We must disrupt ourselves in businesses. Otherwise, others will disrupt us. The process of disrupting ourselves will be painful. Sometimes, new process will threaten our cashflows. But this learning process helps to “boost” our “immune system” to catastrophic changes.
O2 in the UK launched GiffGaff. They provided cheap prepaid data plans. There will be some cannibalization effect on postpaid plans. But this was necessary given the technology developments.
Banks should also relook at their fee heavy businesses. Can traditional banks build virtual banks without physical touchpoints to lower costs? Will they do that by themselves before others take away their businesses?
I think we should explore technologies, disrupt ourselves. This should happen concurrently as we exploit existing technologies.