Technological changes have always reshaped business models. However, what is strikingly different now is the pace at which technology is changing and in turn disrupting all areas of doing business. But, are business models keeping pace with technological changes?
Companies that utilize technology to power their business model see a 3x higher growth rate than companies that don’t. Companies that use data for decision making compared to companies that do not have 20% higher employee productivity.
According to an EY report, 52% of Fortune 500 companies have been affected by digital disruption since 2000; businesses are failing to use ~80% of their customer data, and the top 20 firms in most sectors will be disrupted by sector-specific data platforms by 2018.
According to the survey, although most entrepreneurs acknowledge the impact of technological changes on their business, they either are not ready or have not made it a priority to take necessary steps to transform their business model to stay relevant. First generation entrepreneurs who have prior corporate experience are more open to adopting technology than the older generation entrepreneurs.
How will you leverage technology to power your business model? Watch this video, like share and comment below.
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