The term ‘digital disruption’ sounds like something pretty terrible, but in actual fact is quite a positive occurrence provided that you and your business prepare for it. You will find that you can benefit quite a bit from knowing what it is and how to approach it.
Digital disruption is defined as the change that occurs when new digital technologies and business models affect the value of existing goods and services. All this really means is that as technology and business techniques change, you need to be aware of what is happening and what it could mean to your business. In reality, if you stay on top of current trends in digital disruption, you can harness them to work in your favour.
Recent research suggests that digital disruption will show itself as changes in the operating environment, in new competition, or as changing expectations of your existing customer base. These are all things you are probably aware of as you run your business. For some businesses, the effects of disruption will be felt deeply and quickly, whereas for others the change will be slower and more subtle.
When will Digital Disruption affect businesses in South Australia?
The new wave of digital disruption is already upon us here in Australia, changing the way businesses and agencies operate, and how they engage with their customers. Benefiting from the changes is altogether possible, and dependant on the abilities of business owners to successfully navigate change in the years to come. It’s also dependant on how a business can realise its potential by building on the way it uses digital technologies and organises its processes.
Recent research into digital disruption in South Australia has suggested that business sectors such as finance, retail, media and communications will face digital disruption very soon, whereas manufacturers will have a longer time to prepare and adjust.
Why is it happening?
There’s no denying that innovations in technology are a driving force in today’s Australian economy. We are constantly faced with updated versions of computing systems, data analysis, networks and devices. This digital economy isn’t just about speeding up communication or changing skills needed in the workforce; it’s also about changing the very nature of consumption, competition and how markets work.
These days, consumers and clients have more power than ever before, with greater connectivity and access to information. This is a significant shift in balance.
Australians are among the largest users of smartphones in the world. This fact is driving the change in user expectations about how we consume services and communicate in personal and business settings. This needs to be recognised and addressed by businesses to be competitive.
What can we do?
In this new, digital world, a shopfront can be efficiently and effectively projected to a global audience, by displaying merchandise on good quality websites that are coupled with freight logistics and payment systems familiar to customers, making it easier to find new routes to market your goods and services.
South Australian businesses can take advantage of this change in existing supply chains by using technology to access new markets, and supply products and services with greater efficiency and profitability.
Stay tuned for more information on digital disruption in South Australia!