The giants among digital natives such as Amazon, Tencent and Rakuten from Japan are tough to categorize in terms of industry of belonging. They collectively dabble in several industries and have redrawn the boundaries between each of them. This would be unimaginable in the traditional sectors. Technological changes have over time led to sectors being born, disappear and then merge. Banking for example has undergone several changes. Customer expectations too are changing thanks to newer inputs being available for them. Customer-centricity has increased as a pillar in businesses. All strategic decisions companies are taking are based around insights derived from enormous sources of data warehousing. There exist different stages in the digitation curve. They are needed at stages such as search, acquire, use, maintain, sell and collaborate. The priorities for companies too ought to expand with time. The entire mindset to be opted for must be towards an overall ecosystem. Any business analytics operations to be conducted must be done around the right data available. But all this data will be rendered pointless if brands fail to connect emotionally with theircustomers- existing or potential. The partnerships forged must be based around shared synergies. The aim must be to ensure that the whole is bigger than the sum of all individual parts.

Source:https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/competing-in-a-world-of-sectors-without-borders?cid=other-eml-ttn-mkq-mck-oth-1712

Uploaded Date:01 March 2018