Turning disruptions into opportunities
OFTENTIMES, DISRUPTION is negatively defined as a disturbance or a problem that interrupts an event, activity, or process. In this day and age characterized by waves upon waves of technological advancements, digital revolution permeates everyone’s lives including how companies do their businesses.
However, disruptions can turn into great opportunities; and having this mindset as a response to these changing times have set some businesses apart from the rest.
This had been one of the focus of the recently concluded
BusinessWorld Economic Forum held last May 18 at Grand Hyatt Manila in Taguig City. In one of the afternoon sessions titled “Finding Opportunities in the Age of Disruption,” Orlando B. Vea, president and CEO of Voyager Innovations; Anthony Thomas, CEO of Mynt (Globe Fintech Innovations, Inc.); Brian Cu, country head of Grab Philippines; and Miguel Cuneta, co- founder and chief community officer of Satoshi Citadel Industries (SCI), shared valuable inputs on how they were able to and continue to navigate the disruptive digital revolution to make their companies sustainable and competitive.
In his presentation, Mr. Cuneta underscored that the response to disruption is mostly unfavorable, and identifying those reactions can be advantageous.
“The initial response to disruptive technology is usually fear, doubt, or resistance. Fear because of the unknown, and resistance because we’re naturally resistant to change; and it doesn’t help that the incumbents feel threatened and fight back — trying to defend their position,” Mr. Cuneta shared.
“Eventua l ly, the ver y disruptive technologies that people were afraid of become basic uti l it ies. What are the examples of disruptive technologies today and how do we identify them? We actually just need to know what people are afraid of,” he continued.
Mr. Cuneta added that those who dismiss disruptive technologies are usually the ones who get to be affected by it, and old industries that don’t adapt become obsolete. Moreover, the SCI cofounder also said that disruption is incessant and inevitable.
“There’s no really age of disruption; it’s really a constant process by which humanity uses technology to solve specific problems. It’s necessary for us to become a more advanced society and truly, disruptive technology is unstoppable,” he shared.
Given that di sr uption constantly happens, all the speakers shared the same sent iment that disrupt ing themselves are necessary to be able to effectively navigate challenges, and make their companies resilient.