Market Disruption Panel Sharpens Focus on the Future
The subject of “disruptors” has received much attention in the last few years, and for very good reason, says a new article by Michael Wood, Key Equipment Finance®, in the Equipment Finance Advisor.
Disruptor Examples Everywhere
The pace of change is accelerating, and some say we will experience more in our lifetime than any generation before us, Wood writes.
"The first personal computer was introduced only 40 years ago, yet today just about every person walking down a street carries one in his or her hand," the article says. "The world’s largest accommodations provider owns no real estate (Airbnb), taxi companies own almost no taxis (Uber, Lyft), a movie house owns no cinemas (Netflix) and the most valuable retailer has no inventory (Alibaba). Only a few decades ago, business disruptions were less frequent and less pervasive. Today, they are the new normal."
Technology Impacts Equipment Finance
Dissatisfied customers drive disruption, while innovation and technology create the path forward, Wood explains in the piece.
“The digital revolution alone has fueled countless technology disruptors – cloud, big data, augmented/virtual reality, blockchain and so many others that are creating real impacts. Each industry is faced with more opportunities and challenges than ever before, and equipment leasing and finance is no exception.”
-Michael Wood, VP Product Development, Key Equipment Finance
Monitoring Market Forces
Amidst these rapid changes, Key Equipment Finance has committed time and resources to the subject of disruptive forces.
"We felt it was important to develop internal discipline and rhythm around this effort and incorporate it into our regular business protocol," Wood writes. "So, we formed our market disruption panel, a best practice we thought we’d share with others."
In the piece, Wood goes on to explore:
- The structure and planning involved in setting a foundation for disruption analysis as a best practice
- How a disciplined approach fills gaps in disruption preparation
- The role of tracking to reveal the implications of disruptors, as well as an illustration of a sample market disruption dashboard
- The role of external sources and internal expertise in informing a market disruption panel strategy
- The example of digital/fintech as a disruptive market force in digital investments and how it is causing new and unlikely competitors to emerge
- The benefits of disruption analysis and why now is a good time to get started
Here's more from the Equipment Finance Advisor: READ FULL ARTICLE