North Texas Dentistry Volume 5 Issue 2 - Page 10

Changing the world with hyperconnectivity & outsourcing In his book, “The World is Flat”, Thomas Friedman describes a convergence of factors in the 2000s, including our new global hyperconnectivity, that changed core economic concepts. People and their devices are now digitally linked in a way that allows communication anytime and anywhere. Economic experts estimate that in just five years, there will be 50 billion networked devices. This new connectedness, in conjunction with declining costs for basic technologies and global sourcing, has helped to break down geographic business barriers and turbocharge industries. Since emerging products can be more efficiently and affordably produced, they can be made more appealing and available to greater numbers of consumers. As a result, ideas seem to be emerging at an unprecedented pace. Every now and then, a new idea effects a profound, no-goingback kind of change – like assembly line production of the Model T Ford, the personal computer, or digital photography – and radically alters the business landscape. In many cases, the innovation involves a new application of existing technology. These change-causing ideas are known as disruptive innovations. In the mid-1990s, Harvard Business professor Clayton Christensen began using the term “disruptive innovation” to In this age of global sourcing and hyperconnectivity, the old geographic barriers to business are being eradicated. combined 3D imaging with computerized treatment planning and robotic manufacture of custom archwires. describe changes that improve a product or service in ways that the existing market does not expect. First, the disruptive innovation (DI) will design for a new set of consumers in the new market. Then it will lower the prices in the existing market. Initially marginalized, the DI will eventually penetrate the market because the innovation is simpler, smaller, easier to use or better performing. Unexpectedly, the innovation will displace existing products. Professional service businesses (like dentistry) need to be on the lookout for these disruptive innovations so as not to be marginalized or left behind in the fast-changing business world in which we all function. – Excerpt from ORTHOSOURCE newsletter A disruptive innovation in orthodontics The den [[