Disruptive Innovation and Disruptive Technology—Where Do You Fit In?
There are two looming terms to have in mind right now—disruptive innovation vs. disruptive technology. You might be asking yourself, “what does any of it mean? Is there a difference? How’s this going to help set the stage for my innovation movement?”
Consider these statistics first. According to McKinsey, 80% of executives think their current business models are at risk of being disrupted in the near future, and 84% say that innovation is critical to their growth strategy. In short, disruptive innovation and technology continue to spread into business models faster than the jelly that goes on my morning toast.
Hopefully, you're not overwhelmed with all these questions. But if you are, you have come to the right place to learn more about disruptive innovation vs. disruptive technology and to get your innovation projects up and running.
Defining the Difference Between Disruptive Innovation vs. Disruptive Technology
Unbeknownst to many, disruptive innovation and disruptive technology can be considered joint terms. The former refers to innovations and technologies that create advanced products and services accessible and more affordable to a more extensive market, essentially disrupting typical business structures. The latter term refers to the technology itself that's being used to disrupt said structure. Despite the minor difference, these two go together like spaghetti and meatballs.
What makes a technology or innovation "disruptive" is often argued over. Sometimes disruptive innovation is used to describe technologies that aren't unanimously considered disruptive. For example, the internet, Google, and other search engines were disruptive because they weren't extensions of previous technology. Instead, it was something that no one had ever seen before, making money that never existed before.
Disruptive technology can be a fundamental development that comes out of a disruptive innovation movement or what initiates it in the first place.
The Role of Technology
Disruptive technology is meant to alter the way businesses operate. If implemented correctly, it will weaken and replace current systems because its attributes are unparalleled. Combining materials, information, labor, and energy into productivities results in better technology.
Some executives believe that technology can resolve the challenges of growth and high costs. However, disruptive innovation practices generally aren’t conducted by a Fortune 500 or other highly established companies. There is often a misconception that any sophisticated technology will transform an industry, but that's not the case. The purpose of most technologies is to sustain the functionality of current systems, but the purpose of disruptive technologies is to spark the evolution of a business, specifically startups with low-profit margins.
Different Technologies that Support Teams Embarking on Disruptive Innovation Projects
Now that we've covered the more technical part of the article let's drive it home with the various options businesses have to kickstart a disruptive innovation project.
Software as a Service (SaaS)
While not necessarily the newest disruptive technology, ready-to-use SaaS has inspired innovation throughout companies for years. With scalable cloud-based solutions soaring these days, the cost, convenience, and reliability make this disruptive technology a favorable choice. Instead of installing and maintaining software, all you need is the internet. There’s no need for complex software and hardware.
If you're ready to create the next big thing (which we assume that's why you're here. You're not lost, are you?), then the world-renowned KICKBOX program is the way to get hustling. Automate your innovation funnel with your company's logo and make your innovation movement visible to everyone. This program can also measure innovation after your movement gets started and make it visible throughout your company. One of the most critical steps to a disruptive innovation movement, in addition to technology, is collaboration.
Platform as a Service (PaaS)
Cloud-based, ready-to-use platforms have revolutionized the world of disruptive technology. For instance, why would you buy a physical copy of a program that you have to install and maintain when you can get access to it via a cloud subscription? Come on. It's 2021, the answer is you wouldn't! Save yourself time and money with an online platform designed to drive your company to success.
The main objective of this platform is to assist with gathering and executing continuous improvement ideas from your employees to make your business more efficient and more customer-centric. However, PaaS is meant to be a tool in your disruptive innovation journey. As lovely as it would be, it can't do all the work for you.
The platform can keep track of 1000+ improvement ideas, allowing your team to identify the best of them. Specifically, it will empower your employees (and yourself) to challenge the existing structures—the basis of disruptive innovation—and introduce a culture that inherently involves everyone.
Infrastructure as a Service (IaaS)
IaaS is the third principal component of cloud computing, alongside SaaS and PaaS. These online services provide high-level APIs, software intermediaries that allow two applications to talk to each other, that are used to rid low-level details of underlying network infrastructure such as:
- Data subdividing
Gathering data to ignite your innovation and intrapreneurship and then evaluating it to make continuous improvements can be tedious, and let’s face it—boring. But to be successful, decisions must be based on data and tests.
With a tool like FEEDBACK, your employees can live and breathe scalability right from their desks. FEEDBACK allows you to select the entire community, whether individually defined groups of employees or whole departments. So why do you specifically want feedback data? Because early feedback at your fingertips improves product business and success.
Make Disruptive Innovation Your Strategy with rready
Disruptive innovation vs. disruptive technology—there's no need to choose. The key takeaway is that innovation is the bread and butter of your business, and disruptive technology will only drive that innovation forward. Corporations are built on existing processes that are improved slowly over time, while startups are about coming up with something new from nothing—new products, new methods, new approaches. This is the core of disruptive innovation, and with the right technology in place, your movement can significantly impact culture, teams, leadership, and overall scalability at lower costs.
The rready team rounds off its exploratory approach with multiple software services, which can scale innovation processes easily and efficiently. You can't start a movement on your own, and you don't have to reinvent the wheel to get your creative juices flowing. If you're rready to start your disruptive innovation movement, contact us today.Get started today