Technology is becoming a bigger and bigger part of Global Economy and companies around the world are searching for new and better ways to leverage emerging technologies in quest of their Digital Transformation. Most of the companies are very concerned about defending their turf as possibilities of being disrupted by an Uber or Airbnb in every industry is very real. However, as most of the companies are looking at incremental innovation (which is not bad in itself), the real opportunity lies in making bigger bets- willingness to disrupt their current business model.
The ability to bring in disruptive innovation requires a fresh thinking which can help you move up the Value-Stack. e.g. if you are doing something manual, then Automation may be an Answer; if something is already Automated, putting it in a Marketplace or disintermediating a middle man somehow may be the next step. And if that is not possible, how about taking it directly the end-customer via an App, for example. The goal is to be closer to the end-customer; to be Asset-Light & Capital -Efficient, thereby creating much higher value and moving up in the food-chain.
However most of the companies are not able to make this strategic move, not because they lack ideas; it is probably because they are afraid of failing. So, the question is how do you overcome this fear and create belief in yourself about whatever you may want to try!
Well, the answer may well be in testing out new Hypotheses, leveraging historical data (which is easily available in most companies) or in designing Predictive models, to help you get a handle on potential outcome. Machine Learning & AI are good options to explore. Blockchain is another one. And if you don’t have the required skills in-house, you can always seek expert help outside.
While there are no guarantees, chances are you will discover some new insights; a new revenue stream; a new business model or a new/different product/service idea… and even if you fail first time, you may learn a few valuable lessons. And then try it again; why, because either you disrupt yourself or someone else will!