Disruptive technology explained – Conclusions

Disruptive technology explained – Conclusions

From the AiM Next Generation Technologies team.

Over the last few weeks, we have looked at different aspects of what are termed “disruptive technologies”, for example, AI, machine learning, cloud computing and virtual reality, but we’ve never really defined the term “disruptive technology”. Sometimes the “technology” part is replaced with “innovation”, but they come down to the same thing, which is a new solution that disrupts the existing market place and eventually displaces the current market leaders.

Hang on, this has always been happening hasn’t it, one way or another? Well, yes. But because today’s technology is developing so quickly, the effects can be considerable and incredibly fast. Imagine a software company producing a tool for use in a single industry vertical, with a large market share. They have considerable investment in their development and marketing departments, refining their product range regularly to give high quality results in demanding situations. Now, a small start-up develops new software, with machine learning capabilities, which offers a whole new set of tools to the same marketplace. Suddenly, the target organisations see the potential of the new tool, and the efficiencies they can make. Take-up is tentative at first, but smaller enterprises validate the solution, reaping the benefits and demonstrating increased sales. The existing market leaders work fast to catch up but by the time they have, the start-up, with increased revenue, lower overheads and reduced bureaucracy, has forged further ahead, and soon offers higher quality products, with enhanced capabilities, and displaces the older organisations.

This is the modern world, where an organisation’s longevity is determined by its ability to innovate, where adaptability is paramount, and business leaders are unafraid of change and challenge. Disruptive technology is not a thing, it’s a state of being, a philosophy, and it’s pushing the boundaries of what we know, and what we can do, at an ever increasing rate. Businesses of the future will be defined by their ability to embrace this concept.  Don’t be left behind.

 

Interested in reading more on disruptive technology? Click here for our blog on disruptive technology in the Legal industry.