What is Hype Cycle?
Hype Cycle- a term coined by Gartner, refers to the journey of any new technology or innovation that starts with high expectations and reaches a point where these expectations are met with disillusionment. The hype cycle model consists of five phases: Technology Trigger, Peak of Inflated Expectations, Trough of Disillusionment, Slope of Enlightenment and Plateau of Productivity. Each phase represents different stages in the progress and adoption curve.
The first phase 'Technology Trigger' is when a new technology has been developed and showcased for the very first time. It piques people's curiosity regarding its potential benefits but also triggers skepticism about its practicality.
The second phase 'Peak of Inflated Expectations' is when early adopters get excited after seeing some initial success stories from companies that have adopted this technology. Everyone wants to jump on board without understanding how it works or what impact it will have on their industry.
The Third Phase: Trough Of Disillusionment
In this third stage, reality sets in as early adopters begin to experience unforeseen challenges while implementing this new technology into their business models. This leads to disappointment and even frustration with many questioning whether they should continue investing in it at all.
However, those who believe in the potential value are more likely to find ways around these issues which ultimately lead us into our fourth phase - 'Slope of Enlightenment.'
The Fourth Phase: Slope Of Enlightenment
In this stage, companies learn from past mistakes by realizing what works best for their specific use-case scenarios based on previous implementations using such technologies- creating better results than before- giving them an advantage over competitors who haven't yet caught up with the latest trends. They concur how to utilize this new technology to its fullest potential, which leads them into the fifth and final stage: The Plateau of Productivity.
Now that innovation has been fully adopted- everyone knows what it does, how it works, and what benefits are available. It has made a permanent place for itself in business models worldwide - leading towards an incredible future for businesses all around us.