Digital transformation is for most small businesses the only way to survive the digital disruptions of the 4th Industrial Revolution. The digital disruptions are fueled by technology innovations that resulted in the “3rd Platform” which is built on a foundation of cloud, mobile, social, and Big Data technologies 1.
Many businesses reacted badly when the digital disruptions started to impact on their decision-making processes, operations, product roll-outs, and promotions. More importantly, they’d started to have problems engaging with their customers 1. Indeed, some big brand businesses that failed to embrace the 4th Industrial Revolution, has closed down.
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It seems to almost happen overnight, the Fourth Industrial Revolution. “Something’s coming. It’s picking up speed and will overtake most of us in the coming years. Industries will be disrupted, lifestyles will be altered, economics will be shattered as this revolution takes hold”, according to a press release by the Digital Journal.
Continue reading How the Fourth Industrial Revolution Shapes the Retail Industry
Well, if you haven’t realized it by now, and yes, we are living and doing business in the New Economy. The basic idea behind this economy is that computer and Internet technology are fundamentally changing the way we are doing business.
Let us contrast the “old” with the “new”. Old economy differs from new economy in that it relies on traditional methods of doing business. On the other hand utilizes the new economy leveraging of new cutting-edge technology. This traditional economic system dates back to the Industrial Revolution and revolves around producing goods as opposed to the exchange of information (James Chen, Investopedia)
What is this New Economy?
New economy is a term often used in the media to describe changes that have taken place in business since the widespread adoption of the Internet. The term has been applied to a wide range of situations and issues. For example, the rise and fall of high-tech and Internet startup companies (inc.com).
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