The Four Disruptive Technology Forces that Will Change
the World…
(Complete article taken from LinkedIn. Published 2nd September 2013. Extra comments and discussion not Included below)
The
"gales of creative destruction" forecast by Austrian economist Joseph
Schumpeter in the 1940s are blowing as hard as ever.
The
twin disruptive forces of tough economic times and technology-driven innovation
are giving birth to new innovations, new markets and new opportunities.
Just
this month the family-owned US media institution that is the Washington Post
sprung a huge surprise, announcing it was selling up to Amazon founder and dot
com billionaire Jeff Bezos. While the media industry is undergoing huge
disruption right now, few saw that move coming and there's plenty of
speculation about how that might play out.
But
disruption and 'creative destruction' have been a feature of the corporate
landscape for decades. Kodak and Polaroid are two of the most well-known
victims of this process. Back in the 1970s Polaroid was one of the so-called
'nifty 50' largest stocks on the NYSE, with a huge army of skilled engineers,
while Kodak sold 90% of the film used in the US.
Neither
was quick enough to foresee and react to the rapid disruption of digital
technology and the move to digital photography. When disruption happens it is
often swift. Polaroid filed for bankruptcy protection in 2001 and Kodak in
2012.
From
shop assistants and financial traders to engineers and celebrities, all our
jobs, skills and industries are under constant threat from technology-driven
disruption.
A
glaring modern example is the decline of the high street video and DVD rental
store. These have been overtaken and replaced by online streaming companies who
offer the latest movies and TV series delivered instantly to your TV, PC,
tablet or smartphone, anytime and anywhere.
The
high street companies involved didn’t innovate and the superfast pace of
technology overtook them.
But a
central line of the creative destruction theory is the idea of a process of
constant renewal through innovation. While disruption clearly poses threats to
established ways of doing things, it also presents huge opportunities both for
existing legacy businesses and nimble new start-ups. When those gales start
howling it's a case of adapt or die.
Here
are 4 powerful technological forces the I believe will drive disruption,
innovation and opportunity in all areas of business and society in coming years
and decades.
1. The
internet of things
A world
where everyone and everything is connected. Sensors in everyday objects and
devices will be capable of automatically transmitting data over high-speed networks.
Those previously 'dumb' objects will then become 'smart' objects capable of
automated machine-to-machine (M2M) communications.
2. 3D
printing
This
technology opens up amazing possibilities for individuals and businesses, with
fully working parts able to be created at the touch of a button and for a
fraction of the cost of doing it previously. Already 3D printers have been used
to create everything from toys and parts for NASA's Mars explorer to medical
implants.
3.
Graphene
The
development of the super strong and highly conductive graphene has huge
implications for the traditionally silicon-dependant technology industry.
Potential applications include flexible display screens, electric circuits,
solar cells and use in medical, chemical and industrial processes.
4.
Connectivity
Ubiquitous
connectivity through a combination of superfast mobile broadband, fibre optic
fixed line broadband and wi-fi will drive massive changes in consumer activity
and also the way we live and work, especially with faster, lighter and smarter
mobile devices. Advances such as Google Glass are also just scratching the
surface of connected augmented and virtual reality devices.
LINKEDIN 2013;
"The Four Disruptive Technology Forces that Will Change
the World", linkedin.com, 2nd
September 2013. Retrieved: 11th Mar. 2014
from;
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