The digital transformation that has happened over the last 10 years has disrupted multiple industries. The three industries that have changed the most are media, telecom, and consumer financial services reported by the Harvard Business review in March of 2017.
Companies like Uber, Netflix, and Google have disrupted numerous markets with their internet businesses. Uber completely reestablished the taxi service. Netflix was able to reinvent the way that people consume television through online streaming and eventually through mobile application with download capabilities. Google was able to become an internet highway directing users on the internet while also gathering information about users and their search histories.
They became one of the first companies that sell this information about their users to other companies. The saying that follows a conversation about industries being overwhelmed by the digital revolution goes “the question is not if, but when?”. This is referring to companies who fail to realize that the internet is a powerful tool that they should be using in all aspects of their company.
Many older members of the business community refuse to innovate and redefine their business models to fit this new internet age. These are the companies that usually get replaced by new companies like AirBnB. AirBnB revolutionized the travel industry and allowed for a more genuine travel experience. It also allowed people to stay in a real house while traveling rather than just hotel rooms. The internet made all of this possible. AirBnB looked beyond the internet as a place to only book rooms. They saw the opportunity to connect people using the internet to give travelers the opportunity to have more genuine travel experiences.
The internet is not going away. Businesses need to adapt or be replaced by better businesses.