Today, social networks, search engines and other digital platforms help to generate new products and services which rely upon highly creative talent. We see this at all levels from production, where digital tools are transforming the creative process, to distribution (with new platforms) and consumption (devices).
For instance, the advent of affordable 3D printers and digital platforms for the distribution of product blueprints promises to bring the same disruption to product design that we have already seen in music and publishing, disturbing creative sectors like crafts as well as manufacturing value chains.
What is true for the music and publishing industries also applies to other creative industries, whether they provide content or services to their customers.
Amazon already sells more eBooks than paperbacks.
Every day we interact with technology and (oftentimes, without realising it) generate enormous amount of data about ourselves. Many of us even have distinct data habits, traces of which could be found in our smartphones or in social media. My day, for example, starts with an app which records my diet and exercise. Only a few years ago my sister (a professional volleyball player) used to nag me about my exercising regularly and would give me that disapproving look when I shirked and skipped the gym for a dinner with friends at my favourite French restaurant. Today, this job is done by the app which gives me warnings if I eat too much ice-cream (yes, it does happen!) and reminds me of scheduled runs or gym visits. Many of us use apps to shop for groceries, track our expenses, chat with friends and family, etc.
How should organisations respond to the future connected digital economy? How should they adapt themselves, their products, services and operations to do so? Here at WMG's Business Transformation group we have been busying ourselves with both the practice and the research in this space.
New economic opportunities are constantly arising from the rapidly developing digital economy. Businesses faced with disruption brought on by technology strive to overcome the challenges these changes bring, but they also need to transform themselves if they are to make the most of these opportunities.
To help organisations and markets transform for the future, let me give you some background to our thinking.