DISRUPTION.
Is it happening in your organisation? let’ think and Overcome.
What is disruption?
Why it is so much in vogue nowadays?
What all type of Disruption currently we are facing?
Will its effect continue for long?
Why we are not able to overcome this?
By the definition disruption simply means disturbance or problems which interrupt an event, activity, or process.
With the development of technology and tech driven applications the human activity and process are getting outdated and unable to sustain against the tech. Tech driven processes are supposed to be faster and cost effective.
Disruption due to technology – Artificial Intelligence, Robots, Augmented Reality and Block chain etc. are amongst those scary names of technology led disruption. Keeping this article less scary/techy, will not be explaining all these in detail but the fact remains one need to cop up with wherever the technology is coming up and beneficial for the overall industry, market or consumers.
By thinking out of the box and not by fighting with the disruption or to stop it, one need to develop ancillary line of activities to cop up with the disruption and move ahead. E.g. Consumer are much comfortable in online shopping, apart from the Price discounts it offers, the ease of accessing, selecting and shopping with the exchange offer and cash on delivery options, it is becoming the necessity and thus cannot be retrograde. However one may think that whether online platforms are good option and at the same time it would be good option to tie up with such online platforms as logistics partner and or delivery partner to supply the goods/services locally, so as the retailers and shopkeepers do not suffer from the disruption but get ready with Gen X processes and market.
It is set principle that one who keep pace with the market sustains and prepare themselves by thinking out of the box and making oneself ready for the futuristic scenario. It will be the stepping stone for the success, if the technological disruption is taken positively and welcomed amd it can proved to be boon in the disguise.
This was so far simple to understand and read, problen arises when we are not able to cop up as explained above and it leads to further disruption.
Disruption of processes – If the technological disruption is not handled well and well in time, it leads to your processes to be out dated and taken over by the technology in furtherance to the simply making it useless and irreversible. This is the starting point of further downfall.
Disruption of people – Further to the technology and processes, the people who are not changing with the pace of the globe started becoming obsoleted and unwanted in the changing scenario and system. This results in lay-off and salary reductions etc.
Risk is, if good people will leave you early and below average remains with you with whom your turnaround will be further difficult. There you may have to think of total replacement.
Financial disruption –Everything has an impact on your wallet. Economic activities impact your financials. It depends how you handle the ongoing scenario and manages your finances and overcome. Else the continuing impact on your financial will totally disrupt you. In today’s world where money is said to be everything, if not handled appropriately and at right time, there will be no look back at this stage of financial disruption and it will be a total loss situation. Such situation occurs with or without the other disruptions also and at any stage the foresight is required for each economic activity with probability of respective revival else shutting down decisions at appropriate stages.
Many or all the above terms and processes may be already known to the readers, the idea of this article is to start taking steps to overcome disruption;
1. Identify if you are at any stage of such disruption and address the situation.
2. It requires, complete Self introspection by the promoter or owner who knows all his economic activities, else any People may misguide which may or may not be intentional. Because it is a vicious circle, whether due to financial disruptions the people and processes get disrupted or whether technology disruption led to financial disruption Or whether people having corrupted mindset does not cop up with technology led to all this disruption.
Any blame game at this stage will not help if leading to total disruption which needs to controlled with utmost care and concerns.
3. We read an article of 1835, wherein reportedly the British proposes to change the old and ancient education system to dominate the nation. It is very important in current scenario where everywhere the disruption is being portrayed as an giant devil, which is very scary and people are not able to think through by worrying if technology will take everything from them, how they will survive? This fear is leading to low self-confidence and low self-esteem to overcome the actual problem and leading to people and processes disruption. With such disruption of human assets even the good organization are facing financial disruption.
This time is to give a thorough thought to the actual problem, list down each and every process, reposes faith in the people and thinks sensibly for their suitability and utility.
Take the right decision holistically, else listening and focusing to piecemeal problem will give rise to blame game to each other and does not lead to the right conclusion.
There is positive in everything, even the word Impossible says I M Possible. Have faith and trust to move ahead, the good time is ahead
About the Author – FCA Ravi Jain, is an Chartered Accountant and Investment Advisor, He is with SPA Group working in Investment Banking and Valuation services. Can be reached at ravi.j@ifan.co.in
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