Tech disruptions continue to impact enterprises and consumers alike. The coming years will be no exception and we will see the constant challenge for enterprises to innovate, strategise and monetise new business models.
The crux is how quickly can these companies transform, invest in a new business model that matches shifting consumer demands, and how well can they evolve and sustain their model in the long run. Research shows that since 2000, 52% of Fortune 500 companies have either gone bankrupt, been acquired, or ceased to exist as a result of the digital disruption.
In 2006, when Amazon launched Amazon Web Services, many criticised this move, saying the investment was made into a completely unrelated business. Ten years later AWS is the fastest-growing business in the history of technology services.
Its revenue from $500 million in 2010 to nearly $5 billion in five years. The challenge for leaders is not only to innovate and stay relevant in their existing business, but to create and tap the potential of new markets.
The changing dynamics of the tech industry are compelling traditional automakers like BMW or Toyota to compete with technology companies like Google for self-driving cars. In such an environment, leaders really need to think ahead of their time. Read more from vccircle.com…
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