Note: Today’s post is part of our “Editor’s Pick” series where we highlight recent posts published by our sponsors that provide practical knowledge and advice on timely and important supply chain and logistics topics. This post from Elemica’s blog discusses the role of Digital Supply Networks in enabling digital transformation journeys.
A digital disruption is a transformation that is caused by emerging digital technologies and business models. These innovative new technologies and models can impact the value of existing products and services offered in the industry, actually disrupting the current market and causing businesses to re-evaluate their competitive advantage.
Ignoring digital disruptions can impact businesses. Remember Polaroid? The company led the market with its cameras that created instant pictures. Yet in 2001, the Polaroid Corporation filed for federal bankruptcy protection because the company failed to make the smooth transition from analog to digital cameras. The corporation decided to bet on their past innovations and, as a result, lost to companies who jumped on the digital bandwagon. By keeping abreast of changes in demand, businesses can follow the trends and adjust their strategies to embrace these changes, which will help them to thrive and grow profits.