We live in interesting and unexpected times. The many disruptive changes impacting our world are playing out in politics, business and wider society. Brexit and the recent American election outcome have been just two expressions of a world in transition.
This is why it is a critical time for business and government leaders to work closely together to come up with the solutions that will create growth and drive prosperity – fueled by the understanding that solutions in the 21st century will look different to the past. For example, manufacturing is fundamentally changing and might well move back onshore. However, it is likely that many old style manufacturing jobs will not be recreated as the work will largely be automated and other methods like 3D printing are already changing production methods.
Disruption is everywhere and affecting every industry. But what does this mean for organizations dealing with disruption? Today, disruption hits everything from businesses to governments and can come from halfway across the globe or even from unexpected challengers close to home. Responding to disruption is one of the biggest strategic imperatives facing today’s business leaders and policymakers.
We recently brought together some of the world’s leading minds to discuss disruption from all angles, including “Can disruption be a force for good?” as seen in this video:
Disrupting a business model requires learning from those who do it well but also being aware of the constraints that one’s own organization faces. This involves challenging long-held assumptions about matters as fundamental as the purpose of your business, who your customers and competitors are and will be, what technology infrastructure you need to deliver your services and being decisive about discontinuing the parts of your business that have become obsolete.
Recent events across the world show that the future is hard to predict. Working in uncertainty requires a culture that allows people to fail – preferably fast, early and cheap. When people can rapidly test and learn, it’s much easier to pick out winning ideas and reallocate resources. Whether you are in business, government, in a start-up or an NGO, asking the right questions and not jumping to conclusions has never been more important.
So how are you changing your approach to seize the upside of disruption?
Click here for more insights on how to seize the upside of disruption.
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.