WhatisDisruption?
Disruptionisatermthathasgainedpopularityinrecentyears,especiallyinthetechindustry.Itreferstotheprocessofcreatingnewproductsorservicesthatcompletelyalterthestatusquoofexistingmarkets.Inaway,it'slikeagame-changerthatforcescompaniestoadaptorriskbecomingirrelevant.Thisconceptisnotnew;however,thepaceandscaleofdisruptionhaveacceleratedsignificantlyduetotechnologicaladvancements.TheImpactofDisruptiveTechnologiesonIndustries
Historically,industrieshavebeencreatedanddestroyedbyinnovationsthatdisrupttheexistingorder'swayofdoingthings.FromthesteamenginetotheInternet,technologyhasbeeninstrumentalingeneratingeconomicgrowthandtransformingindustries.However,thecurrentwaveofdisruptionisdifferent,asit'sdrivenprimarilybydigitaltechnologiessuchasdataanalytics,artificialintelligence,cloudcomputing,andtheInternetofThings.Thesedigitaltechnologiesareconvergingtocreateentirelynewbusinessmodelsandecosystems.Forinstance,Airbnbdisruptedthehotelindustrybyenablinghomeownerstorenttheirspareroomstotravelers.Similarly,UberandLyfttransformedthetaxiindustrybyallowingcustomerstohailridesusingtheirsmartphones.Thesecompaniesleveragedthepowerofdigitalplatformstodeliversuperiorcustomerexperiencesatlowercosts,unencumberedbythelegacyinfrastructureandregulatoryconstraintsoftraditionalplayers.TheFutureofDisruption
