Innovation has always been at the forefront of progress, but a relatively new concept in the business is disruptive innovation. Here are three reasons disruptive innovation is important.
1. Keeping Pace with Technology
Disruptive innovators in technological fields, such as David Walsh Bronxville, know the importance disruption plays in their industry. Disruptors need to be able to tell when transitions are beginning and figure out strategies to use those transitions to innovate business models and practices. One of the biggest transitions is in technology. Over the course of the twentieth century, media consumption went from mainly printed materials and live performances to radio and television broadcasts to physical media and personal recording devices. By the end of the twentieth century, digital media was at the forefront and industry needed to adapt to it.
2. Reacting to Disruption
Disruption forces individual businesses and entire industries to develop solid yet flexible business models. Companies need to be able to react to emerging market trends, disruptions and technologies quickly and effectively. If they can’t they’ll be left behind. You can leverage a few strategies to prepare, such as creating teams to study these trends and produce innovative models and proposals or implementing sustaining innovations.
3. Positive Impact
Disruptive innovation can be applied to nearly everything. It’s common in the corporate industry, technology and manufacturing, but it also has the capability to provide positive changes in fields like medicine, education and food production. Disruptive innovation is equally as useful for forging new mentorship approaches as it is for improving consumer technology. Common ways it tends to be applied are in issues such as affordability, accessibility and availability, for example, in finding ways to ensure there is an abundant supply of various vaccines available to people in developing countries without restrictive pricing.
Disruptive innovation has been incredibly beneficial to many industries over time, from 3-D printers in manufacturing to streaming services. Without it, industries would never advance as quickly as they do.