Part 1: Transformative technologies of tomorrow that will disrupt today – IoT and digital vortex
While predictions of a new technological leap have been circulating for quite some time, the move is now getting closer to reality for several reasons. Technological advancement has brought about a wave of disruptive innovations and ideas that have revolutionised the way we communicate, travel, shop, form relationships and so forth.
The introduction of apps and sites like WhatsApp, Uber, Grab, Amazon and eBay and many more have redefined convenience for customers. Digital disruption can reshape the market faster than ever before. The implications are clear, either embrace digital transformation or stagnate and perish. To fully gauge the implications of digital disruption in emerging industries, a fundamental understanding of how digital disruption works is vital.
Thus, digital vortex was introduced to help companies plan a strategy to exploit or counter any possibilities that may arise from digital disruption. A digital vortex can be described as the inevitable movement of industries toward a ‘digital centre’ in which business models, offerings, and value chains are digitalised to the maximum extent possible. The construct of a vortex helps to conceptualise the way digital disruption impacts firms and industries.
In general, it affects industries in two main factors. First, is on the velocity of change and it involves the high-risk factors. Second, digital disruptors innovate rapidly, and then use the innovations to gain market share and scale far faster than the challengers who are still in physical business models.
What entrepreneurs need to look out for:
- Businesses need to break new digital ground (e.g. digital marketing and measurable online presence) to position their products and services favourably across the digital landscape.
- Supercharge your transformation with adoption of digital tools (e.g. social media presence as a conversation hub for your business) as the economic future in most markets looks increasingly digital.
- Success in digital can breed huge success for up and coming start-ups, outdoing larger corporations.
- Be open to hiring agile talent to prepare for the gig-economy.
One of the examples is in the telecommunication industry, where WhatsApp overwhelmed the USD 100 billion global text messaging market through its free text messaging and now as an addition to the WhatsApp text messaging, it allows users to make free mobile voice calls.
Technology is an integral component in disruptive innovations seeking to deliver a seamless and easy experience to users. During this phase, the digitisation of industry, increasing connectivity are likely to accelerate adoption of the next generation of advanced technologies. Understanding flows such as these helps businesses identify promising markets and do a better job of predicting economic growth in the technology economy.
Disruptive innovations are often products that emerge as solutions to problems or needs consumers encounter. They create new markets and do not necessarily compete against or outperform existing companies. To learn more about the topic, you can read the original article here.
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