Over the past decade,
technology has played a major role in economic progress more than any other
previous decade. We have been a witness to various industry leading businesses
becoming obsolete with their old business models due to technological
disruption. Technology has unbundled various segments from a traditional
business, created whole new categories and changed the customer experience
completely and this rapid change is sector agnostic from retail, Telecom,
manufacturing, construction, banking, marketing and automobile. Social media
industry is less than 10 years old but it is ubiquitous now and changing the
way we interact with each other. Any one, who is in conventional businesses may
think that, he or she is not affected by this as much as businesses in that
space, but in reality it is disrupting every one. Ram Charan – the management
guru in his book titled “Attackers Advantage” – said -today businesses are
becoming “Mathematical Corporations” by deploying computing power to drive
their business decisions. It is very important that, every business leader is
cognizant of these trends and build new capabilities to make businesses
relevant in this rapid change. It is all about how technology is woven into
products and Business design.
Companies like Uber, Airbnb
and whatsapp have created new ways of doing business in transportation,
hospitality and communication industries respectively. Boundaries are being
pushed. Recently in India - relatively a kid, who has not even attended the
college created a front end hospitality portal, which has tied up with budget
hotels throughout the country and Japanese major investing close to about 100
mill USD in the company proves the viability of the business model. Barriers
are being broken in terms of experience, whom we know in the industry to start
a business. All we need is an idea, which is unique and scalable. 10 years ago,
no one would have thought of technology enabled front end models disrupting the
traditional business with real brand and infrastructure which took years to
build and scale.
In my view, with advancement
in technologies – the trend is just the beginning of the beginning. As
consumers, we are living in exciting items and let’s enjoy the ride but as
business leaders – it is testing time with continuous disruption – watch out
guys..
A very interesting article.
ReplyDeleteIn fact the digital wave or digital disruption technology has even changed the very identity of the Individual. Today my identity in Marks & Spencer's is my mobile number, same at the departmental stores, same in all mobile company communications, same at Domino's Pizza or KFC and even at Colorplus store. This will be the first or the last thing at the time of check-out that is asked.
So who I am? I am 9538714578. Welcome to being digitized into a number, not a name.
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