Innovation and Disruption Impacts on Business Models

Abstract

Innovation can be disruptors. Disruptors can theoretically alter or displace existing industries and companies through more efficient operations and innovative technologies. This is accomplished by identifying competitor weaknesses and using technological advancements to create cutting-edge services or products that meet consumer needs. (USC) Recent business models that have been disrupted by advanced technology are medicine, home building and the hotel industry. Technology includes 5G, Artificial Intelligence (AI), Blockchain, Internet-of-Things (IoT), and DNA testing for diagnosis and treatment. Disruptors such as Airbnb in the hotel industry by providing more affordable and more varied lodging that offers personalization for guest expectations. 3D Printing has disrupted the Home Building industry by lowering costs and speeding delivery. In medicine, DNA testing is making strides in medical care. Genomic medicine uses a patient’s DNA to guide healthcare decisions by anticipating, diagnosing, and managing disease.