Disruptive Innovation: Definition, Examples & Advantages
Technology has the power to completely alter the course of the future. But have you ever thought about what technology would be called whose introduction significantly affects the working and functions of a market or even an industry? Such technology or type of innovation is referred to as disruptive innovation.
Disruptive innovation assumes an extremely important role in the innovation framework of an organization. Here are two examples of how disruptive innovation has changed the course of business over time:
- Internet
The biggest example of disruptive innovation that is ever known is the Internet. The company that has modified itself to be tech-savvy over time and adopt Internet usage is far more successful than those who did not adapt to the Internet.
- Artificial Intelligence
Artificial intelligence is another example of disruptive innovation that has modified how an enterprise carries out its functioning. Large sets of data which is unstructured could now be analyzed easily through artificial intelligence.
Now that it is clear what is disruptive innovation, let us understand how disruptive technology can benefit your business:
- Expansion of the market
The major advantage of the adoption of this innovation culture in your company is that it will expand your market to a larger extent than your conventional methods.
Disruptive innovation has made it possible to change consumer behavior in regards to the conventional industries that exist in the market. It may seem ineffective initially, but over a while, it shows the real result.
- Improvement of processes
To provide solutions to the problems of the consumers, modern methods need to be adopted. Disruptive innovation modifies how a company evaluates its processes and how to adapt according to them, helps in the provision of better services, and brings about a modification in the industry. It will improve and modernize a lot of processes of a company, which further benefits the company a lot.
- Support to start-ups
It becomes extremely difficult for start-ups in the country to establish their value and foothold among the traditional giants already established in the country. The person that comes with this type of innovation would have a chance to rapidly grow and outperform the existing companies.
- The opportunity for business growth
Although it provides a chance for new business start-ups to firm their hold in the market, if the existing companies adopt disruptive innovation in their innovation culture, they enjoy even more prime opportunities and can boost their business growth.
- Innovative advantages
This type of technology, if introduced, gives loads of notable benefits to both consumers as well as businesses. An entire industry is changed due to innovative technology, and that too in a positive manner. Thus, if the technology is embraced and used properly as the Internet, it can offer immense innovative benefits both to the consumers of the industry as well as the producers.
Accenture’s survey shows that as high as 84 percent of the executives firmly believe in how their future is dependent on innovation. The statistics clearly underline the significance of innovation in the upcoming years. Thus, there can be no denying that there is a huge scope in this field.
So, if you are planning to make a career, MIT ID Innovation can be the best choice. With advantages like a market-oriented curriculum and a practical approach to innovation, MIT ID Innovation has been deemed the most viable option if you aspire to form a successful career.
