How to harness the power of digital disruption?

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Del curso dictado por Institut Mines-Télécom

Innovating in a Digital World

569 calificaciones

Institut Mines-Télécom

Innovating in a Digital World

569 calificaciones

Facebook, AirBnB, Tesla, Amazon, Uber. In just a few years, companies like these have changed the face of the global economy. Meanwhile, hundreds of thousands of start-ups are disrupting old business models, taking on centennial industrial groups – and winning. It’s clear that the rules of business have changed forever. This MOOC provides a knowledge toolkit for the ongoing digital revolution. You’ll discover 15 concepts that are essential for understanding the new mechanisms of digital business and innovation. Each concept is explained in its own beautifully designed, content-rich instructional video, along with additional resources for you to explore. The ideas are illustrated with up-to-the-minute case studies and examples from a wide range of industries. Week 1 : Why Digital Changes Everything Week 2 : Creating Value in a Digital World Week 3 : Thinking and Acting Differently Week 4 : Entrepreneurship in a Digital World This MOOC is ideal for learners from a wide range of backgrounds. It is brought to you by four expert professors and researchers from Telecom ParisTech, a leading European graduate school in the field of digital technology and social science. This MOOC is supported by the Patrick and Lina Drahi Foundation.

De la lección

Why Digital Changes Everything

Many people have yet to realize just how rapid and profound the current digital revolution is, or how quickly it’s breaking down old institutions. Yes, we’re always hearing about Google, Uber, and all those “pirate entrepreneurs.” Yes, we know technology has something to do with it. But the future is approaching even more quickly that we think. Right now, all the pieces are in place to completely change the face of products, technologies, organizations, and entrepreneurship over the next few years. This module will tell you how and why.

How to harness the power of digital disruption?6:11

Conoce a los instructores

Thomas Houy
Associate Professor
Management Science
Laurent Gille
Emeritus Professor
Economics
Valérie Fernandez
Professor
Management Science
Rémi Maniak
Full-Time Professor
Innovation Management

[MUSIC]

Digital disruption.

It's becoming really annoying.

Every time a digital company launches a new product, it's the same story.

This innovation is going to change the world.

It's going to disrupt an industry.

Let's be reasonable, a disruption is not just a nice new product.

Is this frenzy of constant disruption not just a reflection of entrepreneurs' egos

or simply marketing?

Well not only.

[SOUND] Back to the roots of disruption.

According to some theories, once a radical innovation has been launched,

like the computer or Internet, markets stabilize for several decades.

Customers gradually become familiar with the innovation, then start wanting it.

Companies improve associated products and their manufacturing process.

And all this slowly converges towards what is called a dominant design,

where all offers look the same.

The concept of disruptive innovation was born from the study of companies that had

followed this continuous improvement approach too closely.

For example, in the 1980's,

hard drive manufacturers solved the limit of the race for storage capacity.

With the breakthrough of laptops, the priority gradually shifted

to the new attributes of the products such as light weight, compactness or silence.

This change in use has made it possible to bet on other technologies

with a much poorer performance in terms of storage capacity.

Some were successful, others less so.

This is the mechanism of disruption.

A seemingly harmless competitor enters a stabilized market.

It gambles on new attributes,

particularly valued by some customers in sacrifices attributes thought to be vital.

It can thus,

turn a whole market around if it manages to massively change by our preferences.

Let's not forget that when the iPhone was launched, the main criteria on for

buying a mobile phone was battery autonomy.

Yet, the product came with less than 24 hours of autonomy

at a time when the norm was five days.

Who today would sacrifice the ergonomics of a touch screen to save a few days of

battery?

No one.

In fact, the digital world offers all

conditions needed to break away from the dominant designs.

Digital empowers disruption.

There are three reasons for this.

First, because with the benefits offered by dematerialization,

customers easily forget about some of the luxuries they had become accustomed to.

The MP3 disrupted the CD industry despite its poor audio quality.

But opened up the possibility of infinite choice from home.

Likewise the 3D printer you will soon have at home will build

objects that will certainly be less robust than what you would have found in store.

But you will have unprecedented possibilities of choice and customization.

All from the comfort of your home.

Second, because it has never been so easy for

customers to test innovations and a disruptive product

spreads only if consumers can easily test it before buying it.

They need to experience the value added by the new attributes and

to make peace with losing the attributes that have been forgone.

The new business models of the digital world are largely based on free offers, or

freemium, which allows for massive trial campaigns at a low cost.

Finally, because the diffusion of innovations is facilitated by digital

forms of prescription, recommendation systems and social networks are far more

efficient than mass marketing to overcome the fear of anything new.

And the market size offered by global platforms makes a possible to quickly risk

the critical market mass beyond which innovation becomes known and credible.

Even for the most conservative costumers.

[SOUND] Creative destruction.

Who knows what this will lead to?

And if it will stabilized again.

All we have to go by is a similar disruptive period.

The Industrial Revolution at the beginning of the 20th century.

And the least we can say is that it has indeed changed the world.

It shows us that inventions and technology can combine and enrich one another

endlessly and can lastingly revolutionize established industries.

Experts call this creative destruction.

The early 20th century scientific discoveries that led to the thermal

engine, chemistry or

electricity were combined to revolutionize transport, medicine and agriculture.

The parallel with the infinite possibilities of combination afforded by

informatics, electronics, biotechnology and artificial intelligence is obvious.

From this perspective, computers and

internet are very timid exploitations of this potential.

In the early 20th century,

Schumpeter identified the key player of this transformation, the entrepreneur.

Entrepreneurs were the ones who engineered these shifts

through their desire to exploit technology to revolutionize existing products.

Today still, they are the heroes of global disruption.

Finally, these innovations have such ripple effects that they

also disrupt numerous capitalist mechanisms.

[SOUND] Around 1910,

emerged the foundation of the industrial company as we know it today.

For example, the limited company status was invented.

Along with investment control methods, tailorism and

the chief executive officer role.

Today, digital technology is changing the rules of the game once again.

This time, to suit the twenty first century digital company.

The constant disruption craze is indeed irritating sometimes, but

we'll have to get used to it.

The word disruption isn't just there to sound smart in a keynote.

Above all, it's the symptom of a historical period where,

at least theoretically, all established industries can effectively be disrupted.

[MUSIC]

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