Apple (NASDAQ:AAPL) – through innovation and disruption -- has been one of the greatest performing stocks over the last several years. But while we often think of Apple as having a giant protective moat around its business, one expert says it could easily be outmaneuvered and lose its dominance.

What went right
Apple was one of the great innovators in my lifetime. Its products not only radically reshaped existing technologies (think cell phones), they also created entirely new ones (tablets). The results of this innovative prowess brought longtime Apple shareholders returns they never dreamed of.

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What could go wrong
Of course, what matters to us now is Apple's performance over the next several years. Paul Nunes is executive director of research at Accenture's Institute for High Performance, and co-author of Big Bang Disruption: Strategy in the Age of Devastating Innovation. He makes it clear that any company – no matter how entrenched – can be disrupted with surprising speed.

I spoke with Nunes at the 2014 International CES in Las Vegas. While Apple is protected to some extent by the high switching costs provided by its ecosystem, ultimately the products drive sales and the company must continue its strong track record of innovation.

His book provides the details of how new competitors these days can provide better products at lower costs in a fraction of the time it used to take. As he explains in the video, this new age of innovation, combined with social media's ability to relay information quickly, is what Apple must watch out for.