Are you prepared for industry disruption?
New technology, processes and delivery are undoubtedly disrupting IT channel organisations, and in order to stay ahead of the game companies must act now.
This according to John Kolenda, Finsure Finance and Insurance co-founder and managing director, who delivered the keynote presentation at the inaugural CompTIA ANZ Channel Community meeting in Sydney last August.
Moheb Moses, CompTIA community director ANZ, says, “John mentioned a number of parallels between the IT industry today and the financial services industry in the 1990s.
“At the event, he suggested that the IT industry is about to face some very challenging times, and disruption is around the corner for many companies.”
“Currently, the IT sector is in a state where there are good relationships with customers. But don’t take them for granted, because someone else can come along and take all your clients.
“As John highlighted, that’s what happened to the banks in the 1990s,” says Moses.
To continue to be a leader in the industry, companies need to think like a disruptor, asking questions such as: How can I change, improve, and move quickly?
Moses says, in this climate of disruption, there are five key steps organisations should take to differentiate themselves from their competitors.
1. Think like a disruptor
Organisations need to maintain a mindset of change within the business. Always think about how the company can change, how it can improve, and take note of what is going on around the business.
Make sure the organisation is in a position to move rapidly, Moses says.
2. Remember your purpose
It is likely that some companies need to revisit their vision or mission statement. Organisations need to know what their purpose is; and it might not be the same as it was just a few years ago, he says.
To get customers and staff on board, companies need to be very clear about what they want to achieve.
3. Know your value proposition
Articulate the company’s value proposition, and know what it is on a number of levels; not just from a business-to-consumer or a business-to-business standpoint but with all stakeholders, Moses says.
Whether you’re dealing with customers or contractors, you need to make sure they stay engaged. They are also on the journey with you.
Determine whether your value proposition has any unique qualities. How different is it to what everyone else has? Spend some time on trying to clearly articulate these things, he says.
4. Be nimble
It is important to be nimble and have a culture of change - this ties into disruption. If an organisation does not have a culture that is adaptable and can change, how can it be successful at leading the market through disruption? Moses asks.
Encouraging nimbleness in an organisation may seem very simple, but it can be very hard for businesses with a history of doing things traditionally to make the necessary changes to establish a culture of change, he says.
5. Analyse your competitors
Where a company sits in the market is vitally important. Businesses should analyse competitors, work out their position among those competitors in the market, and identify where they can reposition themselves if needed, he says.
If businesses really understand who their competitors are, then they can draw up strategies and work out ways to keep ahead of others.
Moses says, “By following these steps, organisations in the IT industry, and other sectors, can maintain awareness of what’s going on in the market, and innovate through technology improvement.”