Sleeping at the wheel: The delicate art of missing out on digital innovation.
It’s a bit absurd, but some entrepreneurs find themselves facing a peculiar challenge today: their business is not in crisis. No blockchain startup, platform, or AI threatens to disrupt their market. At least, not yet.
But waiting for a crisis to innovate is a strategy that, far from being risky, is downright suicidal.
Traditional restaurants and the emergence of delivery platforms.
To aptly illustrate the topic, here’s a fictional example: imagine yourself in the shoes of a traditional restaurateur.
For a long time, you were untouchable. Your authentic cuisine and quality service built the reputation of your establishment. But customer habits have changed. Food delivery platforms, like Uber Eats, DoorDash, and JustEat, have flooded the market, offering convenience and choice that customers love.
These platforms have presented traditional restaurants with a new way to reach their customers, but it comes at a price. Their business model requires you to share a portion of your profits, cutting into your already thin margins. And the more you become reliant on these delivery services, the more trapped you feel.
So, what to do? Cling desperately to your old methods, hoping customers will come back? No, that will only delay the inevitable.
Innovation: your best defense.
Here are three key takeaways for businesses looking to safeguard themselves against potential disruption:
- Don’t Wait for a Crisis
You shouldn’t wish for nor wait for a crisis to hit before making changes. Ensure your business is ready to tackle future challenges starting today. It’s in a secure environment that it’s best to start working for your company’s future, not for tomorrow, but for the years ahead. - There’s a Platform for Your Industry Too
Leaders of all businesses, regardless of size, should invest in digital transformation programs right now. Even if there isn’t yet a platform threatening your product or service, there’s probably an entrepreneur somewhere working on that idea. - Digital Is Your Friend
Instead of viewing digital disruption as a threat, see it as an opportunity. Indeed, the initial transition might require a lot of effort. However, with a human-centered approach, digital transformation can enhance many aspects. It can boost your productivity, your pace of innovation, your learning rate, and your customers’ expectations.
So, don’t just stand by hoping for a crisis to strike. Use digital to prepare for what could come. By embracing change now, from a position of security, you can ensure the long-term future of your business. And, who knows, you might save more than you think.