[MUSIC] Welcome back, folks. We've talked about social digital media. Let's take a look at non-social digital media, which is also digital by its nature, but not really social and this is mostly for the enterprise. Let me start with a couple of quotable quotes, this one is from The Economist 2015. Startups used to face difficult choices about when to invest in large and lumpy assets such as property and computer systems. Today you can expand very fast by buying into services as and when you need them. You can incorporate online for a few hundred dollars, you can raise money from crowdsourcing sites, Kickstarter, Indiegogo and so on. You can hire programmers from Upwork, you can you can rent computer processing power from AWS, you can find manufacturers on Alibaba, you can arrange for payment systems using Square and you can immediately go about conquering the world. Sounds funny but it is true, the barriers to entry into so many businesses have all but collapsed. Vizio was the best-selling brand of television in America in 2010. It had 200 employees. The best-selling TV brand in the US. WhatsApp persuaded Facebook to buy it for $19 billion, despite having fewer than 60 employees and revenues of $20 million. In some sense, you can basically see what is going on. There's an interesting article that came out recently which basically said data is the new oil. Actually, it shows that before 2010, the largest companies by market cap in the world were oil companies, and today, they are all data companies. Let's see, before I got to this particular slide, I am going to ask you to read this reading from McKenzie 2015 of an interview of GE CEO, Jeff Immelt. After you're done reading that, let's come back and discuss it. What did we see in that particular reading? A lot of information there, a lot of different ways you can look at it. The things I would like to focus on are here. An industrial company in the information business, and we are there whether we like it or not. This is not some consumer goods company. An industrial company is also in the information business. Pointers to fundamental shifts in the focus of business organizations where the head of the company says we are an information company. What does it mean? It means the entire organization will change, when information centrality becomes the core of the org now, that changes everything, organization structure, talent, hiring policies, compensation policies, everything changes. Which in turn, impacts everything from resource allocation to investments for the future, organizational policies and priorities, workforce, skill set, all of it. But perhaps, the very nature of business ecosystems themselves or we have suppliers now, supply chains now. That also might actually see a reset. And certainly the nature and form of competition tomorrow is in for change. [MUSIC]
