Friday, April 1, 2016

My review on the Ten IT-enabled business trends for the decade ahead

The article ‘Ten IT-enabled business trends for the decade ahead’ by authors Jacques Bughin, Michael Chui and James Manyika talk about the major trends in the industry which have, since 2013 been on the minds of various organization’s top management. It is an extension to the trends which altered the business environment during the start of this decade. The intensive penetration of technology in our daily lives is the reason for the growth of such trends.

The trends discussed are as follows:

·   Social Matrix
·   Engaging the next 3 billion digital citizens
· Computing with big data & advanced analytics
· Charting experiences – digital meets physical
·   Deploying the Internet of Things
·   Freeing your business model
·   Offering Anything as a Service
·   The rise of digital commerce
·   Automating knowledge work
· Transforming govt, health care and education

I shall discuss a few of these 10 in detail along with their impacts on the industry they operate within.

First and foremost come the two most penetrating trends which have dispelled success to industries over the last few years. Big data & advanced analytics have transformed the way business is being done and markets are being run. It is helping transform the health sector completely. Its computing power not only helps us to understand and predict major disease patterns but also to find new cures. Bernard Marr, a leading author and data expert even went to the extent of saying that the clinical trials of the future would not be on a personal basis but would include the entire community as a whole.

The environments within many organizations are ever-evolving. Lately, they have introduced the concept of a social matrix which binds them tighter internally. This has generated massive benefits to these environments. Not only has it drastically improved productivity, but it has also connected stakeholders and reduced critical response time. It is clearly observable that most of the products and services around us are being shaped by such social connections and experiences.

Freeing business models through Internet-inspired personalization and simplification is another trend that has revolutionized the way business is being done today. With the advent of e-commerce, expectations of customers have significantly risen and their substitutes are just a few clicks away. Just recently, Sony announced that it would be integrating its PlayStation platform along with the Xbox base, so that gaming fun from both worlds could be enjoyed under a single roof. Same is the case with Windows 10, which just this week announced that the Ubuntu Linux Terminal would be integrated alongside the Windows platform. This is a big boost for development on the Windows platform, not only in terms of freedom but also in terms of scalability.

Offering anything as a service is a recent trend that has turned executive heads. Over the past few years, almost all large-scale organizations have shifted their environments onto cloud. We are in that age where with the help of the internet, almost anything can be made brought or sold as a service. Even though the impacts of these are in its infant stages, there is massive research ongoing as to its hidden benefits based on the necessities within this trend which would completely satisfy buyers and sellers.

Concluding this article, the author mentions some serious issues which need to be addressed immediately. These include the need for Transparent and innovative business models, Talent, Organization and Information security. Breaking ice with these issues would only set new levels of innovation and growth within competing companies and thus improve customer satisfaction levels greatly.

Ten IT-enabled business trends for the decade ahead [ McKinsey Article 2013 ] by Jacques Bughin, Michael Chui and James Manyika

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