About three years ago, McKinsey published Eight business technology trends to watch, which summarized it’s view of important tech trends for businesses. About a month ago, the firm updated their list in the article “Clouds, big data, and smart assets: Ten tech-enabled business trends to watch”.
McKinsey has always been an interesting source for business trends for me and so I was interested to take a look at their latest list. And recently the firm has been increasing its research and content on IT and technology related to solving business issues, so I was interested in reading it’s latest list of business trends.
I’ve summarized the list below (based on my own understanding of the stated trends) and have provided my own perspectives.
- Distributed Cocreation move Mainstream: Web 2.0 has evolved into a Social Media and Social Networking trend and there are significant implications for businesses and how they maintain relationships with all stakeholders.
- Making the Network Organization: The Networked Organization is not a new concept, but with the advent of Social Networking, it’s importance is magnified. All the social tools, platforms, and capabilities now play an important role in “Making the Network Organization”.
- Collaboration at Scale – This trend is related to the fact that technology alone does not drive greater collaboration. There needs to be a better understanding of how collaboration is enabled, how knowledge is obtained as a result, and how to manage that knowledge once obtained.
- The Growing “Internet of Things”: We are in a new phase in the evolution of IT systems where there are billions of devices and everyday objects will become interconnected and networked via the Internet. More on this trend here The Internet of Things.
- Experimentation and Big Data: All those devices that will be connected and networked (via #4 above) will lead to mountains of data. Businesses will need advanced analytic capabilities in order to make sense of all the data. Successful businesses will use that capability in order to experiment and drive innovation across enterprise processes.
- Wiring for a Sustainable World: Business leaders need to figure out how to use technology for sustainable growth. IT can be a means to increase sustainability through things like smart grids, smarter buildings, smarter transportation, etc.
- Imagining Anything as a Service: Cloud computing and software as a service (SaaS) are undeniable trends in IT today and will drive new business models we have not even thought of today.
- The Age of the Multisided Business Model: This trend is directly related to trends 2 and 3 above. As networked collaboration evolves, companies will increasingly find that they are playing multiple roles in multiple networks.
- Innovation at the Bottom of the Pyramid: As emerging markets are the growth engine of the global economy, we should expect innovation to come from those markets. Successful business leaders will incubate and nurture efforts to look for growth outside of their home markets and customer segments.
- Producing Public Good on the Grid: Technology has an important part to play in creating and providing public goods and making this world a better, safer, and more productive place. For examples of how technology can enable these benefits, see IBM’s Smarter Cities initiatives.
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