Globally, the world has readily accepted this digitization. Countries like the US have a tech-based industry that is almost $2 trillion in worth and will continue investing in this sector, giving it a nearly 33% market share. This is not an unfair trade since technology has heralded nothing but exceptional outcomes, from better healthcare to large-scale automation of tasks leading to higher profit margins. But not everything that glitters is gold. While disruptive technology is an innovation, it also has many risks. Learning about both keeps you informed enough to decide if disruptive technology is a foe or a friend. Here’s what you need to know:
What Is Disruptive Technology?
Disruptive technology is a digital tool that breeds innovation on an organizational and individual level. It changes how industries operate, making them more efficient in reaching out to consumers. At the same time, disruptive technology makes services and businesses more accessible to clients. You may see many examples of disruptive technology around you. Elementary ones include e-commerce, smartphones, smart tv, and GPS systems. Advanced examples include artificial intelligence, blockchain technology, and 3D printing. Online education also fits this equation as you can fast-track acquiring a degree and sign up for courses that allow you to understand the shifting world. In 2021, about 50% of Americans claimed that Artificial intelligence is the most impactful disruptive technology. You can join this school of thought by enrolling in artificial intelligence online courses and learning the skills, knowledge, and concepts that make AI a harbinger of change and a pioneer in many sectors. Disruptive technology retires primitive and old-school methods and introduces faster means of achieving short- and long-term goals. So, understanding what they are and how they benefit you work in your best interest.
Impact Of Disruptive Technology
Disruptive technology has a strong hold over several sectors. It connects consumers to opportunities while also solving many social crises to ensure the safety of future populations. Following the Pandemic’s effects and attempting to contain global warming, most tech companies aim to sustain the world, look after a population of over 10 billion, and build new businesses by 2050. Here’s how disruptive technology is spearheading these projects:
Opportunities For Startups
Launching a business now has become more convenient. You no longer need to obtain a physical property and focus on building a digital footprint. Disruptive technology allows you to create a web application from scratch, format a website, and use technical, off-page, and on-page SEO to become visible to clients, additionally through digital marketing such as making videos, using a platform like TikTok, using the YouTube algorithm, joining the Metaverse and posting social posts beings your company to the front.
Additionally, you can safely backup data and automate repetitive tasks using AI and cloud technology. A brilliant startup to look out for in 2022 is an AI-powered business called Spacemaker. With over $25 million in funding, this company aims to develop sustainable infrastructure for organizations. Not only does it mind environmental pollution, but it uses sustainable designs to keep buildings intact for the long haul. Eco-friendly architecture has been a long-time millennium development pro expect the United Nations has been trying to achieve.
3D Printing to Solve the Housing Crisis
Buying a house in 2022 has become impossible with the tightening of monetary policies, the effects on the global economy because of the Ukraine-Russian conflict, and the lingering aftermath of the Pandemic. If this continues, this housing crisis will affect more than a billion people globally. 3D printing is here to help. Using only 15% of the total costs that go into a typical construction project, this tool can provide houses to many communities in both urban and rural areas. India tested the waters in 2021 by successfully building a house in 21 days. While construction can cost months and even years, this disruptive technology can solve housing shortages and provide the population with accommodation in weeks.
Accessibility To Goods and Services
Consumers are a click away from accessing goods and services. Whether they want airline tickets, groceries, telehealth, or virtually visit a store. Likewise, getting medicines delivered through online pharmacies and accessing volunteers for clinical research through an algorithm is attainable. You can also get shortlisted for an interview by a simple predictive analysis model that matches your resume with company needs. For many large corporations, this has brought in many profits, such as the US grocery store Amazon hitting a record of over $30 billion in digital grocery sales, which is almost 20% of the national sales chart. Similarly, you’re now closer than ever to your loved ones because of social media. Whether you wish to chat, call or make a live video, it is all possible.
Where Does Digital Disruption Fall Short?
Technology has many benefits but doesn’t come without potential side effects. Machines can have glitches, faulty algorithms, or a system failure. At the same time, cybercriminals are also using the same tools to enhance their armory and attack at full throttle, jeopardizing the reputations of many prestigious companies. But the danger doesn’t end there:
1. Data Breaches
Disruptive technology is also benefiting cybercriminals. They now have tools that have made it easier to disguise their attacks, making them highly unpredictable and successful data breaches. Phishing attacks mimic a professional format with a name and email address closely associated with your organization. There is a high chance you may not be able to pick up the subtle differences. This gets best illustrated by a recent event that occurred in the US and has yet to recover. In June of 2022, hackers stole social security details from the medical records of Shield Care Group based in Massachusetts. This is a direct violation of the HIPAA, puts patients in a vulnerable position, and messes with the police database. This information, when sold ahead, can be used as a decoy for high-end criminals and causes a massive-scale identity theft.
2. Lack Of Public Safety
Self-driven cars may not follow commands to the T. The sensors are still not sensitive enough and fail to analyze the surroundings in time. As a result, this can endanger people, buildings, and other cars on the road. When a car doesn’t respond, slow down, or detect danger, it can also put your life at risk. Autonomous cars may be the vehicle of the future, but currently, companies like Tesla are under fire. This high-end company has over 800,000 cars on the road and has reported 273 crashes in 2022. This includes running into a pedestrian, failing to detect a car on time, and engine overheating and blazing up. For the community, this raises serious concern as it diminishes their security and makes them susceptible to rogue vehicles. There have also been reported cases in Paris where a Tesla crashed into a restaurant, unable to detect the building and slow down on time.
3. Challenging To Manage IoT
Businesses will connect over 30 billion devices to the internet of things in 2022. Smartphones, GPS systems, and laptops are part of this massive network. However, this also means these gadgets risk getting hacked or tracked. Companies will need to go the extra mile to ensure the hardware is clean, with no hackable passwords or outdated firewalls in their devices. They will also need to check every data coming from the IoT to ensure it’s clean and safe.
A Glance at Digital Darwinism
Digital Darwinism is an adaptability test. Technology has seeped into every sector and anchored itself in major industries. Companies that evolve with time, such as Apple, can emerge victorious. In comparison, those that cling to outdated methods like blockbuster are no longer in the race. To make sure that you rise to the top on a personal and business level. Here’s what you must do:
1. Focus On Personalized Digital Marketing
When approaching consumers, don’t use a generic approach. It will help if you become specific about their needs. This is only possible through predictive learning and business analytics. Picking up on consumer habits informs you of the products your clients want and helps you steer your company in that direction. Through machine learning, cast a forecast and speculate where the next few years look for your business. Platforms like the Metaverse are still in the works, yet luxury brands like Gucci have already established themself in this space. You have to follow suit.
2. Become Highly Tech Savvy.
Smart homes, smart cars, and smartphones. This trinity is the core of digitization, and you should align yourself with it. To stay ahead of the technological revolution, you have to educate yourself. Whether you read articles, get a degree, or pick up a course, you need to upskill. Practice these newfound concepts and add them to your resume. You stay in demand and also become a key asset for most companies. Understand that most industries are becoming multifaceted with digital labs, libraries, and business models, including healthcare. Big pharma uses AI to produce more potent and accurate new medications than lab testing. At times invest in online security and keep yourself updated with the latest trend to ward off hackers.
3. Track The Right Metrics
Following likes and cruel videos no longer define success. Flop content may also go famous for the wrong reason. For instance, despite its failure, the marvel film Morbius is still a trending topic and subject of internet comedy. As a result, the user’s intention was misinterpreted, and the movie got revived in cinemas only to fail again and incur another wave of loss. You need to look for the return of consumer experience. Look at what consumers have to say, the ratings they leave behind, approvals they give, and if they would recommend you ahead.
Digital disruption has brought many benefits, from fulfilling our needs to bringing us closer to each other. Healthcare, businesses, and education have become highly accessible. But while there are perks, there are hidden dangers too. There is a possibility of a data breach, hazards to public safety, and an additional layer of security needed to manage complex IoT. To survive this digital Darwinism, there is no choice but to adapt. Teach yourself about technology, invest in safety, and focus on consumer experience. Businesses should also use highly personalized digital marketing to stay relevant for years.