Digital disruption is a transformation that is caused by emerging digital technologies and business models.
These innovative new technologies and models can impact the value of existing products and services offered in the industry.
What businesses can do is embrace digital disruption, even plan for it. Keeping an eye on the ball and knowing the signs of digital disruption emerging in your industry means you can get ahead of the game and work with the flow rather than against it.
In a recently published article entitled, “Blurring the Boundaries Between Industries with Digital Disruption,” author and expert, James McClelland, writes:
“Ten billion people – that’s the projected global population by 2050. As billions of people join the digital economy, some experts say the demand for electricity, natural gas, and water will double, or even triple. They also predict the use of energy and water will grow while vehicles and mass transit go electric. One thing is clear: The digital economy needs clean, dependable, and affordable water and energy.”
He adds that it should be a great outlook for energy and water suppliers, distributors, and retailers. Yet decarbonization, deregulation, and decentralization are disrupting the century-old utilities hierarchy. “We see a digital energy network emerging that reflects new structures of distributed generation, water supply, transmission, distribution, and retail. The digital energy network will foster new business models and processes. It will transform work in a competitive and collaborative digital economy.”
What McClelland is arguing with this example is that even the most archaic of industries are being turned on their heads due to digital disruption. Digital disruption typically marks changes in consumer needs and therefore working with the tide allows you to fulfil these emerging needs, keeping existing customers happy and opening up opportunities for new customers to find what they need from your brand.
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