In This Article
Market disruption is real. It happens. It is happening. Right now.
Artificial Intelligence, for example, captured a great hype in the market. Certainly, it has created a market disruption. AI is not alone. There are many elements like AI, disrupting the market dynamics at present.
The only question you may ask here, how to stay relevant with these disruptions?
And obviously, the answer you can guess here – "improving data quality"
But, wait a moment, are you aware of all other market disruptors besides the AI, and are you ready to tackle those with quality data?
Hope you're not. That's why this piece can help you understand everything that a wise organization should know, ahead of disruptions taking place. Here you go.
What is market disruption?
Market disruption is a situation where markets don't function in their regular manner. All markets go through a significant transformative phase and come under an unpredictable situation. Market disruption takes place typically because of innovation, introduction of new technology, changes in business model, and other external factors.
Example of market disruption
Artificial Intelligence (AI) is a common area where you can guess how impact it has made since it became popular. The adaptation rate of AI and the application rate of AI have constantly been breaking records over time. The chaos it made is also record-breaking. McKinsey estimated that up to 800 million individuals could lose their existing jobs because of AI before 2030.
Yes, AI is a market disruptor, and the disruption it has created is huge. From research fields to marketing, AI has been incorporated in every possible sphere of work and is constantly being explored for more.
Let's dig further to see more disruptors and find new possibilities where quality data can stabilize your operations during the change.
Top 5 market disruptors at present
Market disruption is nothing but a portal to adopt change. It brings new possibilities where businesses can invest. Generally, the development of a revolutionary technology drives markets into change. Let's check out the latest market disruptors that immediately demand your attention.
Artificial Intelligence
Out of all other market disruptors we'll cover in this piece, AI shares the highest percentage of market disruption. The first thing that attracts businesses towards AI is its automation capacity. People are now using AI to get rid of manual tasks. Businesses are automating most of their repetitive tasks with the application of AI.
In marketing, the application of automation is at its highest, and it is also showing good results. While in the other areas of business like CRM, ERP, and other vital territories, automation till now hasn't taken too much space. The main reason for that is data quality. Automation may follow data quality parameters, but the accuracy level still not improved as such.
Besides automation, AI has a multitude of applications. It can mimic human intelligence and do many tasks, like driving cars, detecting things, making decisions, etc. Machine Learning (ML) models are now exploring new things that are beyond human limits.
For your reference, humans teach machines with the help of quality data, a process called data annotation. Again, quality data is essential for even building the AI model. The quality of the data places a high emphasis on the development of AI to get accurate outcomes.
Increasing operational Costs
After AI, the increasing cost of operations is taking up the space as a market disruptor. It also impacts the entire economy if not controlled. Basically, it levels up the price factors, which ultimately increases the overall cost.
Businesses from many industries are stopping their operations because of increasing costs. Uncertainty is one of the underlying factors that forces businesses to shut their operations. Only a certain fraction of businesses that depend on data-driven metrics are now surviving. Digital transformation with quality data is also helping to minimize frictions.
Shorage of Skills
Most businesses are not running at their full capacity because of a skill shortage. More than 29% of market disruption is happening because of skill shortage issues. People are now focusing on specialized skills rather than the skills that a general business needs. For example, finding someone to do simple data entry tasks has become extremely difficult in countries like the USA, UK, and other Western European countries.
A serious lack of basic skills is forcing companies to outsource most of their non-essential tasks. Note that finding the right data entry partner that focuses more on data quality is a complex task. Companies are scanning everything before making any outsourcing decision.
Supply Chain Dynamics
Over time, the supply chain system is getting complex and deregulated. During the time of the COVID-19 outbreak, we have seen how the supply chain was disrupted and impacted mass lives. The supply chain system plays a crucial role in business and overall human lives. Because most of the things that business wants are not available in the exact location. We have to depend on the supply chain system.
With the incorporation of AI, the supply chain system has somehow sped up. Live tracking facilities, estimate delivery dates, etc, are now possible. Managing the data quality intact is essential for keeping the supply chain active and advanced.
Changing Customer Behavior
Customers are making decisions quickly than ever. They are exposed to a lot of options than ever. Purchasing decisions are now becoming random and quick. Customers are making quick decisions. Plus, their demands have also changed.
Businesses that are providing a better customer experience are doing better than others. Customer satisfaction has become a factor that every brand is working on. Collecting every data touchpoint via quality data parameters is important for marketing gaencies. It helps them understand their customers better.
When a brand understands its customers well, it's obvious that it'll provide better customer satisfaction. Maintaining quality data keeps everything in place.
