For some organisations, digital disruption is happening so quickly that they struggle to adapt their processes fast enough. Here, disruption strategist, Paul Broadfoot, discusses the barriers to embracing digital technologies and how utilities can tap into this disruption to create new opportunities.
With a lot of digital technology coming on at exponential growth rates – this pace of change has not been seen in our lifetimes and is thus exacerbating the challenges of getting traction on change.
Ahead of his presentation at Digital Utilities 2018, running from 19-20 April in Melbourne, author of the book Xcelerate, Paul Broadfoot, said digital technologies are rapidly enabling the emergence of new business models, which are both a threat and opportunity.
“Disruptive innovation provides an opportunity to innovate your business model and disrupt your market. By understanding the difference between innovation and disruption, you can tap into both,” Mr Broadfoot said.
“Traditionally a lot of innovation has come from product, process or customer innovation. The disruption we are seeing now is occurring at the market level. Market innovation is required so that existing market leaders continue to lead. Regulations are no longer enough to protect markets from disruption.”
Mr Broadfoot said the best piece of advice he would give businesses and utilities to help them transition to a more digitised future is to create small intrapreneur teams on change.
“These build the capability for a culture of change and innovation that spreads. It’s like a positive virus. It infects the host from within and grows,” Mr Broadfoot said.
“CEOs and leaders standing in front all your people and saying you want ideas, you want people to take more risk and you want innovation just doesn’t work. Trust, tribes and traction come initially from small, nimble teams on change.”
Is your utility embracing digital disruption?
Hear more from Paul Broadfoot about disruption strategy and opportunities in his presentation at Digital Utilities 2018, running from 19-20 April at the Pullman Hotel in Melbourne.
To register, visit www.digitalutilities.com.au.