The digital economy offers pathways toward business improvement with a continuous influx of new technologies. Many see these new technologies as a threat, that they are creating a digital disruption across industries. It may be a time-old cliché but digital disruption is a threat that can be turned into an opportunity.
Embracing digital disruption offers more than merely maintaining relevance. It is poised to offer innovation and growth potential to businesses of all types in the quickly evolving digital economy. For business leaders who remain content to continue operating “the way we always have”, these opportunities will be limited.
To thrive through continually challenging and improving business systems and processes requires commitment from every level of management, and an ability to respond quickly to emerging trends and opportunities. Perhaps most importantly, it requires cultural adoption across the organisation to flourish, otherwise most initiatives are likely to end up as simply more half-finished projects without making any progress. The cultural shift does not have to be big or immediate. Simply asking if some existing business practices can be improved by new technology is the first step in business improvement.
[blockquote cite="The Hon. Malcolm Turnbull, MP - Prime Minister of Australia" type="left"]Australia as a nation has to be agile, innovative, creative... We have to recognise that disruption driven by tech … is our friend if we are agile and smart enough to take advantage of it[/blockquote]
From the biggest multinationals, to start-ups and even traditional small businesses, innovating business processes must be a focus. Look no further than research conducted by PwC on behalf of Microsoft, for example. It found that if Australian SMEs were innovation leaders, $11 billion could have been added to the Australian economy in 2013. This is a remarkable untapped opportunity.
Any company that remains entrenched in the practices that have served them well in the past risk the steady decline of their business. But innovation doesn't happen overnight. It's starts by talking, by collaborating internally and externally to create and nurture a culture of innovation.
The short video below offers examples from five very different organisations on how they've adopted a workplace culture compatible with the digital economy. It offers a peek into how technology can innovate and I hope provides a spark for your business to go on track to be a innovation leader.
Image Credit: Boegh on Flickr.
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