It is often been said that ‘Necessity is the mother of all inventions’. The human race has evolved significantly over the years – more so in the past two decades. This paved way for a significant amount of population to migrate from tinsel towns to urban areas – a paradigm shift termed as Urbanization.
Urbanization comes up with access to better infrastructure, better amenities, and more importantly - an improved quality in all spheres of our lives. This is something which is lacking at the rural front. It is only imperative to say that technology has certainly changed and redefined the way we lead our lives. The impact of westernization and subsequent influence in various technological advancements in developing nations like India has been immense in all aspects. That the advancements in technology have paved way for better socio-economic lifestyle will only be an understatement.
Disruptive Technology or Disruptive Innovation on the other hand refers to the concept of replacing the existing technology either with an enhancement or with an entirely new piece of the same. Disruptive Innovation drives urbanization. The key elements that drive urbanization are budget, Return on Investment (ROI), time taken to implement, and the amount of manpower required. These key elements when monitored efficiently will have a direct impact on the overall economy.
In a developing nation like India, which is abundant with its natural resources, Disruptive Innovation strikes the right balance on socio-economic aspects both at rural and urban fronts. Especially in the decade gone by, there has been some path-breaking advancement in Medicine, Transport, and Security. One has to understand that the impact of Disruptive Innovation varies between developed and developing nations.
The application of Disruptive Technology at an urban front involves a lot of Research and Development (Rn’D) in the existing system. This Rn’D helps the organization or the team to learn more on the technology in place, its shortcomings with respect to the current market situation, its efficiency in performance from the customers or end users, and the market share it brings to the table.
Smaller organizations are increasingly willing to take that extra risk in implementing a new technology as they come along and contribute to their overall economies. Larger organisations on the other hand are slightly reluctant to implementing new technologies or the enhancements it right-away for they see the bigger picture from a completely different angle than the smaller folks.
To conclude, Disruptive Innovation improves the sigma value of the overall process. In doing so, it brings a new agility into the system, an innovative thought-process that looks at constant improvisation from all spheres and everything put together will contribute to the overall economy.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house