unique accommodations around the world” and at the same time created a new normal in the travel industry with their peer-to-peer business model.
Previously, consumers weren’t aware what they wanted because the choice wasn’t there. Now, they expect options that grant them more control of their experience. They value increased technological capabilities that are user friendly. If you don't have a digital transformation strategy in place, you will be left behind in the ever-changing business economy. You risk competitors providing better and more robust innovation. And, worst of all, you risk losing your customers. According to Forbes, “for a successful digital transformation in any business organization, digital maturity and a modern organization culture are of paramount importance.”