Disrupt or be Disrupted
Technology continues to disrupt businesses and institutions. It’s transforming the way we work and live. Geoff De Weaver, CEO of Touchpoint Entertainment Inc. points out businesses need to transform today so they aren’t digitally disrupted tomorrow. Geoff is passionate about disruption and paradigm shifts. His firm is on the leading edge. Geoff helps some of the world’s most iconic brands manage this next wave.
In an article titled “Technology is Disrupting Everything” on Techcrunch, author Ron Miller notes the speed of change is rapid. Every aspect of the way we live and work, to the laws and systems we have in place, seem to be vulnerable to disruption. Businesses affected are only now realizing the threat from new digital platforms. Ron points to the case of taxi drivers versus Uber. Though many taxi drivers are feeling the sting of competition and joining the ranks of Uber, some have reacted with strikes, which have sometimes turned violent. Ron illustrates not just industry, but individuals are feeling the full weight of disruption. It’s not just industry and individuals, Governments are also struggling to keep pace as technology speeds along. Antiquated systems fail to meet the needs of today’s businesses.
In an article on Investopedia, Adam Hayes runs through a list of 2o industries threatened by tech disruption. He points out the list is incomplete as technology is progressing at a record pace. Besides the well known cases like Uber’s impact on the taxi industry, Airbnb’s disruption of the hotel industry, and companies like Expedia, Kayak and Travelocity eliminating the need for human travel agents, he highlights the impacts on industries like finance, education and retail. The rise of online trading , robo advisors and mobile payments are reducing the need for human brokers and bank tellers. Educational sites like Khan Academy, Udemy and Coursera are challenging leading universities and reducing the need for teachers and college professors over time. Fast food workers have protested the minimum wage prompting companies to use kiosks to take orders eliminating the need for humans. Retail cashiers have been replaced with self-checkout lines. Toll booth attendants have been replaced with systems like EZPass. Adam points out while industries and jobs are being be lost to technical advancement, the jury is still out as to whether new jobs and industries will be created to replace what was lost.
- Disruption is moving at light speed.
- Disruption affects more than just jobs and business. Government and Law are struggling to keep up.
- If you haven’t been disrupted yet, you probably will be.