CEOs told us that technology is one of the biggest disrupting forces in their organisations. The time it takes to go from breakthrough technology to mass market application is collapsing, re-shaping the economy at the same time.
The price of new technologies continues to fall dramatically; the cost of DNA sequencing per genome has fallen from $96m in 2001 to less than $6,000 in 2013. New technologies are no longer solely the privilege of developed economies and the time it takes to go from breakthrough to the mass market is falling. In the US it took 76 years for the telephone to reach half of the population, the smart phone did it in less than 10.
The impact of digitalisation has been particularly profound and we're already seeing technology based around the internet create extraordinary value.
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The transformative potential of digital in the next decade is immense. In the consumer market, we think that this transformation will play out over three digital waves:
Companies will find new value in this evolving market place by bringing together the four key aspects of digital: Social, Mobile, Analytics and Cloud. It will no longer be enough for companies to form a digital strategy to succeed in this world, they will need a business strategy fit for the digital age.