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Disruptive Technology we all should be aware of if we have no idea what disruptive technology is all about.
Disruptive Technology we all should be aware of if we have no idea what disruptive technology is all about.
In the context of disruptive technology, “disruptive” is defined as a condition in which one clearly and directly exploits the technology to its advantage.
This basically means that instead of “improving” the product or service to reach a new level, you are developing an entirely different version – an entirely different product or service – that can be easily and flawlessly manufactured with your own miniaturized machines.
What To Know
At least, some are aware of it already, but artificial intelligence continues to be one of the technologies which have been used recently in various ways.
Not just by individuals and large companies, but AI supports a lot of other technological trends around the world.
The past has shown us that not every emerging technology is likely to stay relevant, let alone disrupt whole sectors of the economy.
When new companies get a chance to break into the market, technologies will emerge that enhance the lives of all consumers.
When new products reach the marketplace, consumers receive needed services, and businesses prosper in the market.
The Market Product
New markets are created through disruptive technologies, which enable businesses to build new business models, provide strategic differentiators, develop their products more efficiently, and provide consumers with new products and services.
By working with disruptive technology, businesses are usually able to either position themselves in a new market or use an opportunity to supplant larger companies on the established landscape.
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This provides a chance for disruptive businesses to reach neglected customer segments and establish themselves within the industry.
Risk-taking companies can recognize the potential for disruptive technologies within their own operations and target new markets where they can integrate them into their business processes.
Adaptation of Other Companies
Other companies may adopt a more risk-averse attitude and only adopt the innovation once they have seen how it works for others.
Companies comfortable with higher levels of risk are usually able to realize the potential for disruptive technologies and may build a process around an innovative idea in the hopes of getting business benefits, whereas companies who are more risk-averse and leave the innovation up to others can see that the costs of being late to market exceed the risks if the disruption is substantial.
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Companies that are able to seamlessly pivot and integrate disruptive technologies into existing lines of products and services Disruptive technologies may help existing customers transition seamlessly into using disruptive technology, as well as capture new buyers as they enter new markets.
The Transformation Fact
The changes may involve offering new products or services built around innovative, new disruptive technologies, but the more crucial step is for executives to chart out how disruptive technologies can strategically be used to address the pain points in enterprises’ potentially changed business models, and how every technological system might align with meeting the ultimate goals of the business.
The report suggests that implementing new technical innovations simply to achieve short-term efficiencies is no longer feasible; rather, technology disruption requires the adoption of new changes over time, to achieve longer-term efficiency gains.
With every new crop of technologies, there are typically several that are disruptive. For CMOs, it is critical that you are aware of and educated on what technologies are out there, and how they are disrupting how we do business today.
News Report
It is thus crucial that leaders in the field of business and politics understand which technologies will matter to them, and prepare accordingly.
A recent report by The Economist Intelligence Unit and Ricoh said businesses will have nowhere to hide from the disruptive but exhilarating effects of technological change.
To achieve this, companies need to grant managers of disruptive innovations the freedom to realize the full potential of technology – even if that means eventually killing off core businesses.
