AreYouEndangered

TIME REQUIRED20 Minutes

essential previous learningNone

Are You Endangered

Learn how disruption is changing business

Key learning outcomes:

  • Recognise the impact of technology on some businesses’ survival.
  • Identify ways to ensure your business stands out despite the threats from online services.
  • Distinguish your business from the competition by building on your expertise and knowledge.
  • Learn to nurture your customer relationships in both face-to-face and online interactions.

Article:

There are many industries that are at risk of extinction through disruption, and many more that are already extinct. Disruption in a business or industry is often caused by innovation or advances in technology, which means it can no longer operate in the way it once did. The entertainment and travel industries are two common examples. Neither of these industries looks or operates today as it did just five or ten years ago, with many small businesses suffering as the internet gained momentum. In this article we will look at why some industries are more susceptible to disruption than others, and we will look at how you can bulletproof your business.

Who is at risk?

The industries that are most likely to be disrupted are ones that require less skill and expertise – the higher the need for professional expertise, the less risk of disruption. Think about the medical industry; it is unlikely that a web-based medical site is going to replace a “live” doctor any time soon. Most of us will still want to talk to an expert who can accurately diagnose our illness and recommend treatment. We will now look at the some industries that require less skill and expertise and see how they have changed over the last few years.

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