The Connected Economy has come about because of incredible developments in computer technology. These innovations are drastically changing the business world. There is a new emphasis on connecting with each other and building relationships. Our experts explain the Connected Economy and give their views on the changing paradigms for success.
Rules for success in the Connected Economy
Engage with people Graeme Codrington, Futurist, TomorrowToday, compares what is happening through digital technology today, to what happened in the industrial revolution. Back then new machines were created to take over physical labour tasks. Now we are in an information age but, according to Graeme, technology is starting to surpass our mind power as well. He says we should value our capacity to empathise and feel as we enter a connection economy.
Know your competitive advantage According to Keith Coats, Director of Storytelling, TomorrowToday, we can understand our current context by looking at what caused economic transitions in the past. These changes have always been led by the search for a competitive advantage. The industrial era came about as a way to make business more efficient and this thinking is still around today. However, Keith says that the real competitive advantage though the information era has been data usage and this had led us to the Connected Economy.
Push the limits Andrew McAfee’s ‘geek approach’ to human history is to graph population changes and civilisation advancements. The only major spike on these graphs is the industrial revolution. The consequences when machines overcame the limits of our bodies were massive. Now computers are overcoming the limits of our minds and we should expect it to be a huge deal for humanity.
Learn new competencies Dean van Leeuwen, Chief Intellectual Adventurer, TomorrowToday warns that if you use the same business strategy forever it is sure to eventually fail. Leaders need to adapt their methods to succeed in a changing world. He says the new key competencies in the Connected Economy are: Telling a story with your business, collaborating within communities, understanding new risks and rewards, embracing innovation, valuing people and new generations, and being trustworthy and transparent.