The majority of business literature celebrates the disrupters: Steve Jobs, Elon Musk, Jeff Bezos – just to name a few. The real question for credit unions is what they need to do to stay ahead of new competitors? How can they leverage digital capabilities and trends to steer themselves into the next generation?
These are the questions addressed by a Cisco Initiatives/IMD team in a new book, “Digital Vortex: How Today’s Market Leaders Can Beat Disruptive Competitors At Their Own Game.” The book, written by Jeff Loucks, James Macaulay, Andy Noronha and Michael Wade, is based on a survey of almost 1,000 business leaders.
When confronted with the specter of digital disruption, credit unions must understand the nature of the competitive change it represents, which technologies and business models will be most disruptive, and how they themselves can address the disruption. The book Digital Vortex seeks to understand the state of digital disruption today and the outlook for industries.
Key Insights are:
- The most successful disruptors of recent years employ “combinatorial disruption,” in which multiple sources of value – cost, experience, and platform – are fused to create disruptive new business models and exponential gains.
- The center of the Digital Vortex symbolizes a “new normal” characterized by rapid and constant change as industries become increasingly digital.
- Winners will be organizations agile enough to innovate rapidly and unbridle their capacity to create cost value, experience value, or platform value for their customers.
This book addresses head-on how today’s business leaders, boards members and executives can beat disruptive competitors at their own game. Digital is just a buzzword until it becomes practical, meaningful and transformational. Digital Vortex provides a blueprint for digital success for any credit union looking to thrive in today’s economy.