In my last post I wrote about the pace of change based on an example of the automotive industry. Established car manufacturers have to face a new competition having its origin in the IT industry.
At the same time amazon moved on from an online bookstore, to an online retailer now starting its own physical stores and at the same time using its online store knowledge to build up one of the biggest cloud platforms.
So what does that mean for the definition of the known industries. At least the boarders between industries are more and more blurring.
New Business value spans more and more across the defined industries or can be found in between industries.
Business networks are on its rise. Data ownership is definitely a business advantage or even the business itself.
One thing I’m observing is that more and more companies want to understand what other industries are doing, find out there’s some potential for their own and how to adapt.
As a company you can’t focus anymore on your own industry to stay ahead of your competition. At the same time you have to open your own company to the outside world to build a strong alliance and bundle forces. The rising trend of business networks and their projected value in the coming years is also indicating the importance of having an reliable ecosystem.
Following this trend, industries will lose their relevance in the next years. At the same time business networks are at its rise and will establish a completely new kind of industry definition.
From a scientific point of view it’s closely related to the blue ocean strategy.
Do you already see a blue ocean (new industry definition)?