The world isn’t changing, it has changed. The digital economy has ushered in unprecedented progress, transforming the way we live and work. But, new challenges and ongoing change impact every organization, disrupting and jeopardizing advances and bringing uncertainty.
Driven by a host of factors, including technological, societal, economic and health, the speed of change is only accelerating. A single event can trigger disruption everywhere, almost instantaneously.
Now more than ever, organizations need to be resilient to react and respond to accelerated change and survive any situation unscathed.
Digital Disruptions: The Story of Blockbuster and Tower Records
When companies cannot change at the pace that society demands, they cannot survive. In fact, one digital disruption study noted that 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist since 2000. Nearly 74% responded to digital disruptions only after the second year of their occurrence and the vast majority of companies that went bankrupt responded only when the digital disruption had already firmly taken root.
In a classic example of disruption, Blockbuster dominated the traditional video rental market until newcomer Netflix turned the market on its head. While Blockbuster stayed true to its traditional model, driving users to brick and mortar stores and charging late fees, Netflix offered convenience, affordability and access focused on the user experience of mail-based DVD rental. Blockbuster recognized the change too late and was not able to pivot in time, leaving only a handful of the movie rental powerhouse’s stores standing.
The music industry has experienced many phases of disruption. First Tower Records disrupted the market by offering unparalleled choice at their “brick and mortar” stores, stacking the shelves with a huge variety of CDs and vinyl. But, consumer behavior was changing and, once again, access, availability and convenience took hold. Apple launched iTunes, offering the ability to buy songs in a digital format and listen on the go, disrupting the brick and mortar music giant. Then along came Spotify and other streaming services who made music even more accessible and affordable using a cloud-based subscription model and began to disrupt the disruptor.
It is not enough to simply spot a new trend and adapt. Resilient organizations have built-in flexibility to recover from difficulties and respond to change quickly. They need to not just recognize changes but be able to realign to serve the market and address customer needs without missing a beat.
Information Management for a Resilient Organization
An enterprise-wide digital transformation strategy underpins the resilient organization, unifying content and information across an entire organization and putting customers at the heart of the business. In times of disruption, Information gives us the power to stay ahead of change.
According to research in Data Versus Goliath, 53% of executives seek to be able to react more quickly to market changes and customer preferences or improve and streamline internal support operations when looking at major data sources across the board, while only about one in four executives report they are able to fully leverage the data that is available.
Secure information management can help by creating a strategy to maintain stability and continuity
and protect critical infrastructure with:
- Analytics that enable rapid decision making
- Supply chains that are flexible enough to withstand change
- Remote work solutions that empower employees and maintain productivity
- Total endpoint protection that keeps critical infrastructure secure
Resilience is the key to business continuity and Information management is key to resilience. By adopting and utilizing information management solutions, organizations of any size can maintain stability throughout both progress and disruption.
Is your organization resilient? Contact us to learn how to build resilience into your organization to stay ahead of disruption and be prepared, agile and innovative enough for anything.