Insight
FAIL BETTER
SHANE WHITE, CONTENT MANAGER, INSTITUTIONAL, ANZ | APRIL, 2019
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EVERY INDUSTRY IS RIpe FOR DISRUPTION – BUT BUSINESSES CAN MAKE MOVES TO KEEP AHEAD OF THE PACK, EXPERTS AGREE.
Modern disruption is about failing fast, failing forward and failing better.
That’s the opinion of Erik Qualman, disruption expert and author of Socialnomics.
“Every industry today is ripe for disruption,” he told ANZ’s Finance & Treasury Forum in October. “If you're not digitally transforming right now you are already behind."
“The reason why they’re big is they’ve been around a long time,” he says. “They've always done things in a certain way - successfully.”
“They try to avoid failure. They take things at a measured pace. They avoid risk.”
“To really combat disruption they need to think fast be agile be prepared to fail.”
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“If you're not digitally transforming right now you are already behind.”
Erik Qualman
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Maile Carnegie, Group Executive Digital and Australia Transformation at ANZ, says incumbents needed to confront the idea disruption will either “create a completely new market or fundamentally changes the rules of engagement… [of] an existing market.”
“The right way of facing into disruption is to really make sure you are absolutely ceding a lot of new ideas but starting to invest now in building the capability for scaling,” she says.
[“Incumbents] need to get much better at insights and analytics. They need to get much better at evolving that into AI capability. They need to get much sharper at creating a winning customer proposition."
President and CEO of ST Telemedia, Stephen Miller, says modern business leaders needed to understand how rapidly cycles in the new world will begin to develop.
“Once you've gone on a big transformation journey - bad luck it's now outdated,” he says. “Start again. I think that's a big leadership issue.”
Shane White is Content Manager, Institutional at ANZ
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