Once iconic companies, including Nokia, Kodak, Blockbuster and Xerox, disappeared from the market because they failed to survive in the age of disruption. Once they were considered role model operations globally, but technological disruption wiped them out. One lesson learned is that CEOs must not take any organizational achievements for granted. Instead, they should prepare themselves to capitalize on disruption effectively.
Disruption is not a new phenomenon In the current global business environment, all sectors are disrupted — industries, organizations and individuals. Nothing is immune from it. Digital cameras disrupted analog cameras, quartz watches did the same to mechanical watches, and the iPhone displaced Blackberrys. We can see these market upheavals from the use of desktops to laptops to smartphones. The first Industrial Revolution disrupted traditional methods of living and earning via steam power and mechanized production. The second disrupted the first by changing lifestyles through electric power and international mass production. The third disrupted the second by automating such production. Currently, the fourth such revolution, the digital, is throwing at-once fresh challenges and opportunities to humankind, and is evolving at an exponential rather than linear pace.
Humans evolved from the Stone Age to the Space Age, principally due to disruption, and must continue to embrace change to survive both physically and economically. Similarly, organizations must embrace rapid shifts in circumstances, and innovate constantly by predicting and preparing. Some of the notable industries most recently challenged are education, computer, banking, publishing and print media, as well as insurance, real estate, construction and healthcare. And some of the best-performing companies, along with their workforce, could disappear soon if they don’t innovate; a 2017 report by McKinsey Global Institute estimates that between 400 million and 800 million of today’s jobs will be automated by 2030, for example. Read More at https://www.entrepreneur.com/article/370116