Disruptive Innovation Vs. Disruptive Technology
Disruptive innovation and disruptive technology are synonymous terms which do not entirely mean the same. Disruptive innovation implies the process that involves the establishing of new products and services which overturn the markets that exist at the moment while disruptive technology is that technology that enables these to occur. The prototypical evidence of disruptive innovations is manifested through the disruption of video rental industry by Netflix and disruption of hospitality sphere by Airbnb. While the classical approach such as blockchain, Artificial Intelligence and 3D printing can create disruptive innovations in sectors, they also have the potential to disrupt multiple industries at the same time.
|
Disruptive Innovation |
Disruptive Technology |
|
|---|---|---|
|
Definition |
The first thing is to understand why people need it, why do they decide to buy or use this and how it can change and disrupt the earlier markets. |
May be used as a word to introduce new technology that totally changes the performance aspects or the ways consumers interact with the products or services. |
|
Relationship |
Beyond these, as the technology can cause some jobs to be replaced, the consequence leads to more than what it brings to the commercial and industrial sectors; there is an even more far-reaching impact as well. |
Particularly which means seeing technologies and different possible applications of these technologies as an opportunity to change old ways or the market. |
|
Examples |
With smartphone and the GPS technology, the mobile application Uber raised eyebrows of the taxi industry with its ride hailing platforms and brought about radical change to the taxi industry. |
Blockchain technology is transforming the traditional finance systems, this new technology is allowing cryptocurrency which is decentralized and is not controlled by government or financial institution. |
|
Market Adoption |
Such hurdles can sometimes prevent customers from thinking positively about the business processes and thus reach the height of revenue. |
It is seen as a procedure that would comprise systems and processes adoption or integration to make the goal of positive influence achievable. |
|
Business Model Transformation |
Normally leads to a new organization where the existing structures and models are changed to cover the shifts in market scenarios that are almost inseparable from the innovations. |
It can, then, lead to the creation of new businesses or the transformation of the old ones to adjust to the new technology requirements. |
|
Impact |
It might help in reinvention of industries with new leaders coming in token replacement of the incumbents. |
How industries respond shows their new chances to be challenges which could cause fundamental modifications of their mechanisms. |
What Is Disruptive Innovation in Product Management?
Disruptive innovation in product management refers to creating new products or services that shake up the market and change the way things are done. These innovations often start small, but they can grow rapidly and eventually replace existing products or services. In simple terms, disruptive innovation is about coming up with new ideas that completely change the game in an industry.
Table of Content
- What Is Disruptive Innovation?
- Understanding Disruptive Innovation Requirements
- Disruptive Innovation Vs. Sustaining Innovation
- Disruptive Innovation Vs. Disruptive Technology
- 4 Tips for Understanding the Theory of Disruptive Innovation
- Impact of Disruptive Innovation
- Conclusion: Disruptive Innovation in Product Management
- FAQ’s: Disruptive Innovation in Product Management