19MARCH - APRIL 2022Savvy, competitive business owners know disruption is constant. No matter the industry, it's not a question of whether you must deal with disruptive forces -- it's when.For many major industries, the "when" is now --, and it's a persistent concern. A recent report from Accenture that analyzed 10,000 companies across 18 industry sectors from 2011 through 2018 found that 71 percent were in or on the brink of significant disruption. An estimated $41 trillion in enterprise value across the U.S. has been impacted since 2011.Among the industries currently most affected by disruption are health/medical care, financial services, manufacturing, and transportation. How -- and how quickly -- businesses in these sectors respond are critical keys to their long-term success.Emerging technology is changing the way we live, fundamentally, at a pace so rapid it can feel overwhelming at times. Businesses must build its strength to adapt to the pace and speed, assessing the volume of change. They also must foster a culture of learning because innovation comes from determining how to solve a problem. I call it building a muscle of innovation and agility.Business leaders need "the muscle" as they contemplate how to respond to problems. They can be inundated with an array of new technologies as choices, such as artificial intelligence [AI], blockchain, and robotic process automation [RPA], depending on their industry.Preparing for change and how to adapt are vital objectives for businesses of all types and sizes. We often think of global giants such as Amazon when focusing on disruption, but the fact is that smaller businesses often have more at stake -- there is far less margin for error.And timing, when to "jump on," is critical. In the midst of disruption and change, business owners must be aware that their competitors likely already are innovating and adapting, and their customers' expectations are being shaped. That, in turn, affects customers' impressions of the firm's value, products, and services.That product pressure means business owners must be positioned to go to where their customers are and market to those expectations. Knowing how your customers DEALING WITH DISRUPTION TAKES MUSCLEBy Tim Brown Chief Information Officer, Johnson Financial GroupINSIGHTSCIO
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