Business can wield an IT weapon with extraordinary destructive power

Author: Mark Zawacki, James Kirk (

Categories: digital strategy
There was an article a couple of years ago in the Wall Street Journal by Marc Andreessen and Marc is the founder of Netscape and he is a very famous venture capitalist now.  He wrote an article called 'Why software is eating the world.' I travel very frequently abroad, I spend more of my time abroad than in silicon valley these days and that article wasn’t widely read, it wasn’t widely understood outside of Silicon Valley.  I think there is a big shift, 20 years ago business – excuse me – 20 years ago the argument was IT doesn’t understand the business and I actually believe that has flipped now – that in 2014 the business doesn’t understand IT. I am talking about both the IT function but I am talking about IT as a core building block for extraordinary destructive capability inside of an industry. Other research shows that 30 to 40% of retail bank is up for grabs because of its digitisation.  We see, for instance in the UK, we saw a property developer raise 4 million Stirling on a crowdfunding platform – 4 million Stirling on a crowd funding platform.  Now if you went into a UK bank, you went into a Barclays or a Lloyds and you had a spreadsheet of all their small business loans, what percent of those loans are under 4 million Stirling?  That essentially is all up for grabs now on an alternative none recumbent platform.  It is not Lloyds worrying about Barclays, its Lloyds worrying about non entrants that are coming into their market from below that they would discount – they are not my competitor.
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