June 5, 2013
McKinsey & Company Report on 12 Disruptive Technologies Released
|The management research firm McKinsey & Company has recently released a report on how 12 identified disruptive technologies may shape our future. According the report authors,it is critical that business and policy leaders understand which technologies will matter to them and prepare accordingly.|
The seemingly unstoppable development of new technologies is unfolding in many areas. Now, a new report made available by McKinsey & Company explores 12 potentially disruptive technologies, and their impacts on the future.
"Disruptive technologies: Advances that will transform life, business, and the global economy," a report from the McKinsey Global Institute, cuts through the noise and identifies 12 technologies that could drive truly massive economic transformations and disruptions in the coming years. The full report is available for download.
Nowadays, nearly every technological advance is billed as a breakthrough, and the list of “next big things” grows ever longer. 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.
The report also looks at exactly how these technologies could change our world, as well as their benefits and challenges, and offers guidelines to help leaders from businesses and other institutions respond.
McKinsey researchers, James Manyika, Michael Chui, Jacques Bughin, Richard Dobbs, Peter Bisson and Alex Marrs, estimate that, applications of the 12 technologies discussed in the report could have a potential economic impact between $14 trillion and $33 trillion a year in 2025.
They base their analysis on key potential applications and the value they could create in a number of ways, including the consumer surplus that arises from better products, lower prices, a cleaner environment, and better health.
Advanced robotics—that is, increasingly capable robots or robotic tools, with enhanced “senses,” dexterity, and intelligence—can take on tasks once thought too delicate or uneconomical to automate. 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.
Next-generation genomics marries the science used for imaging nucleotide base pairs (the units that make up DNA) with rapidly advancing computational and analytic capabilities. As our understanding of the genomic makeup of humans increases, so does the ability to manipulate genes and improve health diagnostics and treatments. Next-generation genomics will offer similar advances in our understanding of plants and animals, potentially creating opportunities to improve the performance of agriculture and to create high-value substances—for instance, ethanol and biodiesel—from ordinary organisms, such as E. coli bacteria.
Energy-storage devices or physical systems store energy for later use. These technologies, such as lithium-ion batteries and fuel cells, already power electric and hybrid vehicles, along with billions of portable consumer electronics. 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 potential benefits of the technologies discussed in the report are tremendous—but so are the challenges of preparing for their impact. The report authors find that certain guiding principles can help businesses and governments as they plan for the effects of disruptive technologies.
McKinsey has also started a video series on disruptive technology with Eric Schmidt, Google's Executive Chairman that is worth watching.
SOURCE McKinsey & Company
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