8 ways to avoid getting disrupted within your industry, according to Deloitte

Don’t let you company get digitally disrupted. Photo: Dean Mouhtaropoulos/ Getty.

Speaking at the Daze of Disruption conference this week, Damien Tampling, a partner of Deloitte’s technology and media team, shared numerous tips and tricks for innovating within your business, as well as his predictions on which Australian industries are likely to be affected by the inevitable boom in digital disruption.

The final thing he shared was Deloitte’s tips for businesses on how not to get disrupted. Or as he says, “How do I minimise the chances of being disrupted or how do I be aware of what the disruption might be?”

Here they are.

1. Embrace digital.

“There are many, many things you could be doing around your overall omni-channel or how you engage your consumers around how your using analytics, but I’ve never been to a company where I think: ‘they’re spending enough on digital’. Without a doubt companies can always be doing more in this area,” he said.

2. Think about innovation as a portfolio.

“Think about the frontiers. You need to be thinking as an organisation about what you are doing in each of them to be investing for the future,” he said.

Adding to that the company’s report on Harnessing the bang of disruption explains businesses must adopt a change-agile mindset — agility in platforms, people and planning.

“Scalable learning is the name of the game as virtual ATMs, data that measures shoppers’ behaviour, wearable technology that measures an individual’s health metrics, and more sophisticated personalisation all inform the agenda,” Tampling said.

3. Use multiple types of innovation.

“Investment in mobile and social media is essential if organisations are to communicate effectively with their customers and with their own people,” he said.

See the 10 types of innovation he discussed at the conference here.

4. Be intensively curious about your customers (and non customers).

Customers are leading the data and digital revolution.

“They are more empowered than ever to tell businesses what they want. Those businesses that listen – and appreciate the intellectual-property value of their customer base – are the ones that are responding successfully to digital disruption and staying ahead of the pack,” the report said.

5. Continously challenge orthodoxies to reframe opportunities.

“Boards should be inquiring about their organisation’s innovation culture and infrastructure, looking at who the innovation champions are in the organisation, what innovation strategies they are pursuing, and how they support and nurture innovative ideas,” according to the Deloitte report.

“They should also be asking management to report on how they are responding to competitive threats while also tapping and maximising the many opportunities presented by digital change.”

6. Look outside your organisation for insights, ideas and opportunities.

The report, which studied some of the biggest businesses in the country including Telstra, AustraliaSuper and Westfield, said companies should ask themselves these questions:

  • What are the most disruptive innovations in our industry?
  • How can we better test or harness these emerging business models?
  • Who are considered the brightest and most influential entrepreneurs in our industry?
  • How do we forge stronger relationships with these people?
  • 7. Improve your organisation “sensing and shaping” systems.

    Tampling said organisations need to improve their network for gaining information.

    “That’s why you see a lot of corporations sending their people one (Silicon) Valley trips… people are trying to engage in other circles of information, other circles of knowledge and ways of thinking to improve their ability to sense,” he said.

    “If I can sense more of what is going on at a global scale I’ve probably got a better chance of helping shape it, and then I’ve probably got a better chance at seizing it and being on the front foot as an organisation.”

    8. Think global.

    “It’s obviously but it is amazing how many organisations are still thinking about the regulations and the rules and the construct of Australia and not thinking beyond that,” Tampling said.

    “But it is clear that a lot of the innovation is not necessarily coming from here.”

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