Technology has touched almost all aspects of our life. Mobile phones have acted as a catalyst and Covid19 has applied booster to almost all the industries (baring few). All, running in only one direction and that is digitisation. Nobody in their wildest dreams ever envisaged the speed and scale at which things are moving.
Impact of Internet
Internet, data speed, cheap hardware, mass-scale productions have enabled availability and accessibility. Mobile devices have almost reached all corners of rural India. Typically, now, everyone is almost online (available). Do you know what this means? It means your customer is always online :-).
Subscription based Business
The enterprise software has changed from large scale mainframe-based installation to huge ERP based installations and from there it is moving towards specialised SAAS based applications. Installations have moved from in-house to cloud-based data centres lying with AWS’s and Azures of the world.
The ownership economy is slowly moving away and is giving its way to leasing and subscription-based economy. The cost of paying in full upfront is fading and subscription and pay as you go is quickly taking their place. Steve jobs got everything right but with iTunes rather than thinking of streaming, he thought about buying and downloading music, this shows the speed at which, technology is advancing.
Traditional business models are being disrupted day in and day out, and differentiated business models are taking their place. Doing business is getting more intricate and tougher at the same time more manageable and easier 🙂 depending upon how you look at it and where you are coming from.
Traditional businesses facing disruptions.
Recently listed Kakao Bank Corp of South Korea has become the largest lender in South Korea. Yes, you heard it right, this digital bank has done more business than a traditional bank. It is the first online-only bank in Asia to go public, can you imagine a bank doing business without branches, suddenly all the incumbent’s banks are looking like legacy systems owning all the real estate across the country. Blockchain and Crypto are yet to make their full impact, interesting times ahead and mind you this is just the beginning, the show has just started.
New players are rewriting the game and are going to rule the world. This is the best time to be in tech and starting something new was never so easy.
Think about it.