Facing Up To the Challenges of Change

4 years ago
MDEC

(Marketingmagazine.com.my) – This year, 2016, is thought to be plagued by the disruptive influence of technology on business as we know it which could have a most profound significance.

Dato’ Yasmin Mahmood, the CEO of Malaysian Digital Economy Corporation (MDEC) in her recent article published in The Star on 16 January, believed that we are in the middle of a revolution.

Technology is changing the rules of business and disruption is becoming the norm.

She suggests that technologies such as Big Data analytics, virtual reality, 3D printing, drones and Internet of Things are underpinning seismic shifts in how business is done.

According to her, there has been increased visibility and talk about “The Sharing Economy”.

Technology is finally allowing players to identify under utilised resources and make them available to people so that they can “share” them.

Sharing technology enables more sustainable use of idle resources, cost reductions, and instant business matching.

One such example is Ride-Sharing, which is causing disruption in traditional taxi services.

Dato’ Yasmin notes that Uber and Airbnb are sharing economy companies that have rewritten the rules of entire industries across the globe.

They have done so in an alarmingly short time. This pace of change is only going to accelerate.

No industry is immune and the greatest risk to your business may no longer be your competition.

In Malaysia there are companies like Tripda enabling people driving outstation to sell trips in the empty seats of their cars.

Among her favourites is ClosetStyles, which allows women to turn their own closets into an online clothing store and make quality branded clothes available for sale.

Technology no longer is the backroom support for business.

Technology is business and more so this year, where will see disruption come thick and fast.

Dato Yasmin asks: “Who could imagine that a company like Uber could go from a start-up to completely disrupting the taxi industry across the world in five years?

Such fundamental change at this pace is only possible with the technology that has underpinned it. Incorporating future proofing into your ongoing business review processes is a great way to stay ahead of the curve”.

These new technologies and the change they bring don’t come without concern, some people are likely to feel affected or threatened and so will resist.

However one ignores lessons of history at one’s peril. Progress and innovation is an unstoppable wave, that should not be ignored nor fight against it as one is likely to lose out in the long term.

Read the full article : http://www.thestar.com.my/business/business-news/2016/01/16/2016-will-be-a-year-driven-by-disruption/

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(MDEC)

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