I recently had the honour of being invited to join a panel of experts on stage at the Dublin Tech Summit to discuss “Digital Disruption - the Digital Transformation Catalyst”.
What is digital disruption?
Digital disruption occurs when new entrants to a market or existing players use digital technologies that undermine the product or service on the market, or the business models of organisations in an industry.
For example, in the past we consumed music and movies on CDs and DVDs. With the introduction of streaming services like Spotify and Netflix a few years ago, the music and film industries became disrupted.
A lively discussion on digital disruption
On our Dublin Tech Summit panel session, we discussed how digital disruption is creating massive changes for customers, organisations and the way people around the world interact with products and services.
We looked at how some organisations are adapting their business models based on insights into how technology is evolving. With many organisations now integrating technology as part of their core value proposition in their products and services, we all agreed that the ones who don’t adapt will lose out.
Robert Farrell, Course Director at the Digital Marketing Academy of Ireland, speaking at DTS 2018
Three take-aways from the digital disruption session
- Digital disruption is already happening in your industry whether you recognise it or not.
- Managers must watch the market and technology trends for early signs of disruption.
- Use technology and support your own internal innovation projects to get ahead of disruption before it changes the rules in your industry.
Digital disruption: the facts
- According to Pierre Nanterme, CEO of Accenture, “Digital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000". Read: Digital disruption has only just begun
- Online piracy nearly destroyed the music industry in the 1990s, today streaming revenues are worth $7.7bn. Read: How the music industry came back to life
- Airbnb owns no hotel rooms but is worth more than the Starwood and Wyndham hotel groups combined. Read: How digital disruption changed 8 industries forever
- Online advertising didn’t exist in 1990, now the industry is worth nearly $270m. Read: Digital advertising spending worldwide from 2015 to 2020
For more information on the Dublin Tech Summit check out the website here. To learn how you can create a Digital Marketing Strategy to take advantage of digital disruption, check our range of Digital Marketing courses. Why not get social and leave us a comment on Facebook or Twitter.
The links included here are provided as a convenience and for informational purposes only. We bear no responsibility for the accuracy, legality or content of any external site or for any content on subsequent websites, nor does the inclusion of these links constitute our endorsement or an approval of any products, services or opinions stated.