Thursday, June 9, 2022

Digital Disruption is one of the Greatest Opportunities of the Century

Digital disruption is the renaissance of the 21st century. In the new world, where transformation has transcended life, change is inevitable. Digital forces have transitioned every business model, product development, and innovation. The economic age is the combination of new exponential technologies and value-based services. Basically, it is about making existing concepts and products easier, cheaper, accessible, faster, and more convenient with the use of technology. This creates massive opportunities for businesses to enter existing markets or create new possibilities.

Some of the latest disruptive technologies in the process of innovation are:
  • Blockchain
  • Cloud Computing Technology
  • Artificial Intelligence
  • Virtual Reality and Metaverse
Most transitions occur from major disruptions. But when disruptive forces emerge, they tend to revolutionize industries, create impact and add value to the customer experience. The recent introduction of Electric Vehicles to an otherwise saturated automobile market is a good example of digital disruption. Tesla or as many call it “the new iPhone”, is a hi-tech electric car that provides a unique digital experience to riders. It is not the first electric vehicle but the most advanced electric car with lithium batteries which makes it as good as the ICE vehicles (Internal Combustible Engine)

Let's take a look at how disruptive technology has transformed our lives in the past decade:
  • Ride-sharing apps
  • Online Video Streaming Services
  • Email
  • Hotel booking
In the 20th century, Kodak cameras were one of the first to monopolize the mainstream market for cameras. But they failed to keep up with the changes and evolving demands of the customer. Slowly, digital cameras came in as the new fun gadget. Brands like Nikon, Sony, and Canon brought in better technology and marketing strategies. They introduced cameras as a need to hold on to life memories rather than a luxury. Kodak’s resistance to transforming and adapting to the changing market trends led to its bankruptcy in 2012.

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Published on CMO Council eJournal.

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