New Digital Trends Are Changing The Business World

Recently, PricewaterhouseCoopers (PwC) wrote a publication dedicated to the nine trends rewriting the rules of business in the new digital ecosystem.  The article spoke about how change is happening faster and we as humans that hate change are having an even more difficult time adapting to it.  Basically, change is becoming the status quo.  This article really resonated with me because my iPhone has more updates than I can possibly keep track of.  Technology is always evolving and it definitely has had an effect on the business world. Below are my top three favorite new digital trends. 

Trend 1: Disruptive Innovation

One of the trends they name is disruptive innovation.  “Radical shifts in technologies translate to radical shifts in business models.”  Researching and developing new products and partnerships is essential.  One example they give is the Ford partnership with Microsoft Sync.  This partnership benefitted both companies because Ford was the first to have a Microsoft console in their cars, that allowed people to talk to their cars essentially.  It was a win for Microsoft as well because they were able to put their technology into a vehicle for the first time.

Trend #2: Consumerization of IT

Another trend PwC names is the consumerization of IT.  This means that employees (and people in general) have gotten used to their user-friendly phones and tablets and they have a new demand for ease.  Companies will need to develop applications that are easier to learn and use.  This makes me think of all the free mobile photo apps and how you used to have to be quite skilled in Photoshop to doctor up a photograph.  Now a days, you can do almost anything to a digital photo with little to no skill. This can’t be an easy task for computer programmers or the people whose job it is to simplify these applications for work or play.

Trend #3: Social Media

My favorite trend on the list was none other than social media. Social media is incredibly important to companies.  “Harnessing social media is the foundation for everything from increased customer engagement to improved corporate communications and marketing strategies.”  Using social media is essential to building and strengthening a relationship with your consumers.  Social media is forum for constant communication.  People will talk about your brand, so you better utilize social media to keep your consumers happy and of course to manage your brand image.

References:

• The new digital ecosystem reality: Nine trends rewriting the rules of business http://www.pwc.com/en_US/us/technology/publications/assets/pwc-new-digital-ecosystem.pdf
• Check out Wayne State University - School of Business Administration on Facebook and Twitter! Don’t forget to like and follow us!

(All credit and accolades for this tremendous blog post are for Sari Gordon who is the author and content creator.)