The 'Identification' Framework: Key to handle technological disruptions

The crux of all organisations has always been growth. All the business activities hence have revolved around understanding opportunities and translating them into growth. However, the corporate scenario today has seen a drastic change from what it was in the ’90s. Modus operandi of organisations has seen a significant variation which can be attributed to a host of macro and microeconomic and technological factors. Globalisation, deregulation, industrialisation on one hand and the ever-changing customer demand on the other have changed the rules of the game. Organisations no longer find themselves in a state of easy decision making. With this rapid transformation at play, one also witnesses a highly dynamic competitive scenario. The lines that once differentiated substitutes and competitors have begun to blur leaving corporates with new threats as well as opportunities. In response, one notices innovative business models and internet-based applications becoming the norm of the day. This volatile industry scenario currently presents the problem of inefficiency in the identification of opportunities by the organisations. There is an acknowledgement of the problem however, corporates do not have an action plan for the same. The organisations show readiness but fail to understand from where they should start.

The consumers in the modern world are not prepared to wait, as they want everything just with a touch on their devices. This has resulted in both- an opportunity and a threat for the organizations who are competing in this era. Innovative business models, emerging technologies, new technological applications have caused disruptions in the markets. The CEO of general electric quoted: “We believe every industrial company will become a software company”. This highlights the need of the hour. As the World has been technologically transforming and has led to unpredicted outcomes for the organizations, it is very necessary to be on firm grounds when preparing for the future and making decisions. Many organizations have gone out of the business by not identifying or cashing upon at the right technological opportunities and many have gained unimaginable peaks by just aligning their strategies to technology. Thus, identification as a process deserves much more attention than it is given now.

The proposed framework below addresses this problem of a lack of focus on identification activity and suggests a framework to guide decision-makers. 

To carry out the research and understand the problem better, professionals around the world were interviewed based on their experience. The interview revolved around how organisations perform identification in technological space. IT/Telecom sector was chosen owing to the sector experiencing most disruptions and fluctuations. Data was collected and integrated with literature to address the problem and design a framework. 

The proposed framework incorporates probing, learning, and strategically manage continuously to build resilience. Beauty of the framework lies in the way it is designed using industry-agnostic language. It seeks to advance the corporates from the readiness stage to the action stage.

Every business today is prone to disruptions. Disruptions may appear to happen overnight, but they typically take time. Those organizations that get out of their office and see what is happening in the real world are the ones that are best poised to prepare for and take advantage of new technologies/opportunities. Building a circular organization structure rather than a hierarchical ladder is the key to handle disruptions. It is important to have a culture that not just identifies and focuses on constant evolvement but also has a mindset to serve the market rather than finding ways to escape the adverse business scenario.