Understanding technological innovation is vital for marketers for several reasons. If you don t understand the s curve you should not be investing in technology.
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The rate at which newly commercialized technologies get adopted by consumers is also getting faster too.
Technology advancement curve. Exponential advancement is the reason. The relative economic advantage with existing technology. Even though moore s law 5 is not a law of physics it gives an indication of the rapid technology evolution for integrated circuits.
First technological change is perhaps the most powerful engine of growth. According to jared diamond there are four patterns to look at when looking for technological adoption. The rising speed of technological adoption.
Technology advancements in many areas make it possible to build devices that were not possible 20 10 or even 5 years ago. Get in front of the s curve. Compatibility with vested interests.
The ease with which those advantages can be observed. Social value and prestige. One of the reasons is that exponential curves are not usually shown in their dramatic form in the shape that visually represents the impact that technology advancement will have on us.
A relative economical advantage with existing technology. If companies embrace only the recent advancements and not the actual trends they fall behind. Technological progress is not the only thing rising at an exponential rate.
Some exponential advancements are now so predictable such as the rate of growth of computing power that companies have baked in the expected advancements. The dramatic forms of the curves look like the two curves in the image below which depict the two megatrends that apply to all information technology advances. That steep upward climb on the right hand side of the technology advancement curve represents what happens when convergence starts to take hold and industries embrace information technology advancement trends computing networking software analytics miniaturization virtualization consumerization etc.
It fuels the emergence of new brands creates new markets and transforms small outsiders into market leaders 1 to date the topic of technological evolution has been studied primarily in the technology management literature. In the modern world through increased connectivity instant communication and established infrastructure systems new ideas and products can spread at speeds never. The s curve describes how supply demand and profit work in a fast growing market.
This evolution enables faster processing computing and more memory in smaller devices at lower cost.
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