Why you should embrace technology to keep your business model relevant
Disruptive Technologies are technological innovations that significantly alter the way consumers, industries, or businesses operate. These technologies typically deliver value in ways that have previously not been tried and in so doing deliver substantial value much more cost effectively for products and services in the market place.
The result of this is that new markets are created and traditional products and services in the same industry lose significant market share or even become obsolete as a result of the introduction of these disruptive technologies. Examples of brands, products and businesses that have disrupted their market place in recent history include; Uber, Airbnb, iPhone, Tesla, Amazon, etc. to name a few.
Disruptive technologies are often perceived by traditional players in several industries as bad because they challenge the status quo and potentially cut into profits and market share of companies across industries. They are also perceived by some as leading to unemployment as some of these technologies introduce efficiencies which might result in less requirement for labour force for delivery of the products and services in question. A good example is Uber whose business model of tapping into spare capacity of individual drivers has been able to deliver taxi services at much lower cost and thus reduce the reliance on traditional taxi services. It also improved efficiency significantly by using geolocation tools to crowdsource available taxis within the proximity of the passenger thus ensuring that rides are available in minutes compared to traditional taxis which are dispatched from dispatch centres.
At Fitch Technologies we believe disruptive technology is a good thing as long as it creates value and improves efficiency. Human history is inundated with revolutionary discoveries across all facets of life where new ways of doing things have been developed serendipitously or by design to replace old and established ways of doing things with significant value creation, improvement in quality of life and opening up of new industries and opportunities for employment in the process. From postal services which take days for delivery of letters to emails which is delivered instantly; to horse-drawn carts which takes days to travel a few kilometres to electric powered engines which travel 100’s of kilometres in minutes.
Disruptive technologies are a given, they are good and will happen again and again across all industries. The companies that will survive and deliver value in the future are those which do not rest on their laurels but constantly seek new and better ways of delivering value to their customers by thinking differently and applying technological and innovative solutions across the value chain of their businesses.
At Fitch Technologies we embrace change and are constantly seeking new and better ways to deliver value to our customers. To learn how we can help you disrupt your industry visit https://www.fitchtechnologies.com/