8 Business Technology Trends To Watch

McKinsey Quarterly:

Technology alone is rarely the key to unlocking economic value: companies create real wealth when they combine technology with new ways of doing business. Through our work and research, we have identified eight technology-enabled trends that will help shape businesses and the economy in coming years.

1. Distributing co-creation. The Internet and related technologies give companies radical new ways to harvest the talents of innovators working outside corporate boundaries.

2. Using consumers as innovators. Consumers also co-create with companies; the online encyclopedia Wikipedia, for instance, could be viewed as a service or product created by its distributed customers.

3. Tapping into a 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.

4. Extracting more value from interactions. Companies have been automating or offshoring an increasing proportion of their production and manufacturing (transformational) activities and their clerical or simple rule-based (transactional) activities.

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Photo by MSDesigns.

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