How digital disruption is impacting UK businesses (for the better)
Technology has been transforming personal and professional lives for quite some time now. Consumers are battling to be at the forefront when it comes to the latest tech, and businesses are no different.
That said, some companies are still feeling vulnerable to the ongoing ‘threat’ of technology. This has been somewhat exacerbated in recent months with various news stories about the impact of automation on the jobs market. In fact, E&Y recently reported that businesses are struggling to transition to the digital era due to a lack of understanding of new technologies.
What we’re seeing, however, is those businesses that are embracing digital disruption are shaking up a huge range of industries for the better, such as retail and banking, which were thought to be insusceptible to digital upheaval. They’re also some of the most successful new businesses out there at the moment.
Further to this, through our work with Real Business and the Everline Future 50 Awards, we know that the most disruptive organisations are those that have thought beyond the status quo and perceived new trends far ahead of their competitors. Just take a look at their 2015 alumni list for some great examples.
Below, we’ve identified three ways in which digital disruption is impacting UK businesses for the better:
1. More connected
At the heart of digital transformation is connectivity.
In today’s world, constant connectivity is more common than not, everything needs to be accessible from the click of a button, anywhere, at any time. Technology is of course the power house behind this but it is the forward-thinking, innovative businesses, creating new means for people to connect, which stand to reap the rewards. The businesses who are able to use digital disruption to their advantage and facilitate this connectivity will no doubt thrive in the future.
2. More collaboration
Social media and mobile technology have enabled the latest advances in the sharing economy to happen and turned these into successful, well-known businesses.
Some great examples are Airbnb, allowing individuals to share their homes, and Uber, transforming private cars into common resources. Real Business and Everline’s own Future 50 winners, CommuterClub, Payasugym and IO technologies are also following this collaborative model and are really setting the bar for other businesses.
3. More cost-effective
It has been argued that digital transformation is costly and complex, requiring new working models, strategies and people. While we can’t deny the fact that digitally enhancing your business will cost money, what we do know is the companies that are getting it right are seeing benefits.
And there’s data to back this up: a 2014 McKinsey survey of 850 business leaders found that more than one-third expect at least 15 percent of their companies’ growth in the next three years will be driven by digital initiatives.
To put it quite bluntly, technological disruption isn’t even a new trend anymore, it’s a way of life. As such businesses need to embrace it, rather than shy away from its impacts. The sooner this is done, the sooner they’ll reap the benefits of being a more connected, collaborative and cost-effective organisation.
Do you know a disruptive British business that is transforming an industry? Real Business and Everline are on the search to discover talented young companies from across Britain for the 2016 Future 50 Awards. You can make your nomination (or nominate your own business) here.