What does this mean for your business?
It is vital that companies recognise and react appropriately to this changed world. The threats it presents are great but so are the opportunities. It can offer access to new markets and the ability to realise efficiencies. Those who do not keep up will see their business models fade and fail. Recent history has proved that story to be true. From Amazon and Google to online supermarket retailers, some companies have been very successful in seizing the opportunities of the new Internet-, mobile-driven world.
They have created new business models, invested in technology and are reaping the rewards. Equally, from music to photography, there are plenty of examples of companies that have struggled to keep up with that changing world and seen value destroyed and market share evaporate.
Historic trend data tells us that technology will continue to enable change in customer behaviour. However, it is important to recognise that smart is less about very new technology and more about the opportunities available from integrating existing technologies, joining the dots to create value and creating smart businesses. The smart businesses are the ones that are using the available technology in a more sophisticated and intelligent way to improve services and add value.
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