The rock singer Jim Morrison once said about life, “Nobody gets out of here alive.”
As the world continues its digital metamorphosis, we could riff on that: “Nobody gets out of here undisrupted.”
Digital will disrupt your business. Odds are, it will happen sooner, faster, and to a far greater degree than you dare to imagine. The only question is who will be your disruptor. An industry insider or an industry outsider? An incumbent firm or a brand new start-up?
This question opens an excellent new book, Digital Vortex, by Jeff Loucks, James Macaulay, Andy Noronha, and Michael Wade.
Born from a collaboration between three Cisco executives in the company’s digitization office, which helps both Cisco and its customers embrace new digital business models — Jeff, James, and Andy — and Michael Wade, a professor of innovation and strategy at IMD and the director of the univeristy’s Global Center for Digital Business Transformation, Digital Vortex frames the threat of digital disruption across a wide range of industries from the authors’ extensive research. You can visit their website at digitalvortex.com.
(So if you’re still using Uber as your default example of digital disruption, this will broaden your repertoire.)
Of course, you might ask, “Isn’t digital disruption just assumed by now?”
Unfortunately, for many businesses, the answer is “no” — at least not yet at the level necessary to drive fundamental change. From the research presented in the book, 45% of respondents said that digital disruption is not a board-level concern. Another 43% feel their company’s leadership isn’t responding appropriately.
Only 25% of those survey felt their company was proactively responding to digital disruption by disrupting their own businesses — before somebody else does.