Disruptive Innovations

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Disruptive Innovations

Today, every business strives for a position in a highly competitive market. With increasing volatility in market economics, declining customer disposable incomes, and an increasing number of people taking part in entrepreneurship, enterprises must leverage technology to remain at the top of the game. In the modern business world, customers are highly knowledgeable due to the ease of access to products and services information online. This information lets customers compare products and services' quality, prices, and other competitive features associated with different commodities. This increased struggle to fit in a robust market environment has led to increased adoption of digital technologies, raising competitive pricing and expanding more than commodities. Today, I use many cheaper products, readily available and have high quality, thanks to disruptive innovation. While the principles of disruptive innovation are not very new, many brands are still lagging in implementing this commodity revolutionization innovation paradigm. Netflix, Electric cars,...