Question

Describe the role of technology and social media in creating new forms of business.

Answer 1

The role can be described under the following headings:

1. Digital Revolution: The digital revolution has changed the working system and the working procedure. World is now more interconnected and the technology is now going for 100% interconnectivity worldwide.
2. Consumer Choices: Consumers’ taste and preference have undergone tremendous changes. Consumers now demand more powerful devices and applications. Business world on the other hand prefer more cost-effective technology to face the complex challenges of the business world.
3. Consequences: Satisfying the demands of consumers and the firms will lead to an explosive growth in data and analytics, intense competition and realignment of many industries.
4. Opportunities: New and emerging markets are going to create plenty of opportunities related to smart technology, and they will not be limited to for-profit enterprises.