Buzzword
As the decades tick by, the buzzwords come and go, even ‘buzzword’ itself being one. Innovative, Maverick, Trend Setter, Outsourcing, Paradigm shift, 80/20 Rule, Peter Principle, Synergy, Crypto Currency, the list goes on and on. We all grasp at the latest buzzword, and we brandish it like a new sword to spice up the next PowerPoint or have an edge in our next sales pitch, we may even use it to impress in our next job interview. Buzzwords are everywhere. More often than not the buzzword of the day can be traced back to two things, innovation or invention. Simply a new way of thinking, a new way of working or a new technology can trigger a new buzzword.
Disruptor
Recently a new word has popped up. Disruptor. What is a disruptor, is this something new? Well probably not if you put your mind to it. I’m sure you can recall a time where a disruptor has upset the way things are. Henry Ford comes to mind. Nowadays it would seem disruptors are everywhere. Business is changing at an alarming rate and business need to keep up with this ever-changing world. You’re either in the game or out. On one hand you are driven by your clients yet on the other hand you are influenced by your competitors. How do you stay relevant in this constantly changing landscape? You innovate or you invent. In some cases, you even re-invent. When a business or individual affects such significant change, they become a disruptor. The term disruptor describes someone who “rocks the boat,” coming into an existing industry with a unique and different angle. Disruptors may not necessarily be bad people, but they come in and disrupt already established norms. Take Airbnb for example who changed the hospitality industry overnight earning itself the reputation of a disruptor.
Technology
To recognize weakness, convert it to opportunity and then develop a mind-blowing solution is the way of the disruptor. The recipe seems simple enough but only the really innovative and inventive minds hold the key to success. It can be argued that technology enables disruptors, but it can also be argued that disruptors leverage technology to achieve new direction or change. Regardless, change is inevitable, and technology is now and always will be part of our global DNA. How we choose to tap into it or leverage it often sets one business apart from the rest. Whether it is Henry Ford disrupting the motor industry with the assembly line or Elon Musk disrupting the motor industry with electric cars, technology was part of the solution.
The Blue Ocean
No doubt anyone who has read “The Blue Ocean Strategy” will immediately realise that disruptors are nothing new. The buzzword just gives them a quirky name. The four corner posts of the strategy referred to in the book are to redefine the industry boundaries, focus on the uncontested market space, create value innovation, and finally make the competition irrelevant.
Insurance
To get an idea of how fast the world is changing you simply need to look at the insurance industry. Nowhere else is the demand higher to keep abreast of the changes happening in the world. From global warming one moment to cyber crime the next mixed up with a global pandemic and the sudden effect on the world when one country decides to go to war with another, there is never a dull moment. To stay relevant, insurers must innovate, invent, and disrupt constantly.
Article written by: Bruce Hill – Corporate Relations at National Salvage Brokers
