It seems 2020 has been the year of new business ‘buzz’ words like pivot, agility, resilience, 360, and disruption. With rapidly advancing technologies these ‘buzz’ words have become nouns with transformative, magical-sounding new concepts.
Historically, the use of the word ‘disruption’ brings a negative connotation to mind, juxtaposed in a context describing disharmony and chaos. By definition, ‘disruption’ means the act of interrupting the normal course of an activity or process. Well, not so anymore. Disruption has had a bad ‘rap’ and the winds of change and technology have given it a positive, exciting new meaning of ‘profound change improvement’ in 2020!
Disruptors: What’s Happened Since 2010?
In an article published in 2010, written by Scott D. Anthony in Harvard Business Review, entitled: Disruptors of the Decade; he lists the following biggest disruptors by category. (selection based on 900 voluntary voters in a private poll conducted by HBR)
- Biggest Disruptor: Apple (iPod in Music, iPhone in mobile and branded stores in retail);
- Runner Up: Cisco Systems;
- Finalists bringing up the lead: HP, IBM, Microsoft and Dell
- Biggest Disruptor: Walmart. (Supply Chain/Retail concept delivery)
- Biggest Disruptor: Google (free information access to everyone);
- Runner Up: Amazon Finalists bringing up the lead: eBay, Research In Motion (Blackberry – remember them?) Facebook and Netflix
The biggest ‘emerging Disruptors’ identified in 2010 are now referred to as the ‘FAANG’ group of companies. The acronym ‘FAANG’ stands for: Facebook, Apple, Amazon, Netflicks, and Google. They’re the iconic ‘Titans’ of the technology landscape and have built the foundation of our operating systems; continuously creating emerging concepts into hard realities such as cloud computing, cybersecurity, blockchain, artificial intelligence, robotics and so on. A mere 10 years later, the ‘FAANG’ stocks represent roughly 30% of the stock market valuation and have in 2020 increased in value between 160 to 500%.
Disruption happens to industries that are ripe for change – begging for an update! Why?
Because without fundamental improvements to a business model after 50, 60 or 70 years, it’s almost impossible to pivot your business with agility and resilience; adapting to, and championing a changing, global marketplace.
Simply put, with so many emerging technologies and frameworks at our fingertips, ageing industries that have not adapted to innovative concepts with automated ‘best practices’ will eventually get left behind.
In May of 2018, softwareadvice.com released this list of forecasted technology advancements creating significant ‘Disruptors’ to current business processes as we know them:
- 2019 Data Ethics (security & regulation of collected consumer data)
- 2020 Machine Learning (Hard programming on machines feeding data activities)
- 2020 Predictive Analytics (programs to leverage data analytics for predictive forecasts)
- 2021 Conversational User Interfaces (chatbots to eliminate manual repetitive CSR labour)
- 2021 User Experience – Personification ( i.e. e-comm ‘intelligent’ shopping suggestions)
- 2022 Blockchain – Internal data security reducing cyber-crime & attacks
- We’re easily two years ahead of reaching this two-year-old forecast!
‘Legacy’ companies, with decades of management layers, are most vulnerable to disruptors; they usually never see it coming when their industry is ‘morphed’ by transformative technology.
Complacency eliminates the willingness and ability to stay nimble and develop resilient operating procedures to foster growth and pivot to Customer and ever-changing market demands.
Airbnb, Uber and LinkedIn fundamentally changed the industries of: lodging, taxis and recruitment, by addressing and solving inconsistent vulnerabilities – ripe for change!
In simple terms, ‘new concept’ businesses are created by (usually) just one person’s imagination, creativity, fierce passion and most importantly their ability to execute and surround themselves with capable, like-minded talent and the best tools possible.
So why should we care about disruptive technology?
5 Compelling Reasons to look closely at a disruptive technology opportunity in your hiring business process:
- Massive cost savings! Take control of your hiring costs using measurable ROI
- Never miss out on talent that will outfit your business growth and dovetail with your company’s core values and credibility
- Use ‘Employment Ready’ Candidate profiles – fully assessed using ‘best practices’ applications and maintained with current data and objective quality control.
- Be the master of your own customer service experience with online timesheet approval, geo-fencing Applicant sourcing to your facility, optional payroll service, transferrable payroll-ready files, job posting, mobile App direct messaging and job offer/placement to Candidate selections using our mobile App.
- Be an early adopter of disruptive technology – it’s been designed to solve past industry inefficiencies, increase speed, accuracy and a simple User-Friendly experience, comprehensive functionality – everything you need in ONE system – no more job boards, resume screening, timesheet reconciliations, missed candidate calls…..
We’re a ‘Disruptor’ … are you ready for some really, really good disruption?
We’re ready for YOU!