Innovation, Disruption and Four Opportunities for Competitive Advantage

“Uberize” is actually a word in Wiktionary.   It’s used in economics to describe modification (disruption) of a market or economic model.  We need a word like uberize because economic models are being disrupted a lot, especially as the digital economy digitizes into our lives.    I find these disruptions fascinating.  One of my favorite examples is of the self-milking cow.   Got milk?  Well 7500 years after the first cows were milked, innovations have enabled cows to milk themselves, giving more control to the cows, and freedom to the dairy farmers.

 

It seems that there is a new example of something being uberized every day.  So how can we set ourselves up to compete in a world of disruption, a world of digital transformation?  As part of a presentation at the European Bank of Reconstruction and Development (EBRD) Competitive Consulting event, I thought pretty hard about that question and have listed four opportunities that are critical for change agents in the digital economy.

  • Data analytics expertise.
  • Embracing the Internet of Things (IoT).
  • Collaborating globally
  • Leveraging social networks to win opportunities

Would you agree or add others to this list?