Digital Business Models - reflective piece

It’s funny to study how the digital world has changed aspects of business in the way that this module has shown. I’ve spent my entire conscious life in the throes of the internet, and I barely remember life even pre-smartphone let alone before the time of the Dotcom bubble.

However what’s interesting is the speed of the effects the internet has had, the rate of innovation and invention is snowballing - it took a lot longer to create the smartphone after the invention of the computer, but the time between the smartphone and the smartwatch was only a few years.

I think that this shows that as people have begun to rely on the internet for more and more things, we can see ways that it will fit into our lives much clearer and easier. We assume, now, that the internet can do everything for us and if we find a niche area that it can’t, that’s when people innovate.

The fact that, generationally, most people born since the invention of the internet are Digital Natives means that the internet is not perceived as having boundaries, plus as it is accessible to all and generally cheap to maintain if a niche area is discovered many people are not scared of creating a solution for themselves.

In terms of risk, the internet is not seen as one by people who are regular users which removes much of the fear of creating a business. Secondly, as the internet is accessible globally, people can work in their own time and place, meaning that anyone who wishes to undertake a digital business can do so around other commitments.

This has given new organisations the edge over business infrastructure - organisations that date back before the internet have a harder time adapting to be digital focussed, but as the consumer expects to have access to organisations where they find their information, from the NHS to family-owned restaurants, the internet has become an important factor in every business.

The internet used to be optional for most physical businesses, now people expect to be able to find opening times, contact information, reviews and pictures at least. It’s no longer possible for a business to be offline only because people’s lives are so heavily intertwined with being online.

Even behemoths like Argos and Woolworths found that the digital revolution was not something they could ignore. Companies that chose not to adapt, or could not adapt fast enough have suffered dramatically in favour of those who did.

Digitisation has meant that businesses don’t even need to have a physical presence, they can be run entirely online and have more gravitas and consumer trust than a business we see and walk into on the street. The internet has done a lot of good for people, from the gig economy - helping people to escape poverty by working remotely or build networks of people who share the same passions but that we’ve never met.