We have a history of innovation that is almost as old as the human race. From the times of the wheel, fire and tools that helped early humans survive inhospitable conditions and then the agricultural revolution that meant humans could settle in new places away from forests and become self-reliant, new ideas and things have transformed the way we live and relate to the people and world around us.
As populations grew, the world needed ways to feed and produce for more people. People settled in more places. The second agricultural revolution, the industrial revolution and specific innovations like the steam engine all assisted and enabled this process. But, perhaps, the biggest transformation of all came in the 21st century, from computers and communication. Like few other innovations over the centuries, the spurt in computing power, storage and telecommunication has enabled far reaching transformation in practically all areas of human endeavour. The connected world we see today is a direct result of applying our understanding of scientific principles and knowledge. We call it technology.
Technology has given us access to powerful ideas that can be hugely disruptive. We have already seen large scale disruption in several industries with the internet and communication technologies. Where is the next big disruption coming from?
We believe it will come from a digital convergence of technologies and capabilities that will create exponential change.
We must ideate and innovate for exponential opportunities. Convergence technologies like the Internet of Things (IoT), for example, are ripe candidates for being commoditised because of the diving cost of sensors, storage and processing power. With commoditisation comes the ability to replicate, scale and distribute with almost no friction. This nature of technology means innovation can be exponential. Add to it the tremendous amount of computing power and the ability to store, process and share data that we all have, adding a dimension of consumers having the power of information on their hands, we are looking at a decade of exponential innovation.
Exponential innovation will leapfrog us into a world where technologies, platforms and ecosystems transcend barriers and interact with diverse domains and other technologies to transform into new solutions and new ways of doing things. It will be an exciting decade for all of us. Are we expecting to see smaller communities innovate for themselves ? Thanks to crowdsourcing, social media and technological convergence today ? Big companies being the aggregators with many startups leading the front end innovation towards consumers ?
As finance capital requirements to start a business are shrinking, reach and access to consumers increasing more than ever before (thanks to social media), sell through online digital channels are redefining the convenience to BUY . We are stepping into a decade of world order changing in terms of innovation quotient (IQ)
Join the conversation as I interact with Duleesha Kulasooriya, Head of Strategy, Deloitte Center for the Edge and Kevin F. Nolan, VP of Technology, GE Appliances at our tweet chat on Thursday, 4th December at 8 PM IST.
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