It’s an overplayed phrase, but in the world of technology, it’s true the only constant is change. For consumers, this is great. The rapid rise in new gadgets, toys and devices means there is always something fresh to attract their attention.
For businesses however, it can quickly become a nightmare if they are not prepared for the pace at which these changes can happen. While there are great benefits to being on the cutting edge of technology, there are many disadvantages for those that act hastily or struggle to keep up with change.
A survey from PR expert Edelman found that 51 per cent of businesses believe the pace of innovation is too fast for them to handle. On top of this, 70 per cent of respondents felt that technology was the leading culprit.
The potential result of these trends was investigated by The Global Center for Digital Business Transformation (DBT Center), which found that digital disruption could upset developed companies, despite their history.
The DBT Center believes that four in every 10 industry leading companies could be “displaced” as the pressures of keeping up with modern business demands grows.
However, the issue is not necessarily the rate that technology is developing, but rather the attitudes of the companies it is likely to affect.
According to the survey, 45 per cent of respondents don’t believe that the board needs to be aware of this potential for disruption. In fact, three-quarters of executives surveyed see this disruption as the potential for progress, assuming they can weather the storm.
This could be a challenge for these companies however, as only 25 per cent described their efforts in these areas as proactive.
One of the main reasons disruption has become such a focus for business, according to the DBT Center, is because it’s blurring the line between established industries. Sectors such as IT for example now have a wider influence than ever before. Businesses looking to thrive in these new operating conditions should be proactive as these issues develop further.