8DIGITAL DISRUPTION, ARTIFICIAL INTELLIGENCE AND AUTOMATION Flashcards
What does “digital disruption” refer to?
Digital disruption describes the impact of new digital technologies, services, capabilities, and business models on existing industry services and goods, often leading to a re-evaluation of the market and potential adaptations by companies.
What are the four elements of digital disruption?
The four elements of digital disruption are technology, business, industry, and society, each of which has the potential to change the way businesses operate.
Describe the ongoing fourth industrial revolution.
The fourth industrial revolution involves disruptive automation and data exchange in manufacturing technologies and processes, including cyber-physical systems, IoT, cloud computing, and artificial intelligence.
Name some examples of digital disruptive technologies.
Examples of digital disruptive technologies include Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning, Big Data, online learning, 3D printing, Augmented Reality (AR) and Virtual Reality (VR), cryptocurrency, blockchain, robotics, and P2P commerce.
How does AI impact the fashion industry?
AI revolutionizes various aspects of the fashion industry, including personalized product recommendations, trend forecasting, predictive analytics, virtual assistants, chatbots, image recognition, fashion design, virtual merchandising, visual search, personalization, and automatic authentication.
What strategies can companies adopt to navigate digital disruption?
Companies can develop a consistent digital culture, create new customer experiences, shift to data-driven decisions, incorporate new technology and business models, and work with partners to innovate procedures and policies.
What role do consumers play in digital disruption?
Consumers drive digital disruption by changing their needs and behavior, leading to the transformation of traditional business models and practices. Disruption comes from understanding and addressing customer behavior more effectively, often through reducing the monetary cost, effort, and time associated with obtaining goods and services.
What distinguishes digital disruption from incremental digital transformation?
Digital disruption involves significant changes resulting from new digital technologies and business models, while incremental digital transformation involves gradual improvements to existing systems and processes.
How does AI contribute to trend forecasting in the fashion industry?
AI analyzes data from social media and other sources to predict fashion trends, providing brands with insights on consumer preferences, purchasing habits, and emerging styles.
What are some examples of digital disruptive technologies in recent decades?
Examples include the Internet of Things (IoT), Artificial Intelligence (AI), Big Data, 3D printing, Augmented Reality (AR), Virtual Reality (VR), cryptocurrency, blockchain, robotics, and P2P commerce.
How can businesses use digital disruption to enhance customer experiences?
By leveraging technologies like AI, businesses can provide personalized product recommendations, virtual try-on experiences, interactive customer service through chatbots, and seamless online shopping experiences.
What role do virtual assistants play in digital disruption?
Virtual assistants powered by AI help customers shop for fashion items, provide personalized recommendations, and assist with inquiries, enhancing the overall shopping experience and increasing customer engagement.
How can companies prepare for digital disruption?
Companies can prepare by embracing a digital culture, adopting innovative technologies, analyzing data for insights, fostering collaboration with partners, and continuously evolving their strategies to meet changing consumer needs.
What are some potential benefits of digital disruption in the fashion industry?
Benefits include improved customer engagement, enhanced operational efficiency, increased market insights, greater product customization, and expanded revenue streams through new business models.
How does digital disruption impact traditional retail businesses?
Digital disruption challenges traditional retail businesses to innovate and adapt by incorporating online channels, leveraging data-driven insights, and enhancing customer experiences to remain competitive in the digital age.
