It’s time to update your business for the future.

It’s time to update your business for the future.

In 1998, Kodak crossed their employee’s portfolio up to 170,000 and the company was holding 85% of the market share in the photo making film and paper. But unfortunately, digital photography takes over the film segment and Kodak is nowhere now. Imagine the huge job loses how it affects the national economy as well as the 170,000 families lives.

There are lots of brands and business on the list, some are like, Panama Cigarette, HMT watches, Dyanora TV, Murphy Radio, BPL Electronics, Nokia Mobile, Rajdoot Bike, Ambassador Car, etc… All these brands have been lifted out from the market is not because of the product quality is not good.

The main reason is they were not updated according to the changing market trends. Next fifteen years will be going to face massive changes in the business trends as well as in human life. The one who does the latest update and ready to face the new business challenges will only able to sustain in the market change. It’s called the fourth business revolution, we are going to enter into it very soon.

Uber is just a mobile application, they don’t even have a single car own by them, but they are the number one taxi company in India. Look at the Airbnb they also don’t have a single hotel own by them, and they are the leader in the hospitality industry. Paytm, OLA Cabs, OYORooms are a better example of the fourth business revolution.

IBM Watson is a US-based mobile app to provide legal advice for its users and the software took 70% of the market share in the legal advice service segment, because of the app leadership in the segment had generated massive unemployment in young lawyers of the USA.

According to a recent study done by NewsplusUsa within the next 10 years, 70% of people will lose their job in the USA. The only super specialist will service in the race.

Watson, the health care industry-based software diagnosis the problem better than a doctor does. While a doctor judgment about cancer has 30 – 33 % of accuracy and Watson software do it 100%. Imagine what kind of changes is going to happen in the medical industry in the coming future.

By 2030 computers will have a superpower and it will gain wisdom better than human.

We had seen some automobile brands already invented cars that can drive without a driver. This invention will be going to turn around the automobile industry. With in the next 15 years, 90 % of fuel-based cars will disappear from our roads; fuel-based cars are will be replaced by electric cars or hybrid car in the future.

After-effects of the electric vehicle era will affect the crude oil business, and the Gulf Countries will have to find another source of income to survive. Job opportunity in the Gulf sector going to face a massive disaster and expatriates will have only option to move back to their home county to survive.

After the electric vehicle takes over the transporting system, the driverless vehicle will reduce the road accident ratio to 1-0%. This scenario can affect the auto insurance sector, and they have to divert their business area for existence. It also reduces job opportunity for drivers too.

Change is hardest at the beginning, messiest in the middle and best at the end. If you look backward about 10 years ago, you could have seen STD booth and PCO it’s at every corner of the street. After the mobile phone revolution, all calling booths are converted into the mobile recharging center.

Now, this area of the business opportunity also took over on the internet. The opportunities are not limited, the smart business people convert their recharge centers into mobile repairing shops! Plastic cards, such as credit and debit cards took the major role of the currency.

A digital world will be created after the fourth business revolution. Be prepared to accept the change and get ready to welcome the new digital era.

Special correspondent: Sunil Kumar

Image credits: Cential