The world is rapidly changing. New technologies are being introduced every day that are disrupting the status quo and changing how we live, work, and play. These technologies are becoming embedded in products, services and processes throughout the planet.
In this blog, I will be talking about these exciting new technologies and what they mean for our future. I will be exploring how artificial intelligence (AI), machine learning (ML), natural language processing (NLP), deep learning (DL), computer vision (CV), robotics and other disruptive technologies are being integrated into our everyday lives.
Disruptive technologies are technologies that significantly alter the way a market or industry functions. Over the past two decades, we have seen many examples of these disruptive technologies and their impact on the global marketplace and traditional business models. The Internet has been one of the most disruptive forces in how businesses operate and how consumers shop, obtain information and communicate with each other.
Disruptive technology is an innovation that creates a new market by applying a different set of values, which ultimately (and unexpectedly) overtake an existing market. In this way, the technology disrupts the market for that product or service. Disruptive technologies are created when existing markets do not meet customers’ needs; these technologies typically create new markets or transform existing ones.
Customers are always asking us for the latest, greatest, newest and most disruptive technologies that are coming. There is no shortage of hype and buzz in this area, but how do you know if a technology is really disruptive? Disruptive technologies are the ones that change the game and create new markets. The most disruptive technologies challenge large incumbent companies to the point that they lose their market leadership. Over time, we have seen many of these disruptive technologies come into play and change our world. Here are some of the more recent ones:
1. Artificial Intelligence (AI)
2. Autonomous Vehicles
3. Virtual Reality (VR) / Augmented Reality (AR)
4. Machine Learning (ML)
5. Blockchain / Distributed Ledger Technology (DLT)
6. Internet of Things (IoT)
We live in an amazing era of technological advancement. There are more inventions today than ever before in human history and the rate of invention is accelerating.
In business, a disruptive innovation is an innovation that creates a new market and value network and eventually disrupts an existing market and value network (over a few years or decades), displacing established market leading firms, products and alliances. The term was defined and phenomenon analyzed by Clayton Christensen beginning in 1995.
There are three characteristics of a disruptive innovation:
1.) It is cheaper and more accessible to a new population of consumers.
2.) It has lower gross margins.
3.) It may not yet be as good as existing solutions.
As a result, it initially “underperforms” established products in mainstream markets. But it has other features that a few fringe (and generally new) customers value.
In time, disruptive innovations can hurt the original product’s sales but not enough to prevent growth in the overall market.
We are in an era of disruption. Consumerization is changing the way technology is used in the workplace and delivered to users. This transformation will have a profound impact on business and society.
While it may seem that disruptive technologies are exclusively for the consumer market, this focus has shifted to the enterprise. We’ve seen this with social networking tools like Yammer, file sharing services like Box, and now mobile devices, which comprise more than 50 percent of traffic on corporate networks.
In fact, IT departments are struggling to respond to this demand. More than 60 percent of executives said they don’t think their IT department understands their business needs, and only 14 percent trust their IT department to do what’s best for their business.