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

see SCHUMPETER.
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Marie Ehrling, chair of both Telia Company and security firm Securitas, said the industry must now lead and shape its future through a period of digital disruption, both in terms of strategy, actions and culture, and also emphasised the need for collaboration.
While clients are facing digital disruption, we see an opportunity rising for us.
For businesses having to face up to the effects of digital disruption, the top issues are the cloud and the growing impact of technology.
Jihad Tayara's panel discussion looked at, 'Driving the Digital Economy' where he explained what is currently stimulating the digital economy, and how digital disruption will change the way companies business in smart energy sectors.
NMG chairman Wilfred Kiboro said Mr Muganda had 'aggressively driven our product portfolio review, presided over a general restructuring and re-oriented the business to seize the opportunities presented by the digital disruption in the media sector'.
Deep into a conversation with a CEO about digital disruption, the words, "we really need to train our people", made me pause.
AN event highlighting the growing importance of digital disruption is to be held in Newcastle tomorrow.
Fadi Ghandour, executive chairman, Wamda Group, says as the digital transformation and digital disruption is happening very quickly across the region, there are a lot of new startups and lots of new funds that are being invested in digital transformation.
Dale Renner, CEO at RedPoint Global, a data management and integrated marketing technology company, agrees, saying that "organizations cannot protect against digital disruption but rather must embrace it.
Despite the need to embrace digital technologies, organizations face many challenges in moving forward including "a lack of strategic vision for addressing digital disruption, the limits and needs of legacy IT systems, and cultural resistance to change.
Yet I see a tussle between nostalgia and digital disruption in our professional lives.
Creating the Global Digital Solution Hub re-affirms KPMG's and Microsoft's commitment to develop innovative solutions to address our clients' needs in the digital disruption era.

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