Disruption For Innovation 1 - On Questions To Ask
If you’re thinking about your company's growth and future, you always have to be in the game. Disruptive Innovation, or simply coined “disruption,” according to Harvard Business Review is “a process whereby a smaller company with fewer resources is able to successfully challenge established incumbent businesses.” This is the key to your company's survival, and through this series, we aim to give you an idea on how to continually adopt disruption in order to innovate.
The biggest challenge to do so is to take the first step; which is how to disrupt yourself. Here are some questions you may want to ask when you start:
1) What is my current status and how do I improve it?
Disruption starts when you see yourself and your company objectively so you can begin to see what changes you can make. Again, like digital transformation, you do not only look at the technology and processes surrounding you, but you also factor in your people, your market, and your competition. If you want to be efficient, for example, you can automate processes like support chats on your social media properties with the help of emerging technologies, like a chatbot.
2) Which technologies can support me to be ahead of my competition?
Using competitive analysis, you can start to see the gaps left by your competition. If there are technologies that you can leverage to be ahead, make sure to use them, and at the same time, know what technology your competitors are using in order to be at par. Furthermore, learn to research by yourself. If there are services or technologies to improve your process, service, product, or efficiency, appropriate them accordingly. Make sure to add value to where you can. According to the Global Innovation Index of 2019, the Philippines jumped to the 54th place from 73rd in the 2018 ranking.. This is a huge leap on in our economy when it comes to fostering innovation through Research and Development investments and international patents and trademark. Serious efforts are being done to ensure Science and Technology in the Philippines is at par with international standards.
3) Is my business model still the right one for me?
Times are changing fast, and it is wise if not imperative to know the pulse of your market. In case you feel that your business is in danger of being obsolete, consider to change your business model. Research on emerging businesses and see if something about them is adaptable to your setup, according to your field. If not, try to reimagine your strengths and what you can do to change. Research is the backbone of every business and it is vital to think ahead to prevent massive failure in the long run. Moreover, research can predict and see the development and behaviour of the buying public. Consumers' buying power and behaviour has changed over time. Netflix is one prime example. From being a video rental service, it evolved into a streaming platform because they had a vision of an industry that will thrive using emerging technologies . The Philippines’ forward looking mindset for Science and Technology is becoming evident over the course of time. Several innovative projects are being improved and are ready to roll out from among our scientist and technology experts through the monitoring of DOST-PCIEERD.
Want to know more about their projects? Check out www.pcieerd.dost.gov.ph
Do you think that you can adapt a disruptive mindset? Try asking yourself these questions and you’ll definitely find a solution for your challenges that will lead to innovation! Check out our next article on www.dostv.ph
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