How information technology can transform business?

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#1 – THE COLLABORATION CRAZE

Collaborative consumption – where physical goods are shared among a group of people, rather than individually owned – might seem more reminiscent of flower power than of Gordon Gekko, but the business threats they embody are very real.

For companies in a growing number of industries, it’s no longer sufficient t0 leverage digital technologies to rationalize and optimize internal production. If the business relies on a model of consumption that is inefficient for consumers, chances are that there’s already a new sharing economy marketplace that is looking to streamline it.

#2 – TECHNOLOGIES HAS FLATTENED THE MARKETPLACE

In the same way that technology has allowed for collaboration beyond geographical borders, technology has also reduced the barriers to entering markets around the world. This allows buyers and sellers from around the world to connect and do business.

#3 – TECHNOLOGY HAS MADE BUSINESS FASTER

It is undeniable that technology has made business move much faster than before. Personal computers and the Internet have revolutionized the way we work. E-mail interactions have replaced memos, phone calls, and faxes. Smart phones can connect you with your entire business network while you are out of the office, allowing you to respond quickly. Workflows and automated tasking systems have cut down on organizational bureaucracy, streamlining operations.

Everything can be done via email, or in your web browser.

#4 – THE APPS REVOLUTION

Smart phones and tablet-PC have already disrupted or is disrupting many different businesses. The potential to disrupt several other businesses is huge, so is the opportunity for incumbents to adopt the smart phones and tablet-PC before more agile start-ups disrupt their business.

#5 – STREAMING VIDEO

Technology has changed the video rental business very dramatically, and many video stores are out of business, going out of business, or struggling to stay afloat. Streaming video has become extremely popular and many people are choosing to pay so they can stream new movies right from their homes, computers, tablets, and even smart phones.

#6 – CORD-CUTTING IS GROWING

Disruption is coming to the TV industry and there will be a new set of distributors leveraging fundamentally different cost structures to the old regime. Millions of TV users fed up with outrageous fees provided to cable services provider. Streaming services like Netflix, Hulu Plus, HBO Nordic are slowly becoming “good enough” alternative and roughly 1/3rd the cost of basic cable.

#7 – E-READERS ARE STARTING TO REPLACE OLD FASHIONED BOOKS

Book stores are one of the business models seeing the most problems because of technology. E-readers are starting to replace old fashioned books, and it is not just the e-readers themselves, but also the app formats of them which allow people to buy and read books right from their smart phones and tablets. Recently we have been seeing bookstore going out of business around the world, the most recent that everyone heard about was the closing of Borders.

#8 – THE DOWNFALL OF TRADITIONAL BRICKS AND MORTAR RETAIL

Despite several retailers’ overall net-profit decline and the disappearance of certain stores altogether, the high street remains bustling with shoppers every weekend. However, with the influence of the internet, new technology and the rise of digital marketing, a number of retailers are struggling to keep up.

Author : Saranraj.S

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