By nature, disruptive innovation means, companies need to think out of the box to re-design their market to win over their competitors and promote change. There are several kinds of patterns for emerging technologies and innovations in the disk driving industry. The companies in this industry use patterns such as differently packaged architectures and using such products with magnetic data storage ability. In addition to that, there are other patterns that are used for establishing the improved performance of the technologies. However even though such technologies are new, they are not included in the disruptive technologies.
Clayton Christensen brings out very important points in the excerpt, “Discovering New and Emerging Markets” from his book The Innovator’s Dilemma: One point reminded me of Cola Wars where both Pepsi and Coca-Cola kept their focus on customers' requirements. Likewise, other companies are finding a new application that can be used in the market so that the companies can sustain the huge forthcoming changes in the market. Also, this will help the companies to modify products with new features according to the customers' requirements.
As per McKinsey & Company’s, ‘Four Ds’ of digital transformation, Reinvention is rethinking of the business itself. To combat challenges of reinvention, a coordinated approach is required focusing on 4 Ds. For sustaining in an emerging and new markets, from different kinds of data sources, the companies forecast the market trends of the industry so that they can adapt to new strategies.
There should be a proper developmental plan that can be extended by the top executives of the company. Developing relationships with other companies and their executives would also help the companies to expand together and find common strategies for further sustaining in the market. Considering the history of famous companies, it can be seen that the companies tend to combine their manufacturing strategies with a clever designing for having a competitive edge in the market. For the strategy reminiscent, the market innovations are necessary for uplifting the brand within the marketplace.
In order to create a long life and a sustainable time for the company, the companies require thinking beyond their previous technologies and the existing business. Moreover, they need to create several opportunities, not from the existing ones, rather from the different kinds of innovative technologies according to the market needs.
While adapting such innovative strategies for the market improvement, the companies should consider few things such as:
1. The investor and the consumer requirements should be kept first.
2. While entering a new market, the companies should not wait for the market to expand, rather they should utilise a fresh market for their further business expansion.
In addition to that, the companies should also have a backup plan for each plan, there can be several ideas that can fail. However, there is a huge difference between the failure of a certain idea and failure of the entire company.
Moreover adapting to the disruptive technology with sufficient time and money will be a smart move for the companies in the new markets, otherwise, failure of the companies goes higher.
2. Christensen, Clayton, M. Introduction to, and Chapter 7 of The Innovator's Dilemma. 1997.