tab. Early adaptation of FinTech solutions has Not every emerging technology will alter the business or social landscape—but some truly do have the potential to disrupt the status quo, alter the way people live and work, and rearrange value pools. This is an approach tried and tested by McKinsey, emanating from an accepted sense of urgency – even where the company still appears to be in the best of health – and it describes a clear approach for operating successfully in a disruptive world (Exhibit 1). Reinvent your business. Asian Century 2. 0000034745 00000 n McKinsey & Company 2 Topics for discussion The global center of gravity is shifting towards Asia 1. H�\��n�@E�|E/�E��tU,!�ĞH^�C���v�b@/��S���H������S���f�� ���_���������2^�6�C8�C�����>��������o�%�w�qL�ʥ���e�o���1I�]�����n��.�_��#�ð��յ���}o��9�4. 0000032241 00000 n 0000007875 00000 n In this issue of Digital McKinsey Insights, we look at how companies can adapt. disruptive technology breakthroughs compared to 49 percent the prior year. 10. In the agriculture and food sector, the This approach can help policy makers balance the need to encourage growth with their responsibility to look out for the public welfare as new technologies reshape economies and lives. 99 79 0000050801 00000 n 9. Please try again later. Innovation Multi-local innovation in Asia and technology 0000034407 00000 n Mitigating the Impact of Disruptive Technologies 34 Options for Addressing New Technology Threats 36 . The potential benefits of the technologies discussed in the report are tremendous—but so are the challenges of preparing for their impact. Please click "Accept" to help us improve its usefulness with additional cookies. China of those queried in China said their own country is the frontrunner (up from 59 percent the prior year). Source: McKinsey Global Institute. However, according to research by McKinsey, transactional services and 0000013177 00000 n Cutting Technology More information 12 Disruptive Technologies That Are Changing The World - McKinsey's Global Institute discusses this in its latest report, Disruptive Technologies: Advances that will transform life, business, & the global economy. These technologies can also generate significant societal benefits, including robotic surgical systems that make procedures less invasive, as well as robotic prosthetics and "exoskeletons" that restore functions of amputees and the elderly. 0000033783 00000 n 0000041679 00000 n 0000051380 00000 n 0000034007 00000 n Organizations will often need to use business-model innovations to capture some of that value. 0000041276 00000 n Texas Integrated Services is here to help you. In Digital India: Technology to transform a connected nation (PDF–3MB), the McKinsey Global Institute highlights the rapid spread of digital technologies and their potential value to the Indian economy by 2025 if government and the private sector work together to create new digital ecosystems. Use minimal essential Research on IoT. Energy-storage devices or physical systems store energy for later use. To develop a more nuanced and useful view of technology’s impact, governments may also want to consider new metrics that capture more than GDP effects. McKinsey’s Three Horizons Model Defined Innovation for Years. Economically disruptive technologies—like 0000007962 00000 n 0000041776 00000 n These technologies, such as lithium-ion batteries and fuel cells, already power electric and hybrid vehicles, along with billions of portable consumer electronics. 0000006568 00000 n Yet technology advancement continues to drive economic growth and, in some cases, unleash disruptive change. ... McKinsey & Company 35 The AI good news: 2019 ≠ 1980. 0000010159 00000 n However, according to research by McKinsey, transactional services and collaboration with select social media and trusted analytics partners ... McKinsey & Company 35 The AI good news: 2019 ≠ 1980. The so-called ‘Fourth Industrial Revolution’ (Industry 4.0) 1. is seeing several sectors rapidly transformed by ‘disruptive’ digital technologies such as Blockchain, Internet of Things, Artificial Intelligence and Immerse Reality. 2. This estimate is neither predictive nor comprehensive. This value comes from four main sources: a 1 to 3 percent revenue uplift from cross-selling, upselling, and new business models; a 3 to 10 percent increase in service revenue from smarter pricing of aftermarket parts and services; and a 20 to 30 percent reduction in field-service … Flip the odds. Over the coming decade, advancing energy-storage technology could make electric vehicles cost competitive, bring electricity to remote areas of developing countries, and improve the efficiency of the utility grid. The relentless parade of new technologies is unfolding on many fronts. 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