The impact of new digital technology and business models on established goods, services, systems, and structures is called digital disruption. Of course, this transformation does not occur overnight, but it is fair to argue that the impact of digital technology is growing at an exponential rate.
The way streaming services like Netflix, Amazon, and Hulu have disrupted the media and entertainment sectors by changing how customers access content and advertising monetizes it is a fantastic illustration of this. These changes have transformed the traditional oligopoly of television networks, which formerly had complete control over broadcasting rights and viewership.
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The negative connotations of the word “digital disruption” might make it difficult for organizations to appreciate its various benefits and prospects. However, the term “disruption” merely refers to a break from established or traditional business practices, as well as the introduction of superior alternatives and timely improvements enabled by new technologies.
Emerging technology can provide issues for businesses and employees, but they also have advantages. The most significant benefit for managers in the industries we questioned who believe technology has had a positive impact is increased productivity for their teams. Routine, monotonous chores that suck up a lot of workers’ time each day are being replaced with innovations, providing them more time to be strategic and imaginative.
Impact on Jobs and Skills
According to McKinsey, at least one-third of job responsibilities might be automated in 60% of occupations. . With the advent of connected devices and infrastructure, machines, AI, spatial computing, blockchain, and autonomous cars, it’s clear that the need for STEAM skills is on the rise. However, a deep and robust layer for cognitive, analytical, and soft abilities sits on top of complex skills. Employers will be searching for someone who can learn, mix and analyze, problem-solve, develop, and adjust rather than a degree that shows what they know.
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Here is what Shantanu Pandey, Director, APT Consulting, Canada, has to say about how digital disruption will create a significant shift in the future job market.
“Never seen before career paths and automation everywhere, evolving dependency on AI in everything from a toll booth to privacy, implies a hierarchical need to adopt technology implicitly and as early as possible. Technology has already reformed sports, courts, hospitals, public safety, and everything else. It has never been a question of whether Ai will replace jobs- it’s here to create smarter & better jobs.”
Employee value will not be determined by the number of hours they worked as a cashier, the number of coffees they served, the number of vehicles they assembled, or the number of accident-free bus routes they drove. It will be a question of how employees can value a firm and society in the future where predictable jobs are dwindling and complexity, creativity, and unpredictability reign supreme.
As our economy, society, and workplaces evolve, specific essential skills will become more critical to the future workforce. People will have to learn how to learn to become lifelong learners. People will need to learn new ways of doing things as things become more connected, technologies evolve, and cities reshape: that is the nature of disruptive technologies. Society is poised for enormous change and consequently significant re-learning when numerous disruptive technologies are coming together at the same time. When a result, workers must be adaptable as their jobs, firms, economies, and cities change.
The most significant impact technology improvements will have on employees, according to 46 percent of managers polled, is that they will require new abilities. Furthermore, 80 percent of managers who hire new technology-skilled employees stated that recruiting is difficult, a significant problem for developing businesses.
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It’s now or never for everyone to develop the habit of staying on top of change. To prepare their workers for technological advancements, business executives must be proactive. Workers must also commit to lifelong learning and keep aware of how emerging disruptors will impact their professions in the future.
Upskill yourself and propel yourself further in your career with HETIC’s new-age transformative program, MBA in Digital Business. Digital disruption is here to stay, and it’s high time we make ourselves career-ready with the right skillsets needed to disrupt the market!
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