Sometime in the last decade, we crossed into a fresh phase of the digital era. A new generation of organizations born in the cloud — like Airbnb, Snapchat, Uber and Zillow — are using entirely new business models to disrupt the status quo.
Google Chairman Eric Schmidt calls this “the new digital age”. Barriers to entry are falling away as Moore’s Law (regarding the doubling of transistors in an integrated circuit) is exceeded, driving down the cost of computing. Even the smallest businesses can now sell to the entire world.
And it’s not just born-in-the-cloud businesses that are driving change. The fast food industry is reinventing itself digitally, speeding up operations with big-data analytics and making life easier for customers with mobile ordering and payment apps. In the automotive industry, new generations of digital car displays are becoming the next screens in our connected lives. In fashion and retail, even 150-year-old Burberry has reinvented itself as a thoroughly modern company, with its revenues nearly tripling to over $3 billion from 2006-2013 due to digital initiatives.
Google CEO Larry Page remarked at a TED conference earlier this year that companies mainly fail because “they miss the future”. And as a business leader, you’ve probably been thinking about both the opportunities and threats this new digital future offers your business.
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