Technology is rapidly improving, changing the way business is carried out. Digital disruption is evident in the current markets. Many companies have migrated their businesses from the old client-server architecture to the modular Server Oriented Architecture. The major aim is to shore up there businesses to remain relevant in the market and to beat the competition.
Hitherto, the key digital disruption technologies in the shared economy include:
1. Mobile – There is a major growth in the mobile platform. The proliferation of these mobile devices has changed the way business is done. With mobility, it’s open for business, anywhere anytime. The mobile application space is growing fast with a lot of integration being done on the enterprise systems.
2. Social Media Space – How many times have you ever tweeted of a poor service in an airline or a bank? (well if you were disgruntled by their service) Through technological advancement, companies are able to pick this sentiments from the social space and are able to get to new levels of customer intimacy thus improving on their service delivery.
3. Data Analytics – Data is rapidly growing. A company can make use of the data it has collected over time, analyze it. This helps them to connect the dots and come up with a conclusive trend of their business and the preference of their customers.
4. Cloud – Businesses are moving to the cloud (internet based & run services), they are adopting the on subscription on demand model of computing which is far much cheaper and elastic than the on premise model. This reduces the time to market and increases agility to beat the competition.
5. Internet of Things (IOT) – Businesses have explored many ways to enhance device to device communication. This involves tapping into data and uncovering actionable intelligence. Such as from smart watches, security cameras, etc
Truth to be told, for a company to survive in this digital disruption era, it has to involve itself with all or some of the above changes in their model of business. Otherwise, a business that is enmeshed on the traditional way of business will face extinction.
Adopted from: Linkedin