lives, propelling us toward a future marked by progress. Concurrently, businesses and product manufacturers must seamlessly integrate new technologies to stay relevant and competitive in this dynamic environment.
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At the forefront of driving technological progress in the business realm is the concept of "Disruptive Innovation," as articulated by Professor Clayton M. Christensen from Harvard Business School. Disruptive Innovation refers to technological advancements that profoundly impact people's lives, leading to the replacement of outdated business models with more efficient and responsive alternatives. This evolution inevitably renders the old business models obsolete.
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Reflecting on a time when technology had not yet reached its current heights, one can identify numerous products that epitomize disruptive innovations. A prime example is the "Digital camera," which emerged from traditional film cameras and physical photo prints. Subsequently, digital cameras themselves were overtaken by the more convenient mobile cameras. Notably, changing consumer needs and the cost-effectiveness of integrating new technologies played pivotal roles in these transitions.
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Looking ahead, a technological disruptor on the horizon is FinTech, or Financial Technology, poised to revolutionize the traditional financial system. With its user-friendly interfaces, convenience, and responsiveness to the modern individual's needs, FinTech is positioned to replace cumbersome and time-consuming traditional financial transaction structures.
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As technology continues to reshape consumer behavior, adapting to the modern world becomes imperative for businesses. Companies that align their products or services with evolving consumer needs are better positioned for survival and success. Siam Commercial Bank exemplifies this adaptability, as evidenced by the establishment of SCBX, aiming to enhance flexibility and competitiveness, ultimately transforming into a full-fledged FinTech Company.
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In conclusion, Disruptive Innovation is an ongoing phenomenon, transcending time and bringing about enhanced convenience in people's lives. It serves as a catalyst for progress, opening new avenues for success in future generations. Manufacturers are urged to persistently evolve their business models to stay abreast of the times, ensuring sustained relevance and avoiding sudden obsolescence.