Living in Today’s Digital Economy
Let’s take a moment from our fast paced lives to consider the digital world in which we live. Most people won’t go more than half an hour after they’ve rubbed the sleep from their eyes to look at a mobile, tablet or PC. Whether that’s to read email, scan the news, catch up on texts or review the weather forecast, we’re constantly engaging with technology. This is even more striking with ‘millennials’, those of us born after the advent of the PC – a true, digitally savvy generation.
Today’s best companies understand this and understand that their reputations, their brands and their repeat business depend on how they interact with consumers digitally. Our complete perception of most companies is now defined by our last transaction or interface with them through the digital world, driven by software. There is no bank as such, only cash machines and mobile banking. Many companies understand that today, most companies are software companies.
The numbers tell the story. According to GlobalWebIndex, internet users spend an average of 6.09 hours per day online. eMarketer predicts B2C commerce will reach $1.5 trillion this year, with an increase of over 20% on last year’s figures. And, mobile phone penetration is expected to reach almost 1.75 billion phones or one for every four people on the planet. Organisations – from retailers to car companies – are recognising this trend and are implementing technology to better engage and interact with their digitally savvy customers. Even traditional institutions such as education or healthcare are creating apps not just to help patients or students connect, but to attract new customers and students in this hyper competitive world.
Every industry faces this digital disruption, created by businesses that envision a world driven by technology – technology that reduces costs, creates new products and new markets, creates hyper efficiencies, or greatly enhances the digital customer experience. Advances in big data and analytics, mobile computing, cloud services and the Internet of Things (IoT) provide a rich palette for enormous innovation.
All of this points to one simple fact – we’re truly in the midst of a digital revolution. Individuals and enterprises must adapt to the new digital economy, or fear losing relevance, customers and market share.
But, this did not happen overnight.
Look out for the next installment… How did we get here?
