Over the last couple of months, as we’ve been meeting with Hargraves members, the topic of Disruption has become foremost in these discussions. For most of our members, disruption is a challenge. They are well versed in what’s required to continually improve and even make step changes in their offerings to their customers. However, whilst to be truly disruptive to the products and services they offer is on the agenda, it keeps getting pushed out as today’s business requirements keeps them focussed on the present. These pressures keep them from looking out at what might be or what opportunities for disruption exist that are within reach of their organisation.
A source for disruption opportunities has always been, “what is the unmet need or pain point that your customer has with your offering, and are there any alternatives that meet this need or remove the pain of the functionality that your product or service provides?” Many of you are familiar with the Ideal Final Result concept, where individuals (if dissatisfied with the current offering) will keep looking for what else is available that satisfies their requirements. An Ideal Final Result is when the individual gains all the benefits at zero cost or harm and there is no need to look beyond this result for the functionality in question.
A great example of this is Google where we can search for anything, get a quick response that satisfies what we were after but someone else pays for this service to be provided to us.
Does your offering meet the Ideal Final Result criteria? If not, disruption will occur.
In our discussions with members 3 takeaways emerge. The need for your organisation to:
- become “fit” i.e. fit enough to be agile enough to handle disruption, either by yourself or someone else in the market.
- find out what the big disruptive trends are that are likely to impact your customers.
- develop a process to become more proactive towards disruption before someone else does.
In 10th year, this need to be disruptive is the focus of our activities and it is our intention to build the capabilities of our members so that they are able to handle disruption in the same way that they currently handle other aspects of innovation.
Can you answer the following three questions and have the capabilities within your organisation to respond to disruption?
- Are you fit?
- Have you identified opportunities for disruption?
- Are you proactive?
Connect with Hargraves to work on these issues and build your innovation capability.