Creating Digital Businesses: Disrupting Industries

Merely digitizing a business is not enough to survive disruption. It takes the creation of a digital business to redefine the product, delivery, value, and consumer. While conventional companies are digitizing to become more efficient, young entrepreneurs are recreating familiar businesses in digital forms and overwhelming the established players. The digital natives are disrupting the supply chain and value creation and are taking away the market by offering unprecedented convenience, economy, and speed to consumers. The legacy businesses need to imbibe the spirit of the new generation to have a future.

Technology has disrupted every industry and has opened up vast avenues of possibilities to explore and grow exponentially. Historically there have been several disruptions that the world has seen, every decade there as seen game-changing disruptions. A simple thing like listening to music has changed over the last three decades. While I was school going boy, we had a common tape recorder/radio / two in one player at home. When I was in college I had my own walkman / CD player and by the time I started working I had an I-pod. Today, music is just an app on your phone. At every level of game change —…