Surviving disruption from digital acceleration requires continuous innovation.
To help navigate today’s rapid changes in technologies and business models, the Mack Institute presents a new white paper recommending ways to ensure greater success rates among a firm’s innovations.
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Digital technologies today are disrupting existing products, processes, and business models in various industries. Artificial intelligence, robotics, additive manufacturing, automation, cloud computing, mobile and data analytics comprise just a few notable examples. While digital disruption can affect any industry, the most impacted include media, telecommunications, consumer financial services, retail, and technology industries.
This disruptive trend offers radical new capabilities of tapping consumer behaviors and enhancing connectivity. Take the example of cloud computing and the many innovations surrounding it, which are making digitization accessible and affordable, freeing up resources, and allowing firms to focus on managing the business aspects of scalability. The everything-as-a-service phenomenon has opened up avenues for firms to capture, store, monitor, and manage enormous amounts of data. Now with greater capacities, firms are beginning to find ways to tap into the myriad insights that the data can give. In the healthcare and transportation industries, mobile networking and data tracking are sowing disruption. Industrial internet of things (IIOT) is connecting data to devices in order to transform efficiencies across industries. And mobile technology is helping firms network with wider segments of customers and communicate in a faster and more efficient manner.
Any firm that has ever experienced competitors or new entrants threating its business or its market is an incumbent. With digital trends disrupting markets, incumbents are forced to innovate, at a minimum, to defend their business models. Digital disruption and the incumbency problem thus go hand in hand.
To defend itself, the incumbent can get by with simply understanding the nature of the problem and finding a way around it. But if it wants to lead the market, it needs to make the extra effort to foster and manage its innovations.