The age of disruption

Are you being disrupted? We often hear that there are two things that are inevitable in life — death and taxes. In today’s world of rapid change, I think we should add a third — disruption. According to dictionary.com disruption is a radical change in an industry or business strategy, especially involving the introduction of a new product or service that creates a new market.

From taxis (Uber) to hotels (Airbnb), from banks (blockchain) to retail (Amazon), everywhere you turn, traditional business is being disrupted. It is difficult to find an industry that is not affected.

For example, Amazon Echo and Google Home are doing more than just helping your kids with their homework. They can monitor what’s in your fridge, turn the lights on and off and set your alarm system. You can get fresh vegetables shipped right to your door and arrange 3-D print replacement parts for a variety of machines and have them delivered in just a few days.

There is no longer a need for traditional office space. A couch in a coffee shop with Wi-fi has become the new office for many. Other disruptions include autonomous vehicles, artificial intelligence and even free trade agreements like CETA that allow European companies to bid on work right here in this city.

What is a company to do?: Well, the first thing is get used to it. There is going to be more change to come and at a rapid pace. You have a choice; be disrupted or be the disrupter. Continuing to do things a certain way will no longer cut it. Your customers will find alternatives, either with your local competitor or on the internet.

So how do you futureproof your business?

Being futureproof is, more than anything, about having the right culture and mindset. If you are with a company that feels protected from disruption or sits on its laurels for having been successful for the last few decades, then you are at deep risk of being disrupted.

I recently attended some roundtable discussions with two different generations of business people: baby boomers and millennials. The shift in thinking is significant.

The baby boomers invested in real estate bricks and mortar. If you were a new startup, boomers would offer you 3,000 sq. ft. of space and a suite of office furniture. The millennials would ask you what business you are really in, what problem are you solving, and query why have office space when a virtual office will do.

The key to future success is to have an entrepreneurial attitude, an ability to create and review new ideas quickly and not be afraid to experiment. You need to think about solutions, with a focus on solving pain points.

“To thrive, all businesses must focus on the art of selfdisruption. Rather than wait for the competition to steal your business, every founder and employee needs to be willing to cannibalize their existing revenue streams in order to create new ones. All disruption starts with introspection,” says Jay Samit, a digital media innovator and self-described serial disruptor.

At the St. John’s Board of Trade, we have reinvented ourselves. We have developed a business solutions division to help our small business members with whatever problem or pain point they encounter. We have also revamped our promotional opportunities, providing online ways for our members to promote their businesses.

According to the World Economic Forum (WEF), 65 per cent of children entering primary school today will ultimately end up working in completely new job types that don’t yet exist. The WEF goes on to report that we are today at the beginning of a Fourth Industrial Revolution. Developments in previously disjointed fields such as artificial intelligence and machine learning, robotics, nanotechnology, 3-D printing, and genetics and biotechnology are all building on and amplifying one another.

So as The Temptations song goes … get ready!