|Life in the SmartTech Lane|
The pace of digital innovation and technology disruption is set on warp speed. We live in an era where technology is evolving faster than businesses can adapt. A disruptive technology is defined as, one that displaces an established technology and shakes up the
industry or a ground-breaking product that creates a completely new industry.
"The pace of technology disruption and change right now is the absolute
slowest it will be for the rest of your life"
We are living in an extraordinary time. During the Digital Era of the past 30 years, every industry has become social, mobile, and global. Every industry is becoming smart and connected, and companies that do not adapt are rapidly falling behind.
We have yet to realize just how rapid and profound the current digital revolution is. The scale and impact of the implications for consumers and businesses is both exhilarating and daunting. Disruptive technologies and new business models are creating change and transforming the economy at an unprecedented and unpredictable pace that outpaces our ability to adapt to it.
Throughout history, the world has experienced periods that brought about unprecedented change. The current pace of technological advancement is unprecedented in history and shows no signs of slowing down. From Moore’s Law of 1965 which describes the doubling of computer processing speed every 18 months, the exponential change in core digital technologies has catalysed many disruptive innovations in the market today.
With the number of connected devices set to top 11 billion in 2018, our world is becoming hyperconnected, which at the same time is transforming our culture, it also is raising ethical questions. Is the Internet of Things is taking over the world? There isn’t a single area of our life that is not touched by IoT devices that have some sort of network connection from fitbits, coffee makers to security cameras, from tooth brushes and air quality sensors to connected cars.
The new hyper-digital era is fueling a mind-shift on a global scale in seeing and seizing disruptive opportunities, developing entire new business categories built around technology. Harnessing the power of machine learning, artificial intelligence, augmented reality has overhauled the way products and services are conceived and delivered. Utilizing the tools from the previous round of innovation to create ever more powerful technology is becoming more accessible and cost effective.
In just a few years, companies like Facebook, AirBnB, Tesla, Amazon, Uber have changed the face of the global economy. The rules of business have changed forever, everyday thousands of start-ups are disrupting old business models, taking on the staid industrial groups – and winning. From the retail to the media industries, businesses operating in traditional models have to evolve and embrace the rapid advances of core digital technologies in order to stay relevant.
Technology has become fully embedded in supply chain management – robots, self-driving vehicles, electric trucks, blockchain, the Internet of Things (IoT), and new mobile-enabled categories are all poised to explode onto the scene in one form or another.
The thing is, we live in an age of constant disruption and no business is immune. It’s how businesses respond, companies that make only incremental changes will get left behind in today’s rapidly changing, hyper-competitive, disruptive world. To survive and grow, and even regain competitive advantage, many companies are grappling with ways to transform their businesses in the face of disruptive business trends.
Right now, all the pieces are in place to completely change the face of our world as we now know it. Life in the SmartTech Lane covers the megatrends that will have an impact on every aspect of our world from our health to how we live, work and play.
By Stewart Irvine
Stewart Irvine, #techtalk983, #stewartirvine , smarttech/ , #smarttech