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Categories: For the Corporate

The Networked Economy - changing how we do business!

It is important businesses owners realise that the idea of a networked economy might not be new, but it is most certainly changing the way business is conducted.

The Networked Economy
The Networked Economy

A Networked Economy is an economic system made up of millions of different types of networks. With the rapid growth of technology these different types of networks have drastically increased over the past few years and will continue to increase in the future. With the increase of devices, cloud based applications and other elements - work will no longer be a place, but an activity.

MIT recently stated in a Technology review that “the Networked Economy is the next economic revolution. In the coming years, it will offer unprecedented opportunities for businesses and improve the lives of billions worldwide.”

Over the past decade the manner in which people conduct business has already drastically changed. For instance, many people research companies online before interacting with the company, businesses use social networks to communicate products & services with existing as well as potential clients. In several cases purchases are performed online instead of in-store.

Today businesses, processes, data, almost everything is connected to a network – and it is that network that is transforming the world. The internet obviously facilitates this growth and network through its vast web of communication channels, allowing an abundance of information to flow from its millions of access points. And it’s this abundance of information that is transforming businesses around the world.

It is important that business owners realise that they are expected to be online and social, your business is not only expected to be online, but you are expected to embrace this medium – or network. People no longer want to wait days or weeks for a response from a company, if it is not done immediately the company is not worth it. This is not only changing businesses, but business marketing as well. The key element to remember during this time is information is king and innovation is expected around each and every corner. Doing things the same way today than you did 5 years ago will no longer cut it….So in short, business owners are now expected to grow and adapt to keep up with the new world.

This way of conducting business should not be feared but rather embraced as the boundaries of doing business are slowly but surely falling away. If a company sold niche products, for instance, hand-made soaps their market was limited to the boundaries of their country; however today these hand-made soaps can be sold globally with the use of various networks.

Changing, adapting and innovating are some of the key requirements needed to survive in such an economy. Below is a short video inspired by a book called “Who moved my cheese” written by Dr. Spencer Johnson. It is based on the idea that not all people can easily adapt or change and that many are “stuck” in their ways.

Will you and your business be left behind when the world moves on to a networked economy, are you going to quickly adapt to the new economy or are you going to be one of the few individuals who leads the world towards this new economy?

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