Hold on tight, disruption ahead!
A big risk of the Covid-19 crisis is the acceleration in disruptive innovations. Vast numbers of consumers have proven they’re able to quickly adapt to new methods, as shown with the sudden and massive switch to online shopping. Here’s what to do to keep up.
Five imperatives to help you prepare for a new player or breakthrough innovation:
- Invest in new technology -– now. Your stakeholders now have high expectations of your online services.
- Don’t count on regulations to protect you. The priority accorded to health shows that this sector can see its regulations change from one day to the next, thus enabling new players to make their mark. You need to think ahead.
- Don’t underestimate how quickly habits can change. Customers prefer human contact? Not anymore! Your customers became adept at streaming services and video-conferencing in just a matter of weeks. Don’t count on having a captive audience.
- Take a fresh look at your ecosystem. Perhaps you should find new partners or take over a promising start-up? Don’t wait for the next wave to overhaul your partnerships.
- Assess your ability to cope with an explosion in demand. Some services, such as online conferences, saw demand explode quickly. Would your business be able to handle such a spike?
The Covid-19 crisis has shown how markets can change quickly. Be prepared for such market disruptions by repairing and improving the weak links in your organization.
To go further: “Five Strategies Every Leader Must Embrace to Harness Disruption” by Paul Nunes, Annette Rippert, and Larry Downes(MIT Sloan Management Review, August 2020).