This is best illustrated by three examples of disruptive innovation:
- The introduction of audio and the transition from Black & White to Colour for the Cinema industry.
- The death knell to Analog cameras with Digital technology advancement.
- The use of digital media that changed the way we listen to music.
Within the IT industry, technological advancement in processing speed and the reduction in costs of memory and hardware have heralded the advent of Cloud Computing. Although adoption was slow in the initial years, Cloud Computing has now picked up pace and it is a giant force to reckon with in the areas of Customer Engagement and Commerce. This has fundamentally disrupted the manner of operation for service providers with a strong focus on solution selling. Every organisation with an ambition to operate and grow in this digital age has to fundamentally reorganise its marketing and sales methodology, revenue model and delivery capability.
We are in the age where the core Internet principle of “Give and educate before you receive” is very pertinent and relevant. Empowered customers and consumers are accustomed to having information at their fingertips. In order to engage with these customers better, organisations are having to develop effective Digital Marketing strategies to promote their brand and influence the way others perceive them. These strategies include their ability to market industry experiences, espouse innovative thought leadership and relate relevant client successes, amongst a variety of other factors.
Indeed, we are at the crossroads as we prepare for significant disruption in our business models. This provides us an opportunity to make an important choice. Do we choose to recalibrate and rewire our thought processes, skills and our outlook to embrace this changing world or do we choose to continue to play in our comfort zone and become irrelevant?