This whitepaper from UNC looks at digital disruption. It considers how tech has impacted, influenced and increased global business; how organisations are using disruption to their advantage; how it affects the search for talent and steps HR and talent development professionals can take to prepare their organisations for digital disruption.
Social media. Cloud computing. Data science. Smartphones. The Internet of Things. New digital technologies are driving massive transformation in the global economy, and the convergence of these technologies is enabling innovative business models which are disrupting the status quo for many organisations. Digital disruption is forcing many companies, and even entire industries, to rethink their business models.
Digital disruption is the principle reason why just over half of the companies on the Fortune 500 list have disappeared since 2000. According to the Global Center for Digital Business Transformation, digital disruption has the power to reshape markets faster than any other force in history. A survey conducted by the Center found that many industries lack the ability to adapt—and this means that four out of 10 existing businesses across industries will be displaced within the next five years.
Digital disruption has the potential to impact every industry, every company, and every business leader – and while there’s agreement that transformation is underway, many companies remain unprepared. In a recent study by PricewaterhouseCoopers, 77 percent of business leaders responding to a survey agreed that technology will transform stakeholder expectations in the next five years. In a related study by Deloitte, only 14 percent of leaders said their companies were ready to redesign their organizations in response to digital disruption.