New technologies are being constantly developed which can offer more value to the users and can potentially replace the existing technologies or products. Organizations spend extensive amount of capital in research and development to build new technologies, that allows them to introduce new products and services surpassing the existing offerings. Introducing new products and services with equipped with advanced technologies can help companies attract more customers and improve their sales revenue. Moreover, new technologies can also change people’s lives and industry standards. Disruptive technologies refer to the new technological advancements which has the capacity to disrupt or change the industry and market consumption patterns. Learning about new disruptive technologies can help you with your marketing essay or in formulating new business plan.In this article we have discussed about some of the most popular disruptive technologies, which can potentially change our future.
The implications of disruptive technologies can be defined in terms of the product life cycle.During its life, a product goes through several stages such as introduction, growth, maturity and decline. Companies are always in the works to develop new and more advanced products which can replace the existing ones in the market. Just as a product or technology becomes saturated and matured, it shows no signs of growth, so it has to be replaced with a new product or technology. Typically, organizations seek to achieve a perpetual state of growth by introducing new iterations of products with incremental changes.
However, disruptive technologies take major leaps when it comes to innovation and new value propositions. It offers strong competitive advantage for the organizations through differentiation. In the following section we have discussed about some of the leading disruptive technologies.
The internet of things or IoT has the potential to not only change the life style of consumers but it can also help organizations to make their supply chain more efficient and error free. IoT refers to a network of devices that can collect and share data with each other or with the centralized server. In simple words, IoT allows devices to talk to each other and tell them what to do. Although this technology is in its infancy stage, it has already found its way in multiple households. People have started adopting smart home devices, such as connected cameras, automated garage doors, lighting systems and other household appliances. These devices are connected to a shared network, thus allowing the users to have full control over their devices from their smartphone or any other smart devices. Since they are connected to a network, these devices can also be automated and synced to each other. IoT can significantly change the standard of living of the consumers, but what really makes it a disruptive technology is its application in supply chain management systems.
IoT can help organizations to automate their entire supply chain, where each nodes of the supply chain network can communicate with one another. Implementation of IoT in supply chain can significantly reduce a company’s dependence on its human resources, thus improving operating efficiency and reducing error. It can help in enhancing lean manufacturing by reducing resource wastage. Internet of Things can also play a crucial role in the healthcare sector, where interconnected medical devices and equipment can help professionals to save more lives and become more efficient in their work.
Artificial intelligence (AI) is not a new concept, at least not today. However, over the years it has developed significantly to find its use in multiple sectors. Right now, you can use artificial intelligence by calling Google Assistant or Siri in your smartphones. Modern developments in the field of AI has given rise to a new subset called machine learning. Before we dig deeper, let us clarify the difference between AI and machine learning for your assignment help. The AI is a much bigger concept where a machine can simulate human intelligence to certain degree, whereas machine learning is a subset of AI, where a machine can learn on its own from available data.
This technology can be become truly disruptive as it can allow organizations to take accurate decisions based on massive sets of data, which was previously impossible. Machine learning can learn about the consumption and purchase behavioral patterns of the customers and predict market performance of a product or service. Most importantly, it can help managers to take more accurate decisions. The use of machine learning can provide a significant competitive edge to an organization over other market players. The disruptive nature of machine learning lies in its ability to analyze massive datasets and reprogram itself. In other words, it can learn from data patterns. Applying machine learning to any system can make it improve its performance over time, as it can learn from usage pattern and make itself better with time.
Blockchain is referred to as a distributed ledger technology, which has opened up range of new possibilities. The first application of blockchain was in the development of bitcoin, a cryptocurrency, which is already on its way to disrupt the banking industry. The key differentiation of blockchain based cryptocurrencies is that unlike traditional banking sector, where ledgers are centralized, a cryptocurrency is decentralized. The decentralized nature of this currency renders the need for traditional third-party controlling bodies.
The key characteristics of blockchain are, decentralization, transparency and security. These elements can be used in other sectors as well, apart from the financial sector. Blockchain is being increasingly adopted in supply chain and logistics, due to its inimitable record keeping and transparency. This as a result allows manager to have a close control and monitoring over supply chain activities. Since record keeping is permanent and cannot be changed by any means, it can protect a company from any kind of fraudulent activities. Records cannot be manipulated with and are visible to all the necessary stakeholders.
Blockchain can help in reducing the number of third parties, through the implementation of smart contracts. Smart contracts application of blockchain allows a system to automatically execute certain functions when specific predefined conditions are met. Thus, a company can automate its operational functions more securely, thereby eliminating the need to become dependent on its stakeholders.
The concept of cloud gaming is fairly new which offers game titles to the consumers in the form of software as a service. The technology associated with cloud gaming takes the advantage of modern high speed, low latency internet connections. The core concept behind cloud gaming is based on the ability to run a game on a remote server, which is access by a user from their personal device. Thus, with cloud gaming, the program is run on a remote server instead of the device of the user.
The potential of cloud gaming is already being ventured by companies like Sony, Nvidia and Google. The customers do not need to purchase or own any title in a traditional sense. They can have access to any game title as long they are connected to the internet. Cloud gaming can be truly disruptive for the gaming PC and console sector as the customers are no longer required to purchase expensive gaming hardware to run their favorite games. Cloud gaming can bring significant changes to the gaming industry and bring new experience for the customers.
Before you start writing papers in college on disruptive technologies, let us look back at what we have learnt from this article. Disruptive technologies are new technological innovations which has the potential to bring massive changes to the industries and standard of living of the consumers. We have identified four disruptive technologies that are currently in their infancy stage and are likely to take the world by storm in the near future. These are Internet of things, artificial intelligence and machine learning, blockchain and cloud gaming. The internet of things can disrupt the banking sector and massively change supply chains of companies. Artificial intelligence and machine learning can change the way companies analyze data and take decisions. Blockchain can bring robust security and transparency in organizations. Finally, cloud gaming will allow users to play their favorite game without the need to purchase expensive hardware.
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