The reason is disruptive technology which displaces conventional and established technology, rendering it obsolete.
This can create opportunities for new products, new markets and new ways of condi=ucting business or it can completely destroy a business.
The enhancement of current technology and new technological innovations will undeniably transform how new businesses are established, and how existing businesses compete. Technology will also enable significant leaps forward in terms of innovation, efficiency and competitiveness.
Adapting quickly is critical, so here are the top seven disruptive technologies you should be prepared for:
The first is Social Robotics. Robots are no longer restricted to the factory floor, they are increasingly being designed to interact directly with humans. In your industry a robot may interact with customers on your behalf. The emotion-sensing Pepper robot, created by TTG Asia has recently been “hired” to work on cruise ships. Robots today are much smaller, more collaborative and more affordable. Robotics are also making it possible for small companies to expand, such as Skyline Windows in New York, which relies on robots for installation of its windows.
The second is Artificial intelligence and smart services. True artificial intelligence, which is so similar to human intelligence that it is effectively indistinguishable, is happening extremely quickly. Consider a machine or service that could learn about your customers, going beyond website analytics to truly understanding their day-to-day behavior. Or IBM’s Watson which uses natural language processing to enable partnerships between people and computers. The same technology could help you with business concerns from staffing to strategy.
The third disruptive technology is Virtual reality. Originally a gaming technology, virtual reality is becoming more mainstream, and the applications for businesses and consumers are many. Consider how you could apply a completely immersive environment in your business, and how this might change the competitive landscape in your industry. For instance, Volvo offers virtual reality test drives using Google’s VR technology, Cardboard. The technology has also been used to provide tours, make events more immersive, and for training purposes.
The fourth disruptive technology is 3D printing. 3D printing enables us to showcase prototype products or custom-making products for consumers. 3D modelling and 3D printing are being used to create a range of products including shoes, food, musical instruments, medical equipment, artificial organs, manufactured car parts, housing and office buildings.
The fifth disruptive technology is the internet of things. From small changes – your car communicating with your office to switch on the air conditioning, computer and coffee machine moments before you arrive – to larger changes like your global offices being truly connected, allowing users to shut down a smoke alarm from a smartphone and a million more applications.
The sixth is Near Field Communication technology which allows us to know where consumers are so we can send them relevant promotions based on their location, or remember their preferences for a whole new take on customer loyalty.
The seventh is wearable technology such as clothing, smart watches, pedometers and earpieces. This wearable technology, working with data on patterns and behaviour, can empower consumer and employee interactions. Smart clothes are rapidly being developed such as jackets that give discounts at various vendors. smart shirts, and sports bra’s which track biometric fitness data.
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