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 webinar on Predictions for Enterprise Innovation in 2016 as we explore what disruption looks like in 2016 and how companies might respond to these threats, backed by real world case studies.
Steve Glaveski, Collective Campus
Steve Glaveski is a co-founder at Collective Campus where he helps companies adopt the mindset, methodologies and tools required to successfully explore disruptive innovation and new business models. Steve regularly writes and delivers keynotes on enterprise innovation, having worked with companies such as Sportsbet, IBM, CapGemini, Downer Group, Australia Post and Carsales.
Brenton Charnley, KPMG Innovate
Brenton Charnley is an experienced management consultant and program manager of KPMG and Advance's rapid growth entrepreneur program. He works with startups, private enterprise and high-tech, high-growth businesses offering guidance across a broad range of areas including innovation strategy.