Abstract
In the modern era, disruptive technologies, ranging from artificial intelligence to big data analytics and virtual reality to drone technology, have profoundly impacted India's lifestyles and employment dynamics. This chapter deeply explores these innovations' history, meaning, theory, and significance, focusing mainly on their transformative influence on the Indian industries, health, transport, and energy sectors. Beyond just an exploration, this study employs DEA for efficiency benchmarking, offering a structured assessment of how well these sectors have harnessed the potential of disruptive technologies. The analysis underscores the diverse issues, challenges, and opportunities arising from integrating these technologies and the subsequent shifts in employer-employee relationships and challenges posed to governance. Furthermore, the chapter elaborates on the real-world implementations of these technologies and their broader ramifications, including cost reductions, sustainability, and socially responsible practices in the concerned sectors.
TopBackground
The application of technologies enables global communities to form and share diverse ideas, innovations, and resources more easily with various stakeholders (Harris et al., 2019). Technology has allowed the world population from all walks of life to access different resources. The persistent emergence of multiple technologies is also being used to equip people who need specific backing to enhance their worth and help them avail themselves of opportunities that would otherwise be challenging. Undoubtedly, technology leads to a wholesome life as it is responsible and accountable for advancement in all sectors of the economy, from the core to services. Technology’s remarkable evolution in the last two to three decades has intensified the research and development activity in the private and public sectors, led to impressive and novel innovations, and has contributed more than anything to help human lives a life of luxury and convenience (Hänninen et al., 2021). Every field owes its advancement to technology, which undoubtedly reveals the prominence of technology in every aspect of our lives.
Key Terms in this Chapter
Artificial Intelligence (AI): A branch of computer science focused on creating intelligent agents capable of performing tasks that typically require human intelligence, such as learning, reasoning, problem-solving, and perception.
Virtual Reality (VR): A computer-generated simulation of a three-dimensional environment that can be interacted with in a seemingly real or physical way by a person using special electronic equipment.
Governance: The processes, structures, and organizational traditions that determine how power is exercised, how stakeholders have their say, how decisions are made, and how decision-makers are held to account.
Big Data Analytics: The process of collecting, organizing, and analyzing large datasets to discover patterns, correlations, and other insights, typically using advanced computational methods and algorithms.
Disruptive Technologies: Innovations that significantly alter or replace existing technologies, often leading to a paradigm shift in industry structures, consumer behaviors, or market dynamics.
Efficiency Benchmarking: A method for comparing the performance efficiency of different entities or processes, typically with the aim of identifying best practices, setting performance standards, and improving operational efficiency.
Data Envelopment Analysis (DEA): A non-parametric method in operations research and economics for measuring the efficiency of decision-making units (DMUs) through input and output comparison.
Sustainability: A principle that involves meeting the needs of the present without compromising the ability of future generations to meet their own needs, typically encompassing environmental, social, and economic dimensions.