Leonard Brody stopped by our office last week to discuss several important business trends that have been developing over the past few years - and why every business needs to stay in front of the massive disruptions hitting their industry.
Leonard pointed out that many people have compared the technological advances happening in our society today with the Industrial Revolution, but he wholeheartedly disagrees with that notion. While the Industrial Revolution completely reshaped society, it happened over a period of several decades, giving businesses that were slow to adapt a second chance to implement the advances driven by the revolution. In today's society we've seen the rapid pace of technological advancements dissolve businesses, and even industries, that were initially resistant to change. Leonard uses the surge in popularity of crowd-sourced technology-based services, like Uber and Lyft, to illustrate his point. Public transportation has been slow to innovate and technology has allowed the public to drive disruptive innovations from outside the public transportation industry.
In this short video interview, Leonard argues that sweeping changes in certain industries, including education and banking, will cause these industries to become irrelevant - unless they re-imagine their industry before their customers reinvent the industry from the ground up.
Which industry do you believe is ripe for disruption?