The concept of industries has been evolving at a fast pace and these changes in the industries have been key factors in disrupting them. These disruptive factors are the massive advances in computing power, data generation, and connectivity. The word disruption may have a negative connotation but they can certainly be turned to the industrialists’ advantage. This article follows what the disruptive industry forces and how to quell them or turn it your advantage.
What are they?
- Data Creation – Data is being created at an unprecedented rate. This is exemplified by the fact that 90% of the data that is available now was not in existence 2 years ago. This might sound false but the proliferation of data is one of the biggest challenges that industries are facing now.
- Advancement in computing power – Newer, better and more efficient technologies are being introduce every day. The iPhone 6 has 10 times more power than the IBM Deep Blue, the supercomputer to beat the world chess championship in 1997. This is one of the factors that can be turned to the advantage of the industries but the rate of introduction of new technology is so fast-paced that it is daunting for the industrialists to keep up with the change.
- Enhanced Connectivity – The world is as connected as it ever can be. We have the ability to connect each and every device of ours and this poses a huge dilemma for the industries. As of 2017, there were 20 billion devices that were connected with one another, and 50 million new devices are being connected and added every week.
It is evident that these key changes can be clubbed under the single term of ‘technological advancement’. But it begs the question, what should one do to make the most of these disruptions and maybe turn them into profits?
How to Eat them?
This article is keen on finding how to quell the effects of any of these disruptive forces and maybe turn them into your advantage. Companies have been found to be woefully under prepared for and here are some steps one can undertake to take advantage of these disruptions.
- Cybersecurity – As mentioned earlier, the level of connectivity is readily rising, hence there are many people who wish to take advantage of this mass web. Hence, more and more important to cybersecurity should be given precedence. It is evident that industries are spending on these services as there has been a surge in demand by 5 to 10% for these products.
- Autonomous systems – There are various autonomous services and Artificial Intelligence software available around the market to handle your businesses more efficiently. The companies have been spending large amounts of money on these services, which include both technology firms and traditional manufacturers.
- New Business Models – There has been the invention of new business models which are now more connectivity driven where customer interactions are increasingly digitized and help in growing mobility. Herein, people have been using technology to further enhance their productivity and efficiency in daily tasks.