It is seldom been said that Necessity is the mother of all inventions. The human race has evolved significantly over the years – more so in the past two decades. This lead to a significant amount of population to migrate from tinsel towns to urban areas – a paradigm shift also termed as Urbanization.
With urbanization, we have access to better infrastructure, better amenities, and very importantly – an improved quality in all spheres of our lives. This is something which is lacking at the rural front.
It is only imperative to say that Technology has certainly changed and redefined the way we lead our lives. The impact of westernization and the subsequent influence in the various technological advancements on developing countries like India has been immense in all aspects.
That the advancements in technology have paved way for better socio-economic lifestyle will only be an understatement.
Disruptive Technology or Disruptive Innovation, on the other hand, refers to the concept of replacing the existing technology either with an enhancement or with an entirely new piece of the same. Disruptive Innovation drives Urbanization. The key elements that drive Urbanization are: Budget, Return on Investment, Time, and Man-Power. These key elements when monitored efficiently will have a direct impact on the overall economy.
In a developing nation like India, which is abundant with its natural resources, Disruptive Innovation strikes the right balance on socio-economic aspects both at rural and urban fronts. Especially in the decade gone by, there has been some path-breaking advancement in Medicine, Transport, and Security.
It is very important to first understand that the impact of Disruptive Innovation varies between developed and developing countries.
The application of Disruptive Technology to Urbanization involves a lot of Research and Development (R&D) into the existing system at source. This R&D would help the organisation or the team to learn more on the technology in place, its shortcomings with respective to the current market situation, its efficiency in performance from the customers or end users, and the market share it brings to the table.
Smaller organisations are increasingly willing to take that extra risk in implementing a new technology as they come along, and contribute to their economy. Larger organisations on the other hand are slightly reluctant to implementing it right-away as they look it from an entirely different angle when compared to smaller organisations