creative destruction

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Creative Destruction

A concept in capitalist theory stating that innovation causes failure, but that failure, in turn, creates more innovation. For example, suppose someone invents a better widget. If he/she markets this widget effectively, he/she will eventually drive all previous widget manufacturers out of business. However, this forces older widget manufacturers to create their own innovations that will either keep themselves in business or improve their financial situations in other ways. This is considered one of the most important concepts in capitalism.

creative destruction

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Nick Plumb, enterprise partner at KPMG in Newcastle, said: "In this world of technological ad-vancement and digital disruption, the old adage 'innovate or die' has never rung more true.
Digital disruption (technology innovation via mobile, social, cloud and big data analytics) is enabling and transforming all areas of business enterprise across all industries.
Speaking at the Digital Disruption Summit yesterday, du vice president Samer Geissah said blocking certain IP-based messaging services is "safer" because they can be difficult for authorities to monitor, especially in light of terrorist attacks in Paris that killed 130 people.
37% of technology executives say digital disruption is driving their acquisition strategy
Digital disruption is in fact reshaping the entire payments industry.
According to industry analyst Forrester (Age of Customer, Predictions for 2016) customer-facing organizations that approach business development with design thinking and service design best practice will benefit the most from the waves of digital disruption facing every business sector in the coming years.
Norm DeLuca, general manager for Digital Banking at Bottomline Technologies, said, 'In the next several years, roughly one third of the commercial banking industry's revenues will be in play and at risk due to the forces of digital disruption.
Nicols, internationally recognized as a leading voice for innovation, strategy and leadership, and co-founder of the "Bank Innovators Council", will address "Thriving in an Era of Digital Disruption.
The research took answers from 114 respondents from 77 banks across the US, EMEA and APAC, who were asked to share their views on the threats and opportunities created by digital disruption in commercial lending, trade and supply chain finance.
Two thirds (66%) of CIOs report digital disruption [change resulting from digital technologies that disrupt established business models] as a very significant change to their business, driving them to create new business models and bring new products and services to market faster than before.
This can be done by evolving their business processes and operating models governing their GTM in order to react to the digital disruption through competitive value propositions for consumers and enterprises.
Companies are no longer immune from digital disruption because their assets are physical and expensive.

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