Are you the one eagerly waiting to get all the information about the disruptive innovations and its trends and technologies? Nowadays, it is trending among all other innovations and to let you have all the information related to it, this article is here for you.
In this article, we have discussed its meaning, characteristics, and technologies. To get familiar with all of these, you need to read the entire article so that you can have a clear idea about it. Therefore, let’s dig into it without wasting much time.
What is the term Disruptive Innovations about?
Clayton Christensen, coined a term of art called as Disruptive Innovations. It disrupts the existing market and value networks by setting up new market and value networks.
In simple terms, it is an innovation that occurs when the existing markets get significantly altered due to drivers of traditional values. The entry of new business models and technology adds value to the market that is different from the ongoing offerings. Technology changing by the second’s so to keep updated with technology with latest trends and corresponding certifications. Therefore, let’s dig into it without wasting much time.
The changes in the market occurred can be seen in the Disruptive innovation market comes in four categories:
To sustain the position in an existing market, a focus and significant improvement on the product is conducted.
It is the technology or the new model of the business that disrupts the entire existing market.
Gradual and continuous improvements in manufacturing products and services is seen.
It is the technological breakthrough that transfers or creates new markets or industries.
Characteristics of Disruptive Innovation:
The idea of this Disruptive Innovation was invented in the book The Innovator’s Dilemma in 1997. In Disruptive technologies, an unexpected optimization of the product or the service is created in the market. And therefore, let’s see the characteristics of the following:
- Gain more customers by low pricing.
- Highly risky as it can disrupt the existing market or can create a totally new market.
- Value measures are fundamentally changed.
- Involves new technology or new business models.
- The growth is exponential.
Disruptive technologies are inventing unprecedented rates where else, the whole world is after witnessing the fourth industrial revolution. As per the survey, about 29% of the organizations are seen investing heavily in Disruptive technologies.
Organizations are facing many new real challenges in the business market by making more sense of Disruptive technological innovations. Now, let’s quickly see the eight technologies that are to be implemented by organizations in 2020.
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Implementation of 8 Disruptive Innovation Technologies by organizations in 2020:
Among all the 250 discrete technologies, the eight most disruptive and essential technologies identified by the organizations in 2020 are:
- Artificial Intelligence (AI):
Artificial Intelligence tops the list because it has the ability to enable the machines and mimic the thoughts of humans. The computer program can learn, understand, and act on the received data for the better performance of your choices.
The main thing is it is extendable into every field. In hospitals, it can quickly give scanned images. During this pandemic, the study of how AI technology helping scientist to fight against COVID-19. It is also applicable in Banks and finance companies.
- Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and Extended Reality (ER):
For computer users, these four are amazing technologies that leverage sounds, video, and graphics to create an immersive virtual experience. Mainly used in industries of real estate, construction, disaster risk analyzer, tourism, and retail. This technology is best for the business to offer immense shopping offers to the customers.
- Internet of Thing (IoT):
IoT is used to connect any equipment to the internet. Example of IoT applications is wearable fitness trackers, washing machines, coffee makers, headphones, car engines, and more that can be connected to the internet. By the end of 2020, over 50 million of devices would connect with IoT.
This disruptive innovation underpins digital currencies Etherum, Litecoin, and Bitcoin, and is also known as Digital Ledger. At every step of the transaction process, blockchain keeps the record and history of the participants having transactions. Within a short period of time, blockchain will optimize all the existing systems of payments and currencies.
- 3D Printing:
As 3D printing is immensely used by students, factories, hobbyists, and businesses, it needs to be there in the list of disruptive innovation technology. It optimizes the workflow and minimizes the cost in the production and manufacturing industries.
The main benefits of this is it wins business, has speed time to market, personalizes the products, and increases the innovation.
- Autonomous Things and Internet of Autonomous Things (IoAT):
AuT and IoAT enable the devices without human interventions with the help of AI and ML. The progress is seen in form of robots and drones even if it is yet to adopt in the list of Disruptive Innovations. It is used in manufacturing and digital ecosystems for smart cities, system chains, and homes.
There are four different capability levels of Autonomous things, mainly, None, Advisory, Assistive, and Autonomous.
When emergencies occur, drones are the first thing to use. It can do survey and mapping, asset maintenance, monitor the environment, and surveillance is real-life application.
Lack of regulatory guidance has become a challenge that prevents the mass adoption of Drone technology. As a Disruptive innovation, Drone has appeared in most of the industrial sectors for different activities as per the occurred necessities.
As the technology is being more advanced, Robotics has marked its place in the list of Disruptive Innovation technologies. This is because of its advanced performed tasks that are hard and expensive to automate.
Society has most of the benefits because of robotics as they have enhanced senses and intelligence massively. Some of the robotics like nanorobotics, robotic surgical solutions, and robotics prosthetics has been put to use to get the immense benefits of it.
Among all the other examples of Disruptive Innovations, Salesforce, Netflix, and AirBnb are the best examples of it.
Disruptive Innovations trends and technologies are the best growing field. So far, we have gone through the definitions, characteristics, and main eight Disruptive Innovation technologies. I hope this article was informative to you and can be applicable to various industries and organizations.