Businesses around the world now face a new challenge — disruptive technological advancements that will radicalize the established trade and commerce. Conventional brick and mortar industries are adapting to the AI-age digital disruption-driven technology. This change is reshaping the production, office operations, sales and marketing, customer experience, and organization profitability.
What is Business Disruption
A disruptive business method means a new business model that delivers enough value and profitability while maintaining sustainability. Compared to the existing model for creating and capturing commercial value, the new hypothesis will be more agile, stress-tolerant, and flexible.
How Deep is Business Disruption Affecting Traditional Business
With its roots and branches spread deep inside the technological advancements, all industries have somewhat experienced changes. The key sectors are:
- Retail Business
A few minutes of swiping through a grocery shop’s mobile app can substitute an entire month’s grocery shopping. An E-commerce platform also saves money and offers more choices of products. Digital disruption in the retail business is increasing competition and product quality.
- Health Care and Preventive Diagnosis
E-medicine and e-pharmacy concepts are now replacing the health and wellness industry globally. Through an online web-portal or a mobile app, the consumer can consult a physician, order prescribed medicines, book home appointments for pathological tests, get online lab results, and many more.
- Corporate and Shopping Real Estate Sector
An entire shopping mall has switched from brick and mortar settlement to a simple mobile app. The corporate service sector proved that it could function entirely from home during the COVID-19 Pandemic. Organizations around the world adapting to work from home model. Such changes are disrupting the commercial real estate sector too.
- B2B Sales and Services
B2B selling and procurement also shifted to electronic inventory rather than physical stocks. Automated ERPs, Big Data Analytics, Blockchain, and the Internet of Things are providing crucial insight so that the vendors can ship deliverables from their plants directly on time. Providing quality customer service has become more effortless with the adaptation of AI conversation robots.
- Governments and NGOs
Traditional government functionalities have also changed. Government administrations worldwide are now focusing on e-governance to cater to the ever-growing population of any country. NGOs can now run crowdfunding campaigns for causes like saving the environment or animal life.
- Product Promotion for Revenue Realization
Sales and marketing have changed radically with the introduction of disruptive business models. Social media marketing, email campaigns, blogs, influencer marketing, and video marketing through streaming platforms have replaced costly TV advertisements, in-person marketing, and newspaper adverts. With user-specific data-driven AI technology, merchants can now directly reach the right consumers with tailored product offerings.
- Tour and Travel
Data-driven technological disruption made the travel industry effortless for both tourists and travel agencies. Consumers can now plan the entire itinerary from the comfort of their home. They get reviews for transportation modes, hotel accommodation, tourist spots, and food facilities before visiting any place. Real-time GPS and “Big Data” driven data analysis can suggest numerous ideas for the traveler.
- Virtual Reality & Video Conferencing
The 3D Augmentation and Virtual Reality technology are now reshaping the tour and travel, real estate, cosmetics, entertainment, education, eyewear, and garments industry in an unprecedented manner. Consumers can actually try and get the first look at lifestyle products just by interacting through a smartphone app. The brick-and-mortar cinemas are now available at home with much more facilities than ever before. Teachers around the world can now touch the lives of students in remote villages and sub-urban areas.
Conclusion
As global research and development are focusing more on digital technologies such as Blockchain, IoT, Big Data, and AI, the world is yet to see more disruptions in day-to-day life. Major disruptions will occur in the monetary policy soon as leading global businesses have now started endorsing cryptocurrency. The bottom line for any traditional business is, they can stay afloat with a mindset of adaptation to the latest business disruption and the addition of technology as their key to the business success.
Tamal's Writing 
Leave a comment