What are some examples of disruptive technology?
Many technologies are considered disruptive when they change the way businesses operate. These innovations allow companies to create new revenue streams and profit models that make them competitive in their respective industries. They also increase the value of existing products by lowering the cost or making them more convenient to use.
One example of disruptive innovation is cloud services, which have made it possible for business to access management tools from anywhere with an internet connection, allowing them to be used on any device. Another example is nanotechnology, which involves creating materials that are stronger, lighter, and tougher than those currently available. Graphene is an example of this technology and could potentially lead to the development of lightweight airplane wings and car bodies.
Some disruptive innovations are more successful than others. According to Clayton M. Christensen, a disruptive innovation must meet two criteria: it must target low-end customers and create new market footholds. For example, Uber is a disruptive technology that offers a taxi service that costs less than traditional options, but it did not disrupt the market for luxury cars.
Other disruptive innovations may revolutionize an entire industry. For example, Amazon disrupted the bookselling industry by selling books on digital platforms that are easy to download and read. This democratized the bookselling market and reduced the need for physical bookstores. Another example is FedEx, which streamlined logistics and shipping with express delivery services. These types of innovative changes can have a profound impact on the economy and the global marketplace.