Technology Megatrends in On-Demand Economy

Technology Megatrends in On-Demand Economy

Introduction

On-demand economy is defined as the creation of economic activity by technology companies and digital marketplaces to fulfill demand by the consumer by ensuring immediate access to services and goods. The on-demand economy is growing as a result of a change in consumer behavior, prioritizing efficient, fast, and simple experiences. Technology megatrends are important to any business for its breakthrough and innovation. Connectivity and digitization are some of the technology megatrends a business needs to invest in (Park, 2018).

Connectivity

There is a need for companies to connect with their consumers and other business partners using multiple digital platforms. Through the internet, the world has been connected, leading to the creation of a virtual community. Cloud computing helps companies to be flexible in the expansion of connectivity and power of computing which is essential in business operations, transactions, and also communication. Expansion of connectivity leads to the support of smart products. Connectivity is one of the driving forces in the on-demand economy (Švarc, 2021).

Digitization

Digitization is the increased use of technologies. There has been a tremendous improvement in productivity, which is a result of the expansion of information and communication technologies. Companies are making attempts to transform their approaches to customers, products, and services that are disconnected from both real-time and on-time information-rich marketplaces. Through digitization, companies are able to secure continued relevance and high returns. Digitization also helps in cutting costs, and also turnaround times are improved by the magnitude of orders (Turban, 2018).

Conclusion

Both digitization and connectivity are essential technology megatrends to companies and help them in having one on one conduct with their customers and also business partners, which may lead to high returns for the companies.

References

Park, S. C. (2018). The Fourth Industrial Revolution and implications for innovative cluster policies. AI & SOCIETY, 33(3), 433-445.

Švarc, J., & Dabić, M. (2021, May). The digitalisation of work: Which way forward?. In 2021 IEEE Technology & Engineering Management Conference-Europe (TEMSCON-EUR) (pp. 1-6). IEEE.

Turban, E., Pollard, C., & Wood, G. (2018). Information technology for management: On-demand strategies for performance, growth and sustainability. John Wiley & Sons.

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Technology Megatrends in On-Demand Economy

This discussion spans two modules:

The initial post is due by the end of Module 1.
At least two replies to other students by the end of the second week of this assignment.
Assignment

Your textbook presents an overview of the on-demand economy, which has been driving the transformation of business processes. In order to survive in today’s business-to-business (B2B) and business-to-consumer (B2C) technology-driven marketplace, enterprises must continue to adapt to the changes in customer behaviour and implement new technologies to support the on-demand economy business processes.

Discuss
Where has a company benefited from the competitive advantage that was gained through the implementation of an information systems technology related to an on-demand economy megatrend? Select one or more of the following on-demand economy megatrend topics on which to conduct your research:

Connectivity
Big data and data analytics
Digitization
Machine-to-machine technology
Your instructor will use the 2.5 Discussion: Modules 1 & 2 Rubric to evaluate both your initial post and replies at the conclusion of the two-week discussion. Please read these instructions for information on accessing the discussion rubric.