Application of disruptive technologies in the global business landscape: learning curve for emerging economies

In developed countries, the application of disruptive technology in business (DTiB) is revolutionising the industrial, agricultural, commercial and service sectors. In emerging economies, however, application of DTiB is limited to a few sectors. This paper discusses the concept of DTiB, theories, and multidimensional benefits and risks using a qualitative research method. The paper provides four valuable insights. First, the notion of DTiB describes highly innovative technologies that challenge existing business models. Second, creative destruction theory (CDT), the theory of disruptive innovation (TDI), and diffusion of innovation theory (DIT) provide sound theoretical underpinnings for DTiB discourse. Third, DTiB presents society with multidimensional benefits that include digital capability, increased task flexibility, improved work efficiency, improved surveillance, among others, But, the risks include production risk, cybersecurity risk, market risk, workforce risk, institutional risk, compliance risk, third-party risk, and others. Fourth, the most visible applications of DTiB are AI, drones, robotics, big data and data analytics, and the internet of things (IoT). The paper concludes with practical and managerial implications.