Innovation is the lifeblood of business. If a company is not flexible enough to keep up with the times, it will wither and die on the vine. Kodak is a prime example of a company which allowed changes in technology to push it out of the market.
Of course, such a company may be appointed to a Jobs Council – but I digress.
A recent theoretical proposal for business flexibility has been entitled disruptive technology. When we hear such a term, we often think of radical changes in technology which throw long-established businesses upon their heads. Not so. This concept is as simple as using existing products in new ways and exploiting a market not currently receiving the necessary attention they desire.
For instance, say a large company provides accounting services for business. It has a corner on the market and charge a hefty price. But, it offers Cadillac service yet many smaller businesses only need a Kia to fulfill its needs. If a start-up company comes along and can pick up this smaller market, it is part of the disruptive technology process. The new company has not invented some radical new technology; it has simply used the existing system in an efficient way to provide a necessary service to a market that the large business overlooked. But, again, I digress.
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