Connected Economy TV is not simply another blog about things social or digital. It’s a business tv channel about the new industrial revolution – driven by digitisation – which is changing how we work, live and play. According to experts like MIT’s Andrew McAfee, we are only at the beginning of this connection revolution – and as machine intelligence and computational power grows, the pace of disruption will increase. We are seeing this disruption all around us – in retail, in work, in business.
During the information age competitive advantage was created by business efficiency and intelligent use of the data. This kind of thinking still dominates corporates today.
But now the world has gone networked. We are living in one of the most incredible ages that mankind has ever seen. So we call it the connected economy as more than ever before people are connected to each other, through their mobile devices, through the fact that there is pervasive connectivity throughout the world. So we are living in a world where connectedness is ubiquitous.
Traditionally firms were very focused on their own internal resources, internal capabilities and skills and had their own internal value chain of how they did things.
But today there’s so many capabilities outside in the marketplace of cloud services, the knowledge of employees, partners, the emerging eco systems, social media and real time data and news streams that firms need to in many cases look first to the outside world to create value.
The connected economy and competitive advantage
In the connected economy, the thing that will distinguish and differentiate you and create that competitive advantage is the quality of relationships inside and outside of your business.
So the connected economy is a big shift particularly for business people who have grown up in a world of internal systems, internal procedures, internal processes and internal controls.