Idea Economy, Fourth Industrial Revolution and the opportunity for Service Providers
Wow! That’s a lot in the title but the cool thing is that it’s all connected! The concept of idea economy is really easy to understand. Ideas have always been the root of progress and always will be. Ideas helped create fantastic organizations, created new markets and built entire industries and cities. What’s changed? Answer is one thing: Speed. In today’s hyper connected world, good ideas are, well ‘good’. What makes them great and what defines success is the ability to turn these ideas into value faster than your competitor. Time to market has always been an advantage. I look at today’s Idea economy as an evolution from Newtonian physics to Quantum physics. A lot of the old school principles still apply but there are tons of new ones that gets added that dwarf the older rules.
So, now that I talked about Idea economy, what’s all the fuss about the Fourth Industrial Revolution? This term was all the rage in World Economic Forum in Davos. The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
This is where the lines start to blur of the rules and where idea economy ties in very well with the fourth industrial revolution.
You say, I get all that but what does Service Providers have to do with it? Answer is everything!! They are the one’s who are directly or indirectly enabling it today. They are the one’s with massive pipes that connect people. They are the transactions of all the apps and broker all of the transactions. They are the backbone of this engine. But they will only be relevant as long as they can differentiate themselves. This is where the big threat and opportunity comes in. Will the Service Providers be able to see the change and transform or will they in the greed of increasing retention and volumes focus all their attention purely on price and bundles? Time will tell and the mantra of Innovate or Die will force them to choose a path.
Keep your eyes and ears open, the Idea economy and the Fourth Industrial revolution is moving so fast that the changes will be so ‘huge’ that, ‘your head will start to spin!!!’