Tell-tale signs your business is in danger of disruption

by Evan Davies, Chief Executive - QLD | |   Finance and Risk
Tell-tale signs your business is in danger of disruption

There is only one certainty in predicting the future: the world will look different in 12 months' time. For some businesses, change will be the impetus to propel them to greater heights. For others, change will be a major threat to their survival. Which direction is your business going to take?

At The CEO Institute QLD Summit recently, Mark Anthonisz, PWC Chair in Digital Economy, shared his insights into what some of the warning bells might be that your future revenue is in danger:

  • Your product has become a digital public good
  • Your customers have become your competitors
  • New digital products / channels are emerging
  • Your customers want a platform, not a corporation
  • Your customers are no longer 'locked in'
  • Your customers are ageing with you
  • Your customer revenue is in danger

Digital Disruption is no longer a fancy new-age concept. It is a real threat to many businesses, and it is already changing the shape of many industries, with many more significant disruptions to come.  

Naturally, any business is vulnerable to disruption. Michael McQueen, international speaker and trends expert, says every one of the following three factors, either on their own or combined, will lead to change:

  1. High cost to value ratio

    Any sector enjoying high margins is vulnerable to the entrance of lean and agile players who are willing to do more for less. Also, increasingly empowered consumers are always on the lookout for ways to circumvent a distribution process that adds cost without value (disintermediation). In many industries, retailers, advisers, brokers and agents are needing to prove the value they add. If the value proposition is questionable, and all they are offering is clip-the-ticket cost, consumers will be ruthless in their efforts to bypass them and go directly to providers.

  2. Inefficiency

    When technology can provide an easier way to do things, industries are a target for disruption. Incumbents always face an uphill battle because their organisational structures, business models and operational paradigms are based on history. Abandoning approaches that have been profitable and comfortable in the past is a big challenge for many organisations.

  3. Market dominance

    Arrogance can pervade in an industry where a small number of key players have dominated and remained unchallenged for a long time. When large companies control the market through manipulation of supply channels, the market longs for freedom and looks at innovation to compete with these players.

The CEO Institute was founded in 1992. It is now Australia's leading membership organisation for CEOs and senior executives. It provides a forum for over 1,000 Chief Executive members to connect and share their learning with each other. In 2011, The CEO Institute became the world’s first global certification body for CEOs, and in 2013, partnered with UNESCO in support of the "Malala Fund for Girls' Right to Education". In 2014, they began offering their programs globally.
 
The CEO Syndicate is an exclusive peer support network for CEOs. The first meeting of The CEO Syndicate program was held in Melbourne in June 1992. Offices were opened in Adelaide in 1996 and Sydney and Brisbane in 1997, with Perth launching in 2007. In 2015, the New Zealand office opened.
 
The Future CEO program is a certification course designed by the business leaders of today for the business leaders of tomorrow. The first Future CEO meeting was held in Melbourne in May 2012. In 2014, the "Future CEO Scholarship Fund for Women" was established, and continues to be offered today.

Membership of The CEO Institute is by invitation only. To register your interest click enquire.

 

 

 

 

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