Technology Disruption | Vidia Mooneegan | TEDxPlainesWilhems



we are living we are living in an era of constant discontinuity since the beginning of this century we have seen disruption hitting every economy every single industry and shaking at the core many companies now if you are not proactively riding over the rail over the wave of Technology disruption which is one of the global forces that is really bringing change across the board then at some point you will be forced to react to it what we are seeing today is that technology disruption is touching every facet of our lives it is changing the way we live hopefully with the new technology we can improve the quality of our life it is changing the way we work where we work how we work even our workplace is being changed the design of the workplace it is also changing the way we do business how we sell how we buy how we make payments how we market our products and also how we interact with our customers now when you talk about technology disruption you have first to be aware that it is coming it is already here and the message light is do we have the plans to actually ensure that we don't get left behind and become victims of this disruption now you can argue that disruption technology disruption has been around for a long time yeah Industrial Revolution was there yes it disrupted the transportation industry the printing industry and many other industries but what's the difference between what we what we witness in the Industrial Revolution and today first of all is that we are saying that the clock speed of change is much much faster we are moving from a linear world into an exponential world first we we note that the speed of speed of innovation is much faster now we are talking about the accelerating return of Technology we are also seeing that the speed to acquire market share the speed to actually take up of business is increasing exponentially I'll give you an example Facebook took three and a half years to acquire your 50 million customers whatsup took 15 months Angry Birds to 15 days never heard of before what does that mean it means that the rules of the game are changing now let's talk about some of the industries that are being disrupted I'll give just give you a few examples so that we understand the context maybe some of you actually in those industries let's look at the banking industry to start with by 2025 two billion people will have their first banking banking experience on their smartphone 80% of these people will never walk in a bank branch what will happen to the banking structure what will happen to branches it is also estimated that the FinTech companies at some point will be able to compete with banks today FinTech has been focusing primarily on payments but the time that they are able to do lending then what will happen peer-to-peer lending is already here crowdfunding is or idea this really will disrupt the banking sector big time the second industry that is being that is seeing a lot of change is the education industry you've all heard about the MOOC platform this is the open free online courses that you are able to get EDX has actually worked and founded a partnership between MIT and Harvard and today they are able to provide free courses online you only pay if you want to be certified in those topics and you pay $50 hundred dollars now many years ago we're talking about a thousand dollars to do these courses now EDX have 7 million students they've only been around for years what will happen tomorrow to the brick-and-mortar universities where will people be educated now this MOOC have actually shown that you can add a student at zero marginal cost you can also change the experience of the learning you can customize it to the person actually doing the course now if we are in the industry of education then we need to think very hard where we will be in five years time in ten years time the next one is the healthcare industry now the healthcare industry has been pretty dormant after us technology adoption has been over the laws over the last few decades but at the moment is being seriously disrupted by technology one simple example which many of you are very accustomed to is the wearable the wristband that you wear now this is very attractive it is affordable about 100 million people are actually going to wear it in the next two years across the world what this is doing it's actually changing the way we manage our own health very often the problem with doctors today is that you go and see them after you get sick now this wearable will enable you to get data on your health conditions you can track your heart rate you can track your pace you can track a lot of data a lot of metrics on your wellness on your health conditions and you can even predict whether you're going to get a heart attack when you go to a doctor you can examine you he will give you only one data point at this on that day whereas your wearable is going to give you constant data throughout the year what how is this going to do to change the healthcare industry you have your doctor assistant in your pocket every day now when all of this is happening what does that mean to you and me it means that tomorrow we will have to manage our businesses very differently the one thing that we need to do is we need to question the leadership the leadership of tomorrow is going to be very different to the leadership of yesterday first thing is that we need to understand that a lot of things that we have learned over the years will not work in the future we have to unlearn a lot of things very often we come and say oh I've got 30 years experience in this domain I've got 40 years experience in this industry this might be your biggest liability it's no longer an advantage because having experience means you're we are an expert of the past what you need to be is how do you anticipate the future so boards need to have the digital natives sitting on their board because that's the way they are going to see things differently now I know a lot of times companies are very difficult and very slow to change but these are the things that is that we have to look very carefully about our own industry our own company how you bring those new ways of thinking new ways of doing things else people to challenge what we do instead of going the way we have been going in the last ten years expecting this will work in the next 10 years it will not the second thing is that we need to think exponential as yet I have given you some examples of the speed it takes to acquire your customers you have to think exponential opportunity versus incremental outcome no longer are the days where you are struggling just to have a 3% or 6% growth in this industry in this ecosystem that we have but you can actually grow 30 40 50 100 percent a year we have a lot of examples around us so the mindset has to change we have to have a leapfrogging mindset looking at what can I do radically different that will cause me to leave forward and be ahead of the game the other thing that we need to think about is the ecosystem now if you have heard about of Amazon you can argue whether Amazon is a retailer or Amazon is a technology company in fact in fact Amazon is an ecosystem Amazon is trying to get into your lives by building habit-forming touch points with you so that you can be dependent on all that they have to offer this this week we have seen the results of of Walmart coming out going down and Amazon is one of the of their of their closest threat but what we're saying is that with this ecosystem you have to look at your own business and think not I'm going to do it all myself I have to look at what can I bring to my ecosystem partner with people that can actually help you because you can't be expert in everything so this challenge the way how we are going to collaborate in the future you have to think also about how you bring in startups in your business a lot of companies are struggling while there are some startups right down the road probably having the solution to your problem keep your eyes open go around Mauritius go around the world and find one startup who has the idea that is going to fix your problem and bring them into into your organization I mean these are some of the things that we need to think about there's cannibalization they said that if you don't cannibalize yourself somebody else will what does that mean it means that a lot of companies have had their businesses a long time and because they have been around for so many years they are very difficult to change this is what I call organizational inertia it's easier to change a start-up than to change a hundred thousand people company and the problem is that today you have to let go of benefits of today so that you can be prosperous in the future you have to sacrifice you have to set up a two-speed organization where you have your heritage organization and also your startup your digitally digitally a a disruptive company at the same time and at an end and all the time hopefully the one will will over overtake the other not a lot of companies are just thinking the world will need my product guess what one day you may discover that they don't need your product and by the time you understand this there's no funds to actually reengineer your business so this is what we're talking about this digital disruption so we have to get ready for it like I said this may scare some people and I hope that it does scare some us some of us so that we when we go back to office on Monday morning we're thinking oh how can I can I do my business differently how can I do things very differently to what I've been doing so far but this also great news with opportunities for young people here because what it means is that today the market has exploded um if you look at mobile devices there will be 4 billion of those connected to the ecosystem in it 2020 it means that you can out you can have access to 4 billion customers to your products now cloud is also bringing a lot of change and not opportunity mauritius one of our biggest disadvantage here is that when we have a product if we want to deploy this globally it costs a lot of money because all the markets are very far from us now with cloud you can deploy your product in every country in every geography just by staying here now these are all opportunities yeah there's a lot of unemployment among the youth but there's also great opportunity and I hope that you think about how this digital disruption is bringing hope to the newer and smaller organization and today you can be very small many of these large companies that you hear a lot on on television today did not exist about 10 years ago and today they have the probably the biggest market cap in the world why because of this technology disruption enabling them to do things much much faster on a bigger scale now I'll just conclude by by mentioning one of the of the quote from from Jeff Bezos who is a CEO of Amazon he was asked the question that what do you think about competition from the Giants and his reply was frankly I'm not concerned about the Giants I'm concerned about two guys in the garage now this 40,000 in employed mergers can be those two guys in the garage that can really disrupt the big boys thank you

11 Comments

  1. Ajith Abeyawardena said:

    super presentation, eye opener for everyone who are not focus on technology disruption..!

    May 22, 2019
    Reply
  2. Horace Jennings said:

    Awesome talk!

    May 22, 2019
    Reply
  3. 3000 Bass said:

    Great talk

    May 22, 2019
    Reply
  4. Laura Lewis said:

    And due to this, MANY people will loose their jobs… "Easier is not always better for the whole of civilization. Amazon wants to be in our lives? Creepy! This reeks of Orwellian times… And so the few "innovators" will have all the wealth. They are data mining human beings without a care…

    May 22, 2019
    Reply
  5. mack mntk said:

    This's one of the greatest ted talks I've ever found.

    May 22, 2019
    Reply
  6. supra2nv said:

    Clayton Christensen ftw

    May 22, 2019
    Reply
  7. Div ya said:

    "Having experience is not longer an advantage. It means you are an expert of the past."
    I hope recruiters hear you Mr. Mooneegan!

    May 22, 2019
    Reply
  8. Vidia Mooneegan said:

    Hope governments and business leaders react before it is too late

    May 22, 2019
    Reply
  9. Rahu Dios said:

    communism will win

    May 22, 2019
    Reply
  10. Yaqian Wang said:

    really inspiring

    May 22, 2019
    Reply
  11. Mr No said:

    Excellent talk Vidia.

    May 22, 2019
    Reply

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