If you are still with the school of thought that says — “This is how we have been doing it for the past decade & this is how we will continue to do it”, I announce to you, you will soon be out of business.
Irrespective of what ever business you are engaged in, know that you are first of all a Technology company functioning in your selected sector. The earlier you realize this, the better for your company.
Welcome to the age of disruption, where its all about breaking the norms. An age where the divergents rule the entire business space. An age characterized by the emergence of the ‘Millennials’ & ‘Generation Z’ as a strong force in the market due to their large numbers & increased purchasing power.
Research & Development is the name of the game, the value you place on R&D will determine the height to which you can soar on the disruptive lane.
R&D forms the backbone for corporate innovation. If you fail to innovate, you will DIE.
Take a cue from NOKIA, it wasn’t about what they did wrong, it was all about what they failed to do. While they were focused on creating phones with longer battery life, the market was yearning for smarter phones with cooler apps & great cameras.
It’s important to have a customer driven approach to disruption. Empathy is the key to the game of disruption, & solving the pain-points of the customer is EVERYTHING.
Take a second & reflect on your product today & see how it fares on the disruption scale.
Listen to your customers – What are they saying? What are their Pain Points?
How Can I serve them better? What can I do differently?
A company that fails to listen to its customers will end up building solutions for problems nobody has.
It’s not about how good you are doing right now, as long as your customers are bleeding while using your products, they are candidates waiting to captured by a competitor that is responsive and capable of addressing the pain