I got a chance to read an article suggested by our Academic Mentor Prof Ramesh G Tagat. This article talks about recent 10 trends in Information technology that will impact the way business is done today. Since the advent of Information Technology, entire business ecosystem has changed, and forced Top Level Managers to think strategically to survive in the new changed, competitive environment. For senior executives, therefore, merely understanding the ten trends outlined here isn’t enough. They also need to think strategically about how to adapt management and organizational structures to meet these new demands.
Let me give a brief overview of these recent tech-enabled business trends which have the potential to drive a new business trend altogether.
- Distributed cocreation moves into the mainstream: This one of the recent trends which is known by different names as Open innovation, Crowd Sourcing and of course cocreation. Internet, web, www, Web 2.0, Web 3.0 have broken geographical, social, political and cultural barriers. As a result, it is quite easy to reach out to large pool of people, on click of a button and find solutions to problems, share ideas and discuss new avenues. This trend demands Senior Executives to start looking beyond their organization and employees for solutions.
- Making the Network the Organization: These days, managers have moved beyond the boundaries of organization, business unit silos and try to tap in the talent pool available through the vast terrain of network. Organization are using Web technologies to expand access to experts around the world, the company set up new innovation communities across siloed business units.
- Collaboration at scale: The kind of revolution brought out in communication and technology, we have enumerable ways to communicate with people via telephone, mobile, fax, email, chat, Skype, video conference and the likes. But now there is a need to collaborate all these means to get maximum potential of knowledge workers. This is also referred as Unified Communication further extended to combine interactive technologies with complementary investments in process innovations.
- The Growing “Internet of Things”: The Internet revolution has brought in a new level of revolution where an asset itself become elements of an information system, with the ability to capture, compute, communicate, and collaborate around information—something that has come to be known as the “Internet of Things.”
Embedded with sensors, actuators, and communications capabilities, such objects will soon be able to absorb and transmit information on a massive scale. These “smart” assets can make processes more efficient, give products new capabilities, and spark novel business models.
- Experimentation and big data: Internet has revolutionized Product Marketing and Branding and Advertising Industry, by accumulating thorough and enormous information about the online consumers, that now all management functions pertaining to product can be customized as per customer.
Web Analytics is a new stream adopted by the organizations to experiment and play with this big data.
- Wiring for a Sustainable World: Sustainability is the one of the key corporate-performance indicators. As a result, Companies are now taking the first steps to reduce the environmental impact of their IT. For instance, businesses are adopting “green data center” technologies to reduce sharply the energy demand of the ever-multiplying numbers of servers needed to cope with data, rightly termed as Green Computing.
- Imagining anything as a service: One of the trends that have changed the fundamentals of business norms. Cloud Computing as it is known today, which includes Software as a service, Platform as a service and Infrastructure as service, rather very rightly termed as “anything as service”.
- The age of Mutisided Business Model: Multisided business models create value through interactions among multiple players rather than traditional one-on-one transactions or information exchanges.
- Innovation from Bottom of Pyramid: In economics, the bottom of the pyramid is the largest, but poorest socio-economic group. In global terms, this is the 2.5 billion people who live on less than $2.50 per day. These trends have made it possible to capture this huge untapped market, which is now being exploited by various organizations.
- Producing Public good on the grid: This last trend is broad in scope and draws upon many of the other trends described above and it completes the cycle by giving back to society. The role of governments in shaping global economic policy will expand in coming years. Technology will be an important factor in this evolution by facilitating the creation of new types of public goods while helping to manage them more effectively.
As management professional do you think you are ready to embrace and exploit these trends to build an ecosystem which is self-reliant, sustainable and compete with an ever-growing number of innovative rivals?
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