In the last article, I highlighted the positives and the negatives of disruptive innovation and could show that disruptive innovation can be both positive or negative, depending on where you find yourself. If you want to go back even further and learn what disruptive innovation is (and what it isn’t) then you can read more here.
I have been involved in technological development for companies, by addressing their unique challenges of governance, risk, and compliance, for over 20 years. This experience has been quite enlightening and having observed the changes over this period, can easily attest to the fact, that we are living in one of the most exciting and, at the same time, the most daunting times in human history. There is no doubt that we are fully ensconced in the age of information and live in a world utterly dominated by technology that influences every dynamic of our lives. To use a term coined by Ziad Abdelnour; Welcome to the 4th Industrial Revolution. Welcome to the Exponential Age.
All throughout my career, I have been constantly amazed, when I observe some organisations and their sense of urgency, or rather the lack thereof, to take action to fortify themselves against the negative impact of risk, whether this be disruptive innovation or any other type of risk. Most businesses seem to have less of a handle than ever before when it comes to identifying and achieving control over key influencing risks to their company’s attainment of objectives and overall sustainable survival. So where to from here? Stick your head in the sand and hope that the problem will just move on? Move to a tropical island and forget about it all? Even if the latter is the more attractive option, it is not a real-world solution. In the end, this is the easiest way to lose opportunities and potentially even your company.
So now we move on to the companies that have realised that they need to take action and we find a group of brave people who may end up feeling that the tropical island option was the best option after all, even it is not a real option. This category asks themselves the burning question:
“How innovative are our governance, risk management, and compliance approaches to deal with a world beset by a daily avalanche of disruptive innovation, an overload of information, and an explosion of an ever-increasing new and evolving risks?”
For the most part, we live in an overwhelmed state, mostly driven by the underlying causes of “overwhelming volumes of information” and “too little time available to address what is thrown at us .” This is as much true for an individual as it is for a company and this is where the concept of an Integrated Enterprise Information Framework, entrenched and applied, becomes an indispensable part of your organisation. An Integrated Enterprise Information Framework is not just another hype on Business Intelligence projects or Big Data, an IEIF is a logical structure designed for your organisation to define the way information needs to flow horizontally and vertically throughout the business, determining with a high degree of accuracy, each accountable party within the business that needs information, what type of information is needed and when and what to do if the needed “Call to Action” by that accountable party fails to act.
With up-to-date and relevant information at your fingertips, you can make the right decisions, most importantly, within the right timeframe, that allows you to take the action that ensures an improved condition and not one that continues to deteriorate and fall apart. Click here to get in touch with the RUBiQ team if you see that this is exactly what your business needs to effectively deal with risks such disruptive innovation or any other type of risk facing your business.