Do you consider your business to be ‘ahead of the game’? The speed of technological advancement is running at a frightful pace, in the five minutes it takes you to read this, numerous devices, applications and software packages are due an upgrade. Just keeping in the loop 24/7 becomes a full-time job.
Predicting the next big thing can also be a harrowing experience, especially as the next technological breakthrough could be in your sector.
The ability for a new arrival to take your industry by the scruff of the neck is a very real threat to whatever sector you are in and makes it important to remain agile.
So much so in fact, we have highlighted two recent case studies in which start-ups have caused major disruption in a marketplace when nobody saw it coming.
Case Study: Uber
Uber started in 2008 and has since caused major disruption in the taxi trade. Uber changed the game of customer service and gave the cab user an alternative whilst also enabling people to become Uber drivers to generate a second income.
The traditional method of calling a taxi firm and waiting 20 minutes for it to arrive then having to root around in your pockets for change made the process painful and time consuming.
The ability to tap an app, make the payment there and then, then just jump in and out generates a very user friendly model and signifies the way that industry has moved forward.
In a paper published by Oxford Martin School’s Carl Benedikt Frey, he states that in most major cities, the number of self-employed taxi drivers has risen by 50%, the bad news however, is that this equates to a 10% drop in income of salaried drivers across the board.
A 10% salary drop is large hit to take at any level and goes to show the influence a new entity can have in the market.
Case Study: AirBnB
Uber are not the only ones, AirBnB caused major disruption in the travel industry. As with Uber, AirBnB were formed in 2008 after the three founders rented out air mattresses on their San Francisco apartment during a design conference being held in the city.
The ability to put your house on the market (or spare room) as a short term let for a set price per night showed AirBnB’s adaption to a shifting market in a bid to essentially democratise hotels.
Today AirBnB has over 2.2 million houses registered on its online platform with over 90 million users across the world.
AirBnB’s valuation of just over $10 billion exceeds long established hotel chains such as Hyatt, which goes to show the disruption the company has caused on the travel industry in just nine years.
The future is unpredictable and ensuring your business can make a seamless transition in the digital world is vital to ensuring you stay at the forefront of your market and can react quickly and efficiently to a shift in market.
Follow the link to see how Qubic can help ensure you make a smooth digital transformation and protect your business in case of any market disruptions.
Watch our latest video below where the senior team of Qubic Group introduce the company and the story behind how they started out or contact us on 0208 936 7091