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The rate of disruption to industry incumbents is increasing and 2015 was a testament to that. In fact, innovation consulting firm Innosight finds that 75% of the S&P500 is likely to be replaced by 2027 at current rates of churn.
According to KPMG, global tech leaders predict cloud computing (11%), mobile platforms and apps (9%), Internet of Things (IoT)/M2M (9%) and data and analytics (9%) will be the most disruptive technologies over the next three years. U.S. tech leaders predict biotech/digital health/healthcare IT (15%), data and analytics (14%) and cloud computing (14%) will be the three most disruptive technologies over the next three years. Chinese tech leaders predict artificial intelligence/cognitive computing (15%) will be the most disruptive technology impacting the global business-to-consumer (B2C) marketplace.
The most progressive corporations are beginning to acknowledge and respond to these threats, developing holistic innovation strategies and undertaking initiatives such as idea management campaigns, crowdsourcing and open innovation initiatives, training their staff in customer development methods such as the lean startup, running hackathons and putting project teams through business incubators and accelerators. Many large but slow moving organisations with the resources, customers and a reputable brand have found value in teaming up with dynamic startups who lack the resources but have the talent and can move like lightning and successfully explore new business models by taking lots of small bets to drive learning, iterating and finding product market fit.
Despite these efforts, we still find ourselves in an increasingly uncertain commercial and technological landscape where even the largest of companies with the highest growth rates can't afford to fall asleep at the wheel for even a second.
Join us for our monthly enterprise innovation roundtable, an informal discussion over drinks and canapes where professionals and people with an interest in the space come together to share insights, opinions and network.