Web 2.0 Technology Driven 8 Business Trends

An enterprise create real wealth by combining technology with innovative ways of doing busines.This is what came out in The McKinsey Quarterly which identified 8 unique business trends empowered by the Web 2.0 technology in its article " “Eight Business Technology Trends to Watch”..

McKinsey’s Eight Business Technology Trends to Watch

• ‘Distributing co-creation’: "Technology now allows companies to delegate substantial control to outsiders—cocreation—in essence by outsourcing innovation to business partners that work together in networks. By distributing innovation through the value chain, companies may reduce their costs and usher new products to market faster by eliminating the bottlenecks that come with total control."
• ‘Using consumers as innovators’: "Consumers increasingly want to engage online with one another and with organizations of all kinds. Companies can tap this new mood of customer engagement for their economic benefit."
• ‘Tapping into the world of talent’: "As more and more sophisticated work takes place interactively online and new collaboration and communications tools emerge, companies can outsource increasingly specialized aspects of their work and still maintain organizational coherence."
• ‘Extracting more value from interactions’: "...a growing proportion of the labor force in developed economies engages primarily in work that involves negotiations and conversations, knowledge, judgment, and ad hoc collaboration—tacit interactions, "which will be core to the workforce by 2015.
• ‘Expanding the frontiers of automation’: "organizations have put in place systems to automate tasks and processes: forecasting and supply chain technologies; systems for enterprise resource planning, customer relationship management, and HR; product and customer databases; and Web sites. Now these systems are becoming interconnected through common standards for exchanging data and representing business processes in bits and bytes. What’s more, this information can be combined in new ways to automate an increasing array of broader activities, from inventory management to customer service."
• ‘Unbundling production from delivery’: "Use these technologies to offer other companies—suppliers, customers, and other ecosystem participants—access to parts of their IT architectures through standard protocols”.
• ‘Putting more science into management’: "The quality and quantity of information available to any business will continue to grow explosively as the costs of monitoring and managing processes fall......Information is often power; broadening access and increasing transparency will inevitably influence organizational politics and power structures."
• ‘Making business from information’: "Accumulated pools of data captured in a number of systems within large organizations or pulled together from many points of origin on the Web are the raw material for new information-based business opportunities."

So, "creative leaders can use a broad spectrum of new, technology-enabled options to craft their strategies." Apply these trends in a wide variety of businesses, and be the winner.

Praveen Panjiar, Blog Evangelist, OutworX Corporation