Digital disruption: unleashing the next wave of innovation




News industries are heading toward a digital platform on all fronts, according to James L. McQuivey, vice president and principal analyst at Forrester Research and author of Digital Disruption: Unleashing the Next Wave of Innovation.

McQuivey used the digitalisation of banking as an illustration — how at one time ATM machines were considered questionable and now customers can deposit checks via a mobile app. This digital experience is opening new doors for other professions.

He expands this idea by applying it to news publishers.

“Once you go digital and have a digital customer relationship, you can start to deliver new kinds of experiences,” he said. “And then you can rethink the paper itself.”

Digital disruption is not a new concept, McQuivey said, and it is becoming better, stronger, and faster. Now, digital relationships allow for news companies to interact with their customers in new ways.

And consumers believe in the digital market.

“It’s not just about taking the efficiencies of digital. It’s about expanding by the laws of ‘more’ — what digital can do for your customer,” he said.

McQuivey suggests that businesses on digital platforms must embrace consumers by looking outside internal business structures and focusing on consumer energy.

“To enable the next content experiences that you will provide, you will have to exploit these digital platforms, take advantage of these digital platforms for your consumers and disrupt both your product and your process,” he said.

To market for successful future revenue within the competitive news market, McQuivey presents four fundamental consumer needs the organizations must meet: comfort, variety, connection and uniqueness.

While product innovation is significant to increasing revenue streams, McQuivey said that industries must deliver total product experience to drive an ongoing customer relationship, going beyond traditional boundaries in an open and expanding digital market.

As news publications continue to find footing in the increasing digital market, McQuivey said they must envision the consumer and let the product follow.

“Don’t find the future,” he said. “This is about finding what people need and letting the future find you.”

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