Three disruptive technologies that have the potential to transform your business
Businesses with the skills and technical knowledge to navigate the new digital ecosystem have the power to meet the challenges of the changing business landscape and stand to realize a significant advantage over their competitors.
Disruptive innovations impact the way products and services are designed, manufactured, delivered, and consumed. While such profound technological advancements can result in uncertainty, the potential rewards are vast.
The rapid pace of changes makes it difficult for IT professionals and management to stay current on all the new developments. Here are three disruptive technologies that can transform your business and take your career to new heights.
The impact of this transformative technology is similar to that of the internet. Often referred to as Distributed Ledger Technology, it is at the heart of virtual currencies such as Bitcoin. Its append-only data structure allows new activity but prevents old data from being erased. The result is a verifiable, permanent record of transactions and data between two or more parties. It holds the potential to enhance social and economic systems with increased accountability and transparency. Blockchain solutions can offer benefits in a variety of industries including manufacturing and commercial sectors:
- Increased efficiency: Lack of a “middleman” means fast transactions
- Greater transparency: Person-to-person transactions allow unprecedented accountability
- Improved auditing: An audit trail builds with each exchange of goods, which improves security and helps verify authenticity
Cryptocurrencies are similar to traditional currency; however, they are a decentralized virtual or digital currency that uses cryptography for security. The use of blockchain enables secure transactional records. There are no minted coins or printed money and it is not circulated through banks. These currencies are digitally mined, created, exchanged and regulated by users. Businesses familiar with this technology can take advantage of its many benefits including:
- Reducing fraud: Unlike credit cards, once payment is made, the transaction cannot be reversed (no chargebacks)
- Removing barriers: Users can bypass trade restrictions, making international trade more accessible
- Allowing instant payments: Credit card payments can take days or weeks to process, but cryptocurrency transfers are immediate
Crowdsourcing uses the wisdom of a group to achieve a common purpose. Businesses use this tool to create operational efficiencies, leverage data collection and solve complex problems. Depending on the goal, it can manifest in a variety of ways. It generally takes complicated questions or obstacles and breaks them down into microtasks. Workers come together to solve these tasks. Benefits of crowdsourcing include:
- Greater solution diversity: Businesses, especially small organizations, can access a more extensive knowledge base
- Faster problem solving: As each microtask is broken down further, the group solves the issues quickly and efficiently
- Unexpected solutions: The diversity of minds enables incredibly effective and creative problem solving
Want to learn more?
A new online course from PowerED™ by Athabasca University, Decoding Disruptive Technologies, will help you understand how advances in technology can add competitive advantage to your organization. Grow your skill-sets and knowledge through PowerED’s on-demand, enriched micro-learning courses and certificate to add value to your organization. To learn more about the Digital Transformation Leadership Certificate, visit the program webpage.