Top Six Digital Disruption Myths that Enterprise Leaders Should be Wary Of

Top Six Digital Disruption Myths that Enterprise Leaders Should be-01-01

Myths have a crucial role in history and culture, but believing in fables may be both dangerous and career-ending when it comes to digital disruption.

Long-held business beliefs and practices are being replaced or drastically transformed by digital disruption, which is sweeping the enterprise landscape. Digital transformation has spawned a number of major misconceptions in addition to creating new opportunities, and even entire industries. These modern folk stories, if believed by company leaders, can cause a digital disruption initiative to be delayed or even halted entirely.

Here are seven myths that, if believed, might jeopardise the digital disruption strategy.

The primary cause of digital disruption is a technological issue

Digital disruption should be used to further a company’s goals. A technology-only mind-set can result in a substantial amount of time and money being wasted by a business. Focusing on technology while downplaying or neglecting commercial merit might result in capital expenditures being redirected to projects that have only a shaky link to business value at best.

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While experimenting with new technologies is a good thing, if businesses are going to do it anyway, they should get the right stakeholders involved early so that their innovation efforts are directly linked to their targeted business goals.

The secret to digital success is to focus on a single business area where the company can truly differentiate itself from its competitors.

An ailing business will be cured by digital disruption

There are no silver bullets when it comes to digital transformation. Too often, businesses judge their performance based on the adoption of a disruptive technology, assuming that doing so will produce the desired results. That isn’t always the case, though.

Only a small portion of the digital disruption strategy should be focused on technology. Changes to business and operating models, as well as the change management involved with transformation, should be a priority for leaders. Combining a forward-looking vision of the business and its multiple operating models with an integrated architecture is critical for delivering favorable results.

Because of external circumstances, digital disruption is unavoidable.

Organizations frequently dread being forced into disruption because of a competitor’s actions. While external pressure might sometimes push businesses to launch a hastily devised digital disruption effort, this is rarely a wise response. Companies may become more protective or defensive as a result of this belief.

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Enterprises that rush headlong into a digital disruption initiative are prone to obsessing over how their competitors will react, stifling their own growth and ability to innovate and think outside the box.

Digital disruption for industry giants

It’s a common misconception that digital disruption is only for giants or the industry’s biggest competitors, and that it’s not for ordinary small and midsize businesses.

Small businesses and start-ups have a long history of being catapulted into the tech stratosphere by digital disruption. Digital disruption leaders can emerge from any type and size of organization. To change, businesses must overcome cultural resistance. Disruption also gives IT and business leaders of all sizes, the opportunity to invest in experimentation and creativity.

In the digital disruption, there are winners and losers. Given the current pace of disruption, those that consider disruption as a bad thing or believe time is on their side may be caught off guard. Winners will accept the fact that digital disruption is unavoidable and foster a culture that encourages experimentation and ideation.

Jobs — and employee morale — are lost as a result of digital disruption

Because of the mistaken belief that digital disruption eliminates jobs, it is frequently feared. In the end, it is just another way for businesses to focus on the bottom line rather than their employees. That is a really short-sighted viewpoint. Organizations and people would be trapped executing the same procedures and tasks as before if disruption did not occur.

Businesses that embrace digital disruption position themselves and their employees for a bright future.

Digital disruption is optional

The most common digital disruption misconception among executives is that their company is immune to disruption. It’s easy to believe that just certain industries or activities are at risk of disruption, rather than realising that practically everything is undergoing change right now.

When it comes to digital disruption, leaders should be proactive but cautious. The best way to deal with digital disruption is to lead rather than react. Believing that digital disruption will have no impact on enterprises is perilous because it puts them at risk of being left behind.

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Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.