DISRUPTIVE INNOVATION: THE AI WAY
Disruptive Innovation was coined by Clayton Christensen in late 1990s &gained in prominence in recent times, with fairly large number of entrepreneurs/ enterprises proving it, in the commercial arena. The recent successful contenders being Uber, Airbnb, Booking.com, Facebook, WhatsApp & the like. Google, Amazon, Walmart have become the past masters; still gaining in strength.
Disruptive innovation is simple terms is creating a product, which disrupts the existing market or creates a new market of its own. It is runaway market success. It can also happen to service or process which improves the existing one by at least 10x times, creating one of kind disruption. The orientation of large number of these companies was normal business orientation to start with. Over a period of time, because of digital transactions, loads of data got generated. Data could help improve efficiency & cost reduction & also provide new areas of value add to customer experience & finally profits.
Big Data was tapped in newer ways with these companies becoming the brand ambassador of Artificial Intelligence. Research, product development & execution happened in a dynamic manner & the results was there for everyone to see. AI became the favourite tool of Disruptive Innovation. With new companies being created out of brilliant ideas, slowly and steadily AI will become their tool is sustenance. With large number of machine learning tools available as open source, it is bound to become much more pervasive.
With rapidly increasing data, computational power, storage, machine learning tools readily available; the entrepreneur has to fill the gap. With idea & need to achieve, billion dollar companies would get created much faster than ever before. This would disrupt not only every aspect of our business but also our society, economy & polity. For this massive disruption, Disruptive Innovation is the method & Artificial Intelligence its most favourite tool.
AI WILL MAKE DISRUPTIVE INNOVATION EXPONENTIAL.