To adapt, companies must 'restructure themselves'
It is hard to remember when taxis were the only option commuters had to be driven directly to their destinations.
These days, disrupters like Uber have changed the game and commuters now have many options.
Disruptive innovations create new markets and value networks by rattling the ones in place.
Responding to this new way of doing business, the East Asia Institute of Management (EASB) is reviewing the totality of its business model in delivering valued and value-adding quality education in its efforts here and in its expansion overseas.
Dr Andrew Chua, founder, principal and executive chairman of EASB, told The New Paper: "It is a new way of doing business by providing more simplified and effective solutions, usually supported by new technologies, IT or otherwise, where customers can enjoy greater convenience, better value and cheaper products or services."
EASB hopes to achieve a digital transformation by complementing traditional face-to-face learning with mobile learning, short-form video and gamification.
It will also use technology to scale and enhance its teaching delivery to be more consistent in quality, and to deploy social media to access its targets in the region. This will help EASB in readying students to contribute to disruptive innovation.
Technology and society are evolving faster than an organisation can naturally adapt, he said.
Said Dr Chua: "With such speed and complexity of change, no organisation can survive without understanding the new competition standards today, and agilely review their business models and restructure themselves."