Is your business keeping pace with continually evolving technologies? Disruptive technologies can change your game for business, create entirely new products and services, as well as shift value between producers or from producers to consumers. A recent report from the McKinsey Global Institute identifies 12 technologies that could drive truly massive economic transformations in the coming years.
They estimate that, together, applications of these 12 technologies could have a potential economic impact between $14 trillion and $33 trillion a year in 2025. This estimate is based on key potential applications and the value they could create in a number of ways, including the consumer surplus that arises from better products, lower prices, a cleaner environment, and better health. Some technologies detailed in the report have been gestating for years and thus will be familiar. Others are more surprising.
The chart below describes the 12 disruptive technologies. You can also download the full report and/or an executive summary here. The report goes into great detail on the speed, scope and economic value/impact of each technology.
What are some ramifications you and your business will face with disruptive technology? You may need to use business-model innovations, plan for a range of scenarios, abandon assumptions about where competition and risk could come from, keep your employees’ skills up-to-date and balance the potential benefits of emerging technologies with the risks they sometimes pose.
This is an important focus for your quarterly or annual planning sessions. Contact me to discuss how your company can leverage disruptive technologies.