The business markets these days undergo a lot of changes due to various factors that require more attention. Adapting to changes may become difficult for many businesses and they should know how to manage disruptions effectively. A business disruption occurs when a company is not able to compete with others in the market. New technologies, lack of innovative ideas, and market volatility are some factors that can lead to disruption problems. Therefore, a business should know how to overcome them effectively to ensure smooth operations.
6 Steps to follow in business disruption management with whole brain thinking
1. Disruption of incumbent
This is the initial step where a business introduces a new product with a different point of view. On the other hand, it doesn’t offer solutions to the entire existing market. Instead, it aims at offering a better solution by using the latest technologies. However, a business will continue the existing offers to consumers in the market. Moreover, it can determine whether to sell a new product or discontinue an existing product based on the results.
2. Creating a wide range of potential business models
The second step in business disruption management is creating a wide range of potential models. It is the experimental mindset and a business should consider seeking opinions from employees. Furthermore, a team should include diversity and inclusion while developing a model. A company or business should provide freedom to a team that helps manage the disruption significantly. Another thing is that it can choose a model that provides ways to stand out from competitors.
3. Collaborate on the choice of business model
The third step is a core team should present a model to stakeholders to know their feedback properly. A team will analyze the best business ideas with innovative approaches that may increase success rates. It selects a model that reflects the needs of emerging markets. This step uses various tools and frameworks to prototype and socializes the options. A business can even select more than one model to hedge its bets by investing in multiple options.
4. Executing the business transformation
The fourth step is executing the business transformation and a core team will work with subject market experts. They will set out the requirements, definitions, and other things to achieve the best results. A business should plan and execute the transformation based on the complexity associated with various departments.
5. Evaluating the results
Whether it is an online start-up or an offline store, a business should evaluate the results with a model. This is because transforming a company or site is a huge achievement but it shouldn’t lead to complacency.
6. Identifying potential disruptors
A company should consider identifying the potential disruptors while changing the market leadership that will do major wonders. It should create a watchlist of potentially disruptive changes by categorizing them into four groups.
7. Creating an early warning system
A business should create an early warning system when it wants to make changes. It should evaluate the consequences while implementing new business ideas in the market. Apart from this, it should know how much time it will take to adapt to the change.
8. Preparing a change plan
Anyone company that is willing to transform the market leadership should create a plan with industry professionals. It can break down the process into more parts to perform deep analysis. A change plan should also cater to the needs of all members of a company.
9. Choosing low-cost initiatives
An online start-up or offline store should consider choosing low-cost initiatives that are easy to implement. Also, it provides ways to know ideas that will fail which ultimately helps save more money.