DISRUPTIVE TECHNOLOGIES TO WATCH OUT- 2021
Organizations face enormous pressure to stay updated in terms of using innovative technologies and simultaneously maintain a competitive advantage. Disruption is easy to define but hard to recognize — which is why it's important to experiment and find simpler to use, more convenient, affordable ways to break free of the traditional approach paired with a business model innovation that allows it to be sustainable.
Other examples of disruptive technologies are self-driving cars and AI, virtual/augmented reality, the internet of things, blockchain technology, and e-commerce are examples of emerging innovations that would have a major impact on the future. All of the technologies have one similar feature; that is “out with the old and in with the new.” These technologies replace our old systems and bring us new solutions. Most importantly they solve problems.
Characteristics of disruptive technologies:-
1. Start with a purpose and a small problem rather than a big idea and either disrupt an existing market or creates a new market segment in the existing one.
2. The cost of development is less than the incumbents affording the new entrant to earn a greater profit margin at a lower price point
3. Leverage data to get closer to users, customers or fans.
4. Can be more responsive to customer’s behaviors and needs.
5. Tap into the consumer’s latent desire.
6. Connect the disconnected.
7. Create value where none existed.
8. Disrupt people not industries—changing the user’s worldview and behavior.
9. Begin by changing a small group of people at the edges.
10. Lower profit margins, at least at first
Maximize The Advantages Of Disruptive Innovation:-
Many business leaders who are not entrepreneurs, or have lost their touch, are frightened by the prospect of such innovation and prefer the inexorable addiction of “sustained innovation” or the maintenance of the status quo. The only problem – the status quo is a fleeting illusion that is picking up speed in the new normal marketplaces of the 21st century. Successful leaders are very often entrepreneurs in their own way, and they see the following benefits of embracing the “disruptive innovation” perspective:
- It can help your company expand its market through innovation with new and existing products or services.
- Current operations can be exposed to the light of urgency, identifying areas of process and structural improvement.
- You will find out who are your leaders for today and the future. People who are curious and welcome the challenge are the future. People who bemoan what is happening and refer to the past are the past.
- Opportunities for the future will present themselves because you opened the door for the possibility of something new while creating a platform for growth.
- Your company culture can evolve as a learning community that welcomes change rather than fearing it.
- Helpful in expanding market through new innovations
- Developing a culture that welcomes changes rather than ignoring them
- Refurbish and revamp the current set of traditional practices and policies
- Ease to identify people who accept changes and have an optimist approach towards technology
Disruptive technology is more than an innovation in today's economy. It is an opportunity to go beyond the existing finish and improve. Accepting breakdowns allow business establishments to overcome potential risks and stay afloat in a competitive environment. To grow, businesses around the world must embrace the culture of investing in innovative innovations.
Predictive list of top disruptive technologies we are seeing in 2021:-
1. Automated Risk Management
2. Secure Access Service Edge Platforms
5. 3D Printing
6. Voice Pay Solutions
7. Improved Natural Language Processing
8. Edge Computing
9. Digital Health Tech
10. HIPAA-Compliant Meeting Software 1
11. New Data Prediction Models
12. Embedded SIM
13. Ethical AI
14. Chatbots & Smart Assistants