- A small firm with a global client base, would have been unthinkable centuries ago! Electronic commerce has made it possible for individual buyers to select and make payment for goods.
- Business meetings can be attended without the need to be physically present.
- The whole philosophy of learning has been revolutionised, with distance learning coming into full view. The power of a virtual class room where students are scattered all over the world! Learning materials are easily accessible.
From left to right;
1. Larry Page – Google
The world’s information is aggregated into a search engine.
2. Brian Chesky – Airbnb
Private accommodation is aggregated into an online platform
3. Linda Ikeji – Linda Ikeji Blog
World gossip news is aggregated into a blog site
4. Jimmy Wales – Wikipedia
An encyclopaedia easily accessible online
5. Tunde Kehinde – Jumia
Goods are made available via an online store.
Notice that these businesses are using their head to create value from the hand work of others. Like the saying goes, “the beautiful ones are not yet born”.
The growing application of digital technologies is set to ignite a new industrial revolution which will see the growing use of artificial intelligence and machine learning technologies. Today, advanced robots work alongside humans and can be trained to do new tasks in under an hour. These advancements in technology at a glance do not seem like technologies that are capable of disrupting existing businesses, because the changes are not directly expressed. As the technology begins to evolve the disruption becomes more evident.
Therefore is it imperative that existing businesses continuously monitor and analyse the impact of new technologies in their industry.