Let’s face it, the COVID-19 pandemic has made the past few years quite difficult for everyone. We’re still moving forward in the face of this truth.
New technological developments continue to disturb our lives, often for the better. While some of these have already taken place, they are still developing and changing quickly, so their effect will only increase.
What is Disruptive Technology?
Disruptive technology is an entirely new invention that fundamentally alters how consumers, businesses, and entire industries function. Disruptive technology may be able to replace current practices or systems due to its quantifiable and superior qualities.
The Potential Of Disruptive Technology
Disruptive technology’s potential is sometimes underrated. This is due to how frequently the technology itself gets misunderstood. Disruptive technology is not always novel or groundbreaking. Instead, technology has the power to transform an existing industry or sector. From transportation to healthcare, a variety of businesses use this kind of technology.
A lot of advantages could result from this, including reduced costs, higher quality, and more competition. A sector of the economy could transform thanks to disruptive technology. It can improve, expedite, and lower the cost of goods and services. It may even produce new markets in some circumstances.
Advantages of Disruptive Technology
- Cost-effectiveness: Disruptive technology frequently produces products or services that are less expensive than traditional equivalents. This may make them more accessible to a broader spectrum of consumers or businesses, hence increasing acceptance
- Access to goods and services can be democratized, levelling the playing field for smaller enterprises or individuals who may not have previously had access to expensive resources or markets.
- Improved efficiency: Disruptive technologies usually boost process efficiency, decreasing waste, saving time, and increasing productivity.
- Innovation catalysts: They encourage innovation by compelling established businesses to adapt or develop their disruptive technology to remain competitive. In industries, this encourages a culture of constant development and innovation.
- Market expansion: Disruptive innovation can open up previously neglected or disregarded markets or client segments. This can lead to considerable chances for corporate growth.
- Consumer-centric focus: As disruptors challenge the existing status, they frequently focus on alleviating consumer pain points and providing a better user experience, hence increasing consumer loyalty and happiness.
- Adaptability: Disruptive technologies are often flexible and adaptable, making them well-suited to shifting market conditions, and client needs.
- Global Reach: because of the internet and digital technology, many disruptive ideas have a global reach from the start, allowing enterprises to immediately to enter international markets.
- Environmental advantages: Some disruptive technologies provide more sustainable alternatives to established processes, hence lowering the environmental effect of specific industries.
- Job Creation: While disruptive technologies might result in job displacement in certain situations, they also frequently offer new opportunities and occupations in developing disciplines such as data science, artificial intelligence, and renewable energy.
- Efficiency Gains: Disruptive innovations have the potential to significantly increase efficiency in a variety of industries by lowering waste, energy consumption, and resource utilization.
- Shorter Development Cycles: The high speed of disruptive innovation can result in shorter development cycles, allowing for more rapid iterations and improvements.
- Enhanced Quality: Because disruptive technologies frequently combine the most recent breakthroughs and best practices, they might result in higher-quality products or services.
Disadvantages of disruptive technology
- Employment Displacement: One of the most serious drawbacks of disruptive technology is the possibility of employment displacement. Job losses in established industries may result from automation and efficiency gains, generating economic and social shocks.
- Resistance to Change: Because disruptive innovations challenge traditional business structures and revenue streams, established players in an industry frequently fight them. This opposition might manifest itself in court battles, lobbying against regulatory reforms, or attempts to hinder innovation.
- Regulatory Obstacles: As governments and industry authorities struggle to keep up with rapid innovations, disruptive technologies may confront regulatory problems. Regulations that are unclear or too restrictive might stifle innovation and market acceptance.
- Concerns concerning data privacy and cybersecurity might arise as a result of technologies such as the Internet of Things (IoT) and artificial intelligence. Our world is becoming more vulnerable to cyberattacks and data breaches as it grows more linked.
- High initial costs: Some disruptive innovations necessitate substantial upfront investments in research, development, and infrastructure. These expenditures can be too expensive for startups and small businesses.
- Uncertainty in the market: The success of disruptive innovations is not assured. Many businesses fail, and even large corporations might struggle to acquire traction with innovative breakthroughs. Investing in innovative technology entails market risks.
- Employees and consumers may be resistant to changes brought about by disruptive technology, resulting in organizational resistance and difficulty achieving user acceptability.
- Ethical Issues: Disruptive technologies like artificial intelligence and biotechnology bring ethical concerns concerning potential misuse, bias, and unexpected consequences.
- While some disruptive technologies may have environmental benefits, others may increase energy usage and e-waste, especially if older technologies are discarded.
- Traditional skills and knowledge may become obsolete as sectors evolve toward automation and digitization, potentially leading to a loss of cultural and practical know-how.
- Digital Divide: Because not everyone has equal access to or awareness of disruptive technologies, a digital divide can worsen social and economic inequities.
- Quality and Reliability: New technologies may encounter quality and reliability concerns that must be resolved over time. Early adopters may encounter unexpected problems or glitches.
- Dependence and Vulnerability: Overreliance on disruptive technology can lead to system and infrastructure weaknesses. A high reliance on digital systems, for example, can be disrupted by cyberattacks or natural disasters.
Examples of Disruptive Technology
- 3D Printing: Since 3D printing enables individuals to manufacture anything they require on-site, the industry may be affected, as well as the movement of commodities. We can “print” a variety of objects if we have the right hardware, software, and raw materials. This graph demonstrates how popular 3D printing is becoming and where it is expected to go.
- 5G and Improved Connectivity: 5G network is now available, offering streaming of videos at astonishing speeds and of superior quality. Because of the compatibility with previous models of the protocols, wider international bandwidth, more traffic and video capacity, stricter security measures, and other factors, remote working will become a more attractive alternative. As mobile networking develops and grows, there will be a vast array of opportunities.
- Artificial Intelligence and Machine Learning: Although AI has already played a significant role in our lives, neither its powers nor its ubiquity has yet realized its full potential. Despite substantial progress, artificial intelligence continues to have a long way to go in the customer service sector. Businesses may better anticipate the next big thing by understanding how human habits and behaviour change thanks to artificial intelligence. More advanced algorithms are produced by AI developments, which help marketers adjust to changing markets and trends.
- Automation and Robotics: Drones, autonomous vehicles, and robots have all grown in popularity in the manufacturing industry, but this is only the beginning. Gigabytes of words have already been written about how robots are a disruptor in the industry, replacing people with less expensive, more dependable machinery. It’s simple to uncover ominous forecasts of extreme unemployment following a machine takeover. Even though there will inevitably be some turnover in the labour force, the situation is not as dire as the doomsday prophets might have you believe. After all, more robots and automation processes mean more specialists will be needed to manage and program them. These positions offer more pay than simple assembly-line labour.
- Cyber Security Advances: Everywhere people congregate, criminals engage in shady activity, and these days, since everyone is online, we must also deal with cybercriminals. And to make matters worse, thieves have benefited from the coronavirus outbreak. Thankfully, there have been advancements in cyber defence to counter these dangers. Cybersecurity professionals now create stronger firewalls and systems for intrusion detection as a result of developments in artificial intelligence and machine learning. The benefits of this disruptive technology’s advancements will be felt by cybercriminals, so that’s not necessarily a negative thing.
- Edge Computing: We had enormous computers connected to terminals during the mainframe era. This evolved into the client-server approach later on. The cloud is here right now. A new model has emerged as we have transitioned from one to the next. One of the IT industries’ most revolutionary technologies is edge computing. Fundamentally, it is an automation method of getting closer to the necessary computing power that is similar to that of the cloud, with fewer latency difficulties. Instead of completely getting rid of the cloud, it is being brought closer to you. Edge computing provides more bandwidth, better security, and lower latency. As edge computing gains traction, it will either continue to undermine the bigger cloud providers or give those businesses more power.
- Virtual and Augmented Reality: Virtual reality is when a user is immersed in a synthetic environment created by a computer (VR). Augmented reality is when a consumer wears a headpiece or glasses and computer-generated pictures are projected into their field of vision. (AR). They collectively make up the extended reality field (XR). Healthcare and education are just two industries that stand to gain a lot from VR and AR. VR is capable of performing medical exams and diagnostics.XR techniques may change (i.e., upend) conventional medical practice and educational practices.
We can see how our future is indeed heading to the brighter side with so many new technologies coming up and proving their significance!
