With new business models and technologies coming to the market & incumbent business models challenged, new competitors emerge & prior partners start to resemble competitors. How we think is changing – faster product, processes & distribution innovations bundled with mobile & internet enabled technology, companies are able to introduce and experiment at a pace and scale we’ve not seen before.
In the first 4 years post launch, Skype reached 52 milllion users, Gmail 123 million & Facebook reached 145 million users while Watsapp crossed 400 million mark.
Airbnb’s valuation is greater than Hyatt & Starwood / Marriott combined. Mercedes competitors were BMW & Lexus now it’s Tesla, Uber and Google. Similarly, media & entertainment companies, Star, Times group, Zee are looking at Facebook, Google, Netflix & Amazon as their competition. Banks too are facing tough competition from fintech players. The fact is consumers are finding convenience & convenience is based upon user experience & value.
Amazon’s unbundling of the bank and going by what Jeff Bezos said – “Your margin is my opportunity”, it is certain to launch many more products in this segment. In India fintech is exploding with multiple new players exploring the opportunity and why not, when you see, out of nowhere Ant Financial being the 10th most valuable financial services firm globally.
It’s about creating an organization that moves quickly and for that one needs both WILL and SKILL. I think it is part culture and part knowledge. Two things that will make today’s business faster is technology and data. Going by what Dr. Edwards said – “In God we trust, all others bring data”.
[Top Featured Image – Jens Johnsson on Unsplash]
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