The rules of the game have changed in many industries, with disruptors popping up everywhere. Whether it’s automation or new business models – such as Uber and Airbnb in the transport and hospitality industries respectively – disruption is here to stay.
However, companies need not worry unduly about being disrupted because it's possible to ride the wave and come out successful. Here are a few tips.
SMBs should look at technology as a friend and not a foe. There are platforms and applications that companies can tap into to improve work processes, attract more customers or increase productivity.
Simple tools such as Dropbox allow you to share large files easily and quickly, saving time on sending huge emails and also preventing your system from being clogged up. Similarly, a contact management system such as Sansan, which enhances efficiency, can also help increase profits.
Taking risks is another way a business can thrive in a disruptive environment.
Lyon Poh, partner and head of Digital + Innovation at KPMG Singapore, said: “Only companies that are willing to take the risk and disrupt themselves will survive.”
For example, KPMG itself launched a Digital + Innovation unit, which helps businesses transform by leveraging digital technologies. Instead of sitting back while a competitor offered digital services that they didn't, KPMG took the risk and decided to have skin in the game.
Adopt the right mindset
To effectively deal with the disruption, business leaders need to change their mindsets, so that they not only embrace change, but also use it to their advantage.
Robert Yap, deputy chairman and executive director of Y3 Technologies, a homegrown software solutions provider, believes that traditional businesses must complement their go-to-market strategy with a digital approach.
He also advises that business leaders should focus on having a hunger to succeed, making creativity a shared goal, and learning quickly while getting results fast and moving forward.
With the right attitude, research and willingness to innovate and take risks, SMBs can use the disruptive environment to their advantage and even profit from it.