Disruption
The one big question about today’s groundbreaking emerging technologies
A German version of this article can be found here.
We are living in an extraordinary time, characterized by a continuous acceleration of (digital) progress. The emergence of various groundbreaking technological innovations overlaps. The time period within which their impact unfolds is shorter than ever in history.
The following trends are widely considered the most relevant and the closest to large-scale breakthrough:
- Artificial Intelligence (AI)
- Virtual Reality, Augmented Reality, Mixed Reality
- Autonomous vehicles
- Electric vehicles
- Automation & robots
- Drones (especially for shipping and logistics, but also in military context)
- Blockchain
- 3D print
This list is not complete, but it contains the areas which currently receive most public attention, which constantly produce news and which could quickly push economies and societies into a period of much more radical changes than what we have seen so far.
However, the big question is this: Which of these technologies are really ready for prime time? The laws of hypes ensure that no large expectations, prominent backers, public attention and successful pilots can guarantee that a new technology or innovative approach won’t turn out to be unfinished and in need of several more years or even decades of tinkering. Continue Reading
How incumbents can disrupt themselves to remain competitive
A couple of days ago I compared the rise of the 2 peer-to-peer payment apps Venmo (U.S.-based) and Swish (Sweden-based). I noted in my post that Swish, which is owned by the leading Swedish banks, is a rare case in which incumbents succeeded in “disrupting” themselves.
After I had written my article, I came to think a bit more about the success of Swish, which according to my estimates has a market penetration of more than 50 % among Swedish adults. I happened to have an electrician at my apartment who helped me to install a new stove. After the work was done, I paid him through Swish (his company uses the business/retail offering that was recently launched by Swish). He told me that Swish is great and that he also uses the service in his private life, e.g. to send money to his son. He looked like about 50 years old. It’s only an anecdote but it shows the user penetration past the usual early adopter groups of teens and tech savvy people.
At first, the story of Swish might not appear to be very relevant to people outside of Sweden, since it is not available abroad. However, if you look closer, it provides some valuable insights for companies, industries and organizations that are trying to adapt to the digital age. The success of Swish should serve as best practices for how incumbents can reinvent and disrupt themselves. Here are some of the lessions I find noteworthy: Continue Reading