The concept of digital disruption can be explained as the leveraging of technological development, through which new businesses have been able to shake industry standards, thus disrupting entire industries. This sort of disruption has transformed, and many times even ended, the competitive position of long-standing giant companies.
During his talk Mooneegan addresses the constant change that technology disruption is bringing to our lives. Mooneegan presents examples from the banking, education and health industries to further his point. He emphasizes that people and companies are eventually forced to react to these disruptive technologies, and that this phenomenon isn’t anything new or upcoming. A great example just around the corner is the well known food-delivering company Wolt. Wolt has changed the way people order food, also allowing restaurants to develop their services further, generating more income in the process.
One of the key points of his speech, is the notion of exponential growth and accelerating change that these new technologies bring to every aspect of life. Digital disruption has been around for years, but the rate in which these newer companies are grown is becoming faster by the minute. In addition to thinking exponentially he states that companies have to question their leadership and realize the possibilities of an ecosystem in order to stay relevant. Digital natives are needed in the boardroom of every company and the possibilities of collaboration with smaller startups should be taken into account. In his speech Mooneegan acknowledges the reluctance of change, that he calls organizational inertia, which is the tendency of a mature organization to continue on its current trajectory. Moonegan states that whilst technology disruption should scare giants that have stood still for years, it also brings hope to the newer and smaller organizations. The Gen-Z will require a different approach when it comes to leadership and organizational culture in the future, as well as them being the next younger customer majority. The disruption of technology is not alone, there’s a lot more to be considered in the near future.
In conclusion, this TEDx Talk, in spite of being a speech from a few years ago, Vidia Mooneegans’ points stay very relevant till this day. In my opinion it is vital for a company to continuously look for the next big thing and never be content with their products or services current state, because their customers won’t be. Various articles and research seem to back up this claim, from two decades ago till this day. A very common practice in business is the failure of leading companies to stay ahead of their industries when technologies or markets change. Amazon and Google are examples that create a sense of urgency across industries about the impact of digital disruption. All in all, no matter the industry you are in, taking digital disruption into account and preparing for it constantly could be the break it or make it factor of your business tomorrow. The next big thing could be the era of 5G. How is 5G going to disrupt our lives? Let’s wait and see, it’s right around the corner.
Mooneegan, V. (2016, May). Technology Disruption | Vidia Mooneegan | TEDxPlainesWilhems. Retrieved from https://www.youtube.com/watch?v=pk9RVBwiFbM