The notion that established industries will be disrupted by new technology is well known. But traditional businesses such as retail banks have stayed relevant by embracing online and mobile banking.
Julian Birkinshaw, Professor of Strategy and Entrepreneurship at London Business School, says concern about longstanding companies facing major transformation in their industry is valid. But he argues that many emerging technologies will not be disruptive, as the retail banking sector demonstrates.
In this film, Professor Birkinshaw debunks the myths of disruption and challenges the claim that every industry faces a major shakeup.
“The first myth is that every industry could face a Kodak-like moment where they completely disappear. But when you look at the reality of industries like hotels, taxi cabs and retail banking, what’s clearly going to happen is that the new technologies will co-exist with the established ones,” he says.
Professor Birkinshaw explores other myths, such as companies failing to spot the challenges brought by new technologies and how they have to act fast or face extinction, in this video.
See related article on Forbes.