Technological progress is a driver to transform businesses. Disruptors establish a sharp vision of the future, analysing behaviour change driven by innovation.
Companies are now moving so quickly in some industries that constant transformation is the norm. Start-ups find it easier to stay on a journey of ongoing transformation. They carry little baggage as they build their IT on Cloud, thus minimising initial investments, allowing flexibility for growth and change of direction. Established SMEs can reduce the risk of going wrong by learning from Start-ups.
The SME world is changing faster than many realise. How does a business keep abreast of what disruption might be around the corner?
- Watching competitors, suppliers and customers closely is important. Could technology make your link in the value-chain superfluous?
- Awareness of technology is key, both in forming a vision and enabling a transformation.
- When an enterprise moves into a new industry (like Apple into the Music Industry), it is a sign they have spotted an opportunity to transform and disrupt a value chain.
- New regulations like GDPR will have an impact on how businesses are allowed to operate.
Transformation journeys typically increase dependency on technology and thereby risk of disruption from Cyber incidents. Focusing on cyber security in isolation to overcome this may be missing a trick.
Cloud technology providers continuously build improved cyber security and compliance tools (GDPR, PCI/DSS, NIST) into their products, so successful transformations typically improve security and basis for compliance.
Successful SMEs step back, establish their vision, bring along their people and transform securely with innovative technology.