Crucible 3 of “What Happens Next?” discusses how the globalization, and in many cases the democratization, or information will continue to impact businesses and their strategies. Information is readily accessible in dynamic formats and businesses need to have a deep awareness of how this impacts their consumers, their markets and, in turn, their profitability. No longer are consultants the only answer for a business to benchmark against their competitors. Consumers don’t need to pay for expert advice on how to complete a task. Information is visible, highly accessible and rapidly changing. YouTube videos show users how to do everything from change a tire to how to choose stocks. For producers of these products, they need to be savvy about how they face a new, innovative, and, in the case of YouTube, a free competitive market.
Airtime, a newly launched social media application that brings users together in a face-to-face, dynamic environment with a sophisticated user experience, will continue to push the envelope on how information is shared. Many businesses have scratched the surface on how to leverage applications like Facebook, YouTube and LinkedIn to add value to their businesses. It is essential they keep in mind Crucible 3 so that they are prepared to not only deal with but positively utilize new tools like Airtime ahead of the curve. When considering strategy, it is also appropriate to consider from the other direction. How will tools like Airtime reach out to businesses and incorporate those important partnerships as part of their long term growth strategies? While service-based organizations need to be aware of how social media and technology innovations impact them, these some innovative organizations can proactively create services that partner with the organizations. If they can determine opportunities to monetize service solutions in a way that positively impacts the bottom line of both businesses, then the global grid will really be maximized.
What happens next? Five crucibles of innovation that will shape the coming decade