Disruption occurs when a small company challenges an already-established, more successful and larger business. Typically this happens when the larger company has gotten too comfortable and overlooked the needs of at least one niche segment of their customer base, with the smaller company finding a way to target those groups and meet their needs. Often the larger companies are entrenched in their ways and not nimble enough to respond — which allows the disruptive smaller companies to grow and enter the mainstream, completing their disruption.
India’s banking industry has seen some disruption in recent years thanks to the advent of digital services, including cashless transactions and digital identification. The changes brought about are affecting every area of the industry, including transfers, loans, and other financial transactions, with the potential to change the way business is done.
Disruption often involves new technology or new uses for technology. The Apple iPhone was truly disruptive when it was introduced, because it allowed users to have a computer in their pockets, something no phone company had done before. Apple continued to be disruptive through its encouragement of independent app developers, creating a new industry where none had existed.
Keeping up with tech developments can help you, as a small business owner, to face change and even disruptive innovation with a positive attitude. Using cloud-based tech, such as QuickBooks Online, for your accounting services, helps you simplify your workflow so you have more time to build your business and keep up with the winds of change.