On Disruptive Innovation or Deus ex Machina
By Dr. David Edward Marcinko MBA CMP™
[Editor-in-Chief]
According to Wikipedia, a disruptive technology is an innovation that helps create a new market and value network, and eventually goes on to disrupt an existing market and value network (over a few years or decades), displacing an earlier technology.
The term is often used today used in business, healthcare and technology literature to describe innovations that improve a product or service in ways that the market does not expect, typically first by designing for a different set of consumers in a new market and later by lowering prices in the existing market.
For Doctors
You can feel it happening in the marketplace around us. Retail clinics, medical tourism, technology-enabled self care — disruptive innovations in the U.S. health care system challenge the status quo. These and other new phenomena zero in on unmet needs, leverage new technologies and business models, and deliver enhanced value throughout the health care supply chain.
So, along with consumerism, healthcare reform and technology, disruptive innovation is one of the three major themes we follow at the ME-P: www.CertifiedMedicalPlanner.org and www.MedicalBusinessAdvisors.com
- Technologists versus doctors: Who wins?
- On Replacing Doctors with Computers and Smart Phones
- Will Future Doctors Need a Medical License?
- Vinod Khosla’s Controversial Thoughts on Health Innovation Video [Exit the Doctors]
- What’s Next for Healthcare Information Technology Innovation?
- How Health Technology Costs Human Jobs
For Financial Advisors
According to Mike Kitces CFP™, MTax, MSFS many of the things that financial advisors do can be implemented far more efficiently with technology, and overall it’s important to acknowledge that there are some things that humans do better but some things that really are done better by computers.
Which means in the end, the real winner may not be the robo-advisors, nor the human advisors, but the technology-augmented humans – the cyborg advisors – who blend human and technology together into an optimal financial advice solution for consumers.
- The Advisor Of The Future Is Not Human Nor Robot, But Cyborg
- Technology Will Improve Financial Planning And Augment Planners, But It Won’t Replace Them
- LearnVest – A Glimpse Of Financial Planning’s Future Serving The Masses In The Digital Age?
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Assessment
And so, do these big changes create big value opportunities; or not? Of course they may … but only if you know where to look!
Conclusion
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Filed under: "Advisors Only", "Doctors Only" | Tagged: Are Doctors being Replaced by Technology?, Are Financial Advisors being Replaced by Technology? | 45 Comments »