{"id":5227,"date":"2023-03-23T10:00:32","date_gmt":"2023-03-23T17:00:32","guid":{"rendered":"https:\/\/berkonomics.com\/?p=5227"},"modified":"2023-03-10T15:20:14","modified_gmt":"2023-03-10T23:20:14","slug":"are-you-prepared-to-ride-the-next-wave","status":"publish","type":"post","link":"https:\/\/berkonomics.com\/?p=5227","title":{"rendered":"How will you ride the next wave?"},"content":{"rendered":"

\u201cRe-imagining\u201d our lives<\/strong><\/p>\n

The world is experiencing a new era of re-imagination<\/em>, in which virtually all our old ways of doing things are being uprooted by new, more efficient and more widely available methods of accomplishing old tasks.<\/p>\n

We collaborate using Zoom, Teams, Salesforce, Yammer, Skype, GoToMeeting, Fuze and \"\"hundreds of other tools not available to the last generation of whiteboard, personal meeting or teleconference users.\u00a0 We read increasingly using our digital devices.\u00a0 We compute using our smartphones and tablets.\u00a0 We use gestures or our voice to control our engagement with our technology.\u00a0 We take courses on-line.\u00a0 We bypass the middle person for services and information.<\/p>\n

We are learning to use new tools.<\/strong><\/p>\n

ChatGBT and Bing AI are just two of the new tools that are already changing our lives.\u00a0 It won\u2019t be long before another round of layoffs comes, and these new tools will create new jobs to fill the gap.<\/p>\n

We watch our news and entertainment anywhere we want to on any kind of device we choose.\u00a0 We move boarding passes, coupons and more off paper and into the digital world.\u00a0 Many of us now never physically touch our music.\u00a0\u00a0 We recruit and hire using LinkedIn or other resources, replacing job fairs, campus events and paper resumes. We use QR codes to simplify the process.<\/p>\n

Examples of re-imagining the business<\/strong>.<\/p>\n

There are hundreds of other examples of re-imagination <\/em>everywhere we look, making our lives easier and our reach greater than ever before.<\/p>\n

The principal drivers of this re-imagination<\/em> are the hyper-growth of the mobile Internet, consumer-controlled commerce, the rise of big data, and \u201cglobality.\u201d\u00a0 Let\u2019s explore examples of these and more.<\/p>\n

The mobile Internet \u2013 The latest major computing cycle<\/strong><\/p>\n

[Email readers, continue here…]<\/em><\/span>\u00a0 \u00a0Over the last fifty years, the world transitioned from<\/em> mainframe computing to mini-computers to PCs to the desktop Internet.\u00a0 And now we have made the largest cycle of all – the move to mobile Internet computing.\u00a0\u00a0 With 7 billion people on the planet today, there are more than 6 billion mobile subscriptions, up from \"\"just 720 million in 2000.\u00a0 Mobile workers are quickly overtaking the fixed desk worker and long-distance traveler.\u00a0 Mobile commerce is up 552% in one year (measuring cyber-Mondays).\u00a0 The mobile web will become what desktop Internet became in the 1990\u2019s – the standard platform for anyone doing business.<\/p>\n

In three years, as web browsing and TV watching minutes per day remained constant, mobile consumption rose by double to over two hours per day.\u00a0\u00a0 Fifty-seven percent of teenagers say that their mobile device is the \u201ccenter of their universe.\u201d\u00a0\u00a0 We are entering the smartphone era, where 65% of time on our mobile devices is spent in non-communicating activities.\u00a0 We are treating these more as computers and less as phones. And almost half of all homes have at least one tablet device, replacing traditional computers for most tasks.\u00a0 And we carry access to our entertainment with us, bypassing the need to be entertained by others while away from home.<\/p>\n

Big Data \u2013 threading the needle while still in the haystack<\/strong><\/p>\n

By 2024, there will be an estimated 8,200 gigabytes of stored data for every person on earth.\u00a0 That adds up to 80 with 21 trailing zeros.\u00a0 In my country, USA, there are three million data centers in all, accounting for 2.2% of our nation\u2019s use of electricity.\u00a0 Examples of this massive accumulation of data abound. We could store all the world\u2019s music on just three four-terabyte disc drives. There are thirty billion pieces of content shared on Facebook each month. \u00a0\u00a0If we analyze the potential value of that data to various industries, we can imagine a 60% increase in retailers\u2019 operating margins, or $600 billion in value to various enterprises from mining personal location data.\u00a0 An estimated $180 billion will be invested in data analytics by 2024.\u00a0 This is big business.<\/p>\n

How do we use big data?\u00a0 <\/strong><\/p>\n

We will enable segmentation of the population to produce customized messages and actions.\u00a0 We will replace or support human decision-making with automated algorithms. We will enable a generation of experimentation with innovative business models, in our industry making today\u2019s form of revenue management look like a primitive art.<\/p>\n

The true value to us will be in analyzing unstructured<\/em> data, estimated to be 80% of all data stored, from blogs, social media, pictures and video.\u00a0 None of this could be mined successfully in the past generation of technology.\u00a0 Think of 6 million automobile comments, or 30 million political comments, 200 million travel comments, or 150 million consumer electronic comments posted each month.<\/p>\n

Retailers such as Staples and Home Depot are already charging shoppers different prices based upon where they live, income levels and proximity to a competitor\u2019s store, among other mined attributes.\u00a0 Will hotels be next?<\/p>\n

We are in the \u201cage of recommendation\u201d<\/strong><\/p>\n

Already, 69% of consumers research their product, service and guest stay decisions online.\u00a0 62% look at online peer reviews.\u00a0 And 39% compare prices across alternatives.\u00a0 This cat is out of the bag, driving prices down, democratizing search and supply between branded chains and independent properties.<\/p>\n

With this little space and time, it is not possible to expand upon other macro-trends, such as socializing commerce, increased trust in the cloud for storage and transactions, exponential growth in computing power, green technologies, and the continued amazing growth of the Internet in Asia, Latin America and now in \u00a0Africa.<\/p>\n

But it is certain that being informed and planning well for that future will give you a competitive advantage over those who do not.\u00a0 \u00a0An African proverb states \u201cTomorrow belongs to the people who prepare for it today.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cRe-imagining\u201d our lives The world is experiencing a new era of re-imagination, in which virtually all our old ways of doing things are being uprooted by new, more efficient and more widely available methods of accomplishing old tasks. We collaborate … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[6,11,12],"tags":[],"class_list":["post-5227","post","type-post","status-publish","format-standard","hentry","category-finding-your-ideal-niche","category-growth","category-positioning"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/5227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5227"}],"version-history":[{"count":0,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/5227\/revisions"}],"wp:attachment":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}