What Is Disruptive Technology?
Disruptive technology that moved the established technology and has groundbreaking results. Therefore, this technology makes for a whole new industry and market for the product.
Disruptive technology is a technology that has a substantial effect on its market or its whole industry. One of the examples of disruptive modern technology is the internet and how that has affected the way people do business.
It is interesting to note that who coined the term disruptive technology. It was Harvard Professor Clayton M. Christensen who was a teacher at the Harvard business school.
The teacher also wrote a bestselling book The Inventor’s Dilemma. There are two kinds of technologies according to the professor who is sustained and disruptive.
One called sustained technology improves upon an existing technology already available, but disruptive technology does not have a proven market and is for a limited audience — for example, the telephone.
One kind of disruptive technology would be the personal computer, and the Windows OS, an email, cell phones, cloud computing, social networking and more.
It is well known that larger companies promote sustaining technologies and do not take many risks to get into disruptive technology.
It is because these companies understand their market and their customers, and larger companies do not delve on disruptive technologies because these companies do not create more on the efficiency, they do not save costs, and they do not see newer marketing opportunities.
For all these reasons, the more prominent companies let go of disruptive technologies as the larger companies do not renew company goals, they go blind when the technology reaches its zenith, or the technology starts attracting a broader market and audience and starts to question the state of affairs.
Is Disruptive Technology Good or Bad?
The question is not really if disruptive technology is good or bad, the problem is if you should go for sustained technology or disruptive technology.
Markets reach a point of saturation before they fully utilize disruptive technology. When saturation occurs, the markets which were earlier growing exponentially will stop growing at all. This saturation happens because the full market comes captured.
Those companies which compete would operate on what is called the zero-sum game. Now, the market would only open up with the growth of population.
The newer market comes with client acquisitions; this can only happen when the population grows or capturing the demand of the competitors, and through cutting costs. When employees and suppliers face cuts, then the end user is harmed.
To know if the disruptive technology is good or bad, we need to look at the example of automobiles. Automobiles only affected the higher echelons of society. The whole market at that time was horse driven carriages.
It was not until Ford came to the fore and started making Ford cars when the entire thing came to be known as a disruptive technology.
The cars costed less, and the employees were paid high salaries, thus capturing the mass of the market. The funny part is that when Ford was coming into the picture if, at that time, the people were seeking what they wanted, then they would have said faster horse carriage and cars were unimaginable then when Ford came.
It is thus that the inventions are called societal impact. This can be both good and bad. If one were to give an example of harmful, disruptive technology, then it would be a collateralized debt obligation.
Important Use of Disruptive Technology
Internet of Things
This deals with identifiable representations of the internet. These days’ objects come with machine-readable identifiers that could change the life of end-users. This could be in the health domain, mining, manufacturing, and other fields.
Unbelievably but true, space colonization has taken place; it is very much possible that one trillion people reach space by the 22nd century. Space colonization means people could start occupying other planets or the moon.
NASA has come up with projects such as the national space society. Some private sector players such as Space X are also working on space exploration which is funded by no lesser than Elon Musk.
The next unimaginable thing which is happening already is that you could create cars by printing those. You could also print body parts, It is rare and less talked of, and that is why it is part of disruptive technology.
Although right now it is happening only in the USA, Europe, and China.
Important Aspects of Disruptive Technology
Disruptive theory can solve market problems with available solutions. An example would be tackling the menstruation with absorbent underpants instead of pads.
There is always sufficient market improvisation and marginal improvements that only disruptive technologies can solve.
The new global economy means uncertainty, openness, flexibility, and choices, and even national security. Education is another aspect of disruptive technology.
For example, petroleum engineering students are becoming a hot commodity so what decides the trends in education and what would the impact of these trends be?
It is not necessary that one should become a disruptive technology because of the above factors but because they cross a point in costs, or because they are supremely accessible, or because they have high capability, or it is because the technology is everywhere.
Realizing the Potential of Disruptive Technology
It is possible for risk-taking companies to get into the spectrum of disruptive technology and target new markets. Disruptive technology only means including this disruptive technology into the labor and capital of their company. There are more aspects of disruptive technologies.
These are disruptive technologies that change the way companies look at businesses. Disruptive technologies also change the way smaller companies look at markets and companies and gain market share.
One such technology is blockchain which means there is no need for manual operation of verification of transactions. Also, investors can invest in disruptive technology using exchange-traded funds.
AI and disruptive technology
The second aspect of disruptive technologies is placing AI at the very heart of the business strategy.
This makes the other companies follow suit. AI is associated with related tools like machine learning to automate processes and reduce labor costs and an organization of data.
This helps with dealing with vast amounts of data. Earlier AI was seen as something harmful to workers, but now it is being seen as something that helps with the human workforce.
The next aspect is personalization and customization. Personalization has become a tool for companies to stay relevant and competitive.
Data – an economic asset
The most surprising aspect of disruptive technology has become the fact that data is a financial asset.
But, there is still a reluctance to share data, and there would be consumers that want to take products and services meant for them when these people share their data.
This relates to data protection laws by the EU. This refers to data privacy. This also means the handling of data in every sector from healthcare to banking.
Pioneers of Disruptive Technology
All not some pioneers of disruptive technology are heroes of their time; what character traits define these heroes would be only left to the imagination.
These could be in the field of arts or science, and religious sectors. They were all daring and disruptive and brought to the table something unimaginable for the rest.
These were 21st entrepreneurial heroes. Disruptive technology is critical to everyday life and essential to stay ahead of time.
These technologies look at the emotional DNA of society as a whole. This takes into account the whole community and not just the generation.
Something shared between the ages is the environmental concerns, mobiles, global warming, 3rd world hunger, smarter ways to shop, and other social issues.
The disruptive technology welcomes you to the digital revolution.
Facebook is going down just like newspapers, but if Facebook were a country, it would be the fourth largest country in the world after China, India, and the USA. To be disruptive and to be larger than life, you need to dare and have an entrepreneurial spirit.
Not just that, photography was a great invention which was done by Joseph Nicephore Niepece in 1814. In 1852, the elevator came about, and in 1867 the motorcycle arrived.
Some great pioneers of ancient times would be Walt Disney and Leonardo Da Vinci. Similar inventions were voice-based virtual assistants such as Alexa and Google voice assistant.
These are the factory of the future. We are facing the fourth industrial revolution. In 2017, the world already woke up to technological diversity and equality.
10 Technologies That Changed the World.
It can be noted that better robots would come into being which has senses, and intelligence.
Ethanol and biodiesel
The second point to be noted is a better understanding of plants and animals, and more use of E Coli bacteria in high-value substances that means ethanol and biodiesel. Tough to that which one is better – disruptive or sustained kind of technology? Both are equally good.
Social means of change
The next good thing about disruptive technology is that leaders are using disruptive technology as a social means of change. Now, poor people can take loans from banks.
Uber taxi society
Another good thing about disruptive technology is asking whether Uber is good or bad, now it disrupts the taxi society which could only mean good things because the taxi business was also exploitative which said terrible things for the driver.
This is just the basics, but there are also things that are taking places such as high-speed travel which means less carbon pollution and the need for urbanization.
Also, drones that say a personal drone would carry your bags and have a camera that sees you all the time.
Renewable energy means sustainable development.
Data regulation laws
The year 2018 has just flown by, and it saw a huge step ahead in disruptive technology and an addition unlike any previous year in this field. Some of the most potent techniques were seen emerging this year.
In line with this disruptive technology, there is the data regulation change in privacy laws and an individual’s private data has been considered a crucial step in the direction of disruptive technology. This data is seen as very important for banking and other sectors.
It will create new avenues of jobs which goes against the assumption that this disruptive technology would cost jobs. Forgetting the share of the pie of disruptive technology, one needs to be daring and have entrepreneurship skills.
So, does it come with education, experience, and DNA? In short words, success comes with a dedicated mind. But, entrepreneurship skills are taught in this, parents and peers help.
We only kill the possibility of getting involved in disruptive technology when we have self-sabotage to be a habit. This would make you leave an imprint on society. This would also help future generations.
Industrial revolutions of the kind of one going on right now would make sure that the world can face the challenge of happenings such as earlier people bore the brunt of World War II.
LEDs or light-emitting diodes
The world’s most famous technologies are electricity and especially LEDs or light-emitting diodes. This led to the next invention which is plasma television. But, to give an example of recent times in the world, drones were invented. This makes unscrewed vehicles a possibility.
Life-saving heart transplant
Life-saving things, if we see, then we could see heart transplant. So, disruptive technology is better than bad and making waves changing the entire scenario of our existence
There would be to count things such as mobile, internet, autonomous vehicle, and advanced genomics. Leaders and people in business not only need to appreciate but prepare for the impact of the technology that we work on.
Technology is also upgrading at a rapid pace. We need to have our value pool ready for that. So, the leaders prepare accordingly. The total amount of impact that this technology would have on the world is to the tune of 33 trillion dollars. The estimate is not the kinds which you would predict but also not comprehensive.
The products would be better, the prices would be lower, the health of people would be better, and there would be a cleaner environment.
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