Not only are today’s digital businesses keen on finding and capitalizing on opportunities, they’re also capable of doing so very, very quickly.
The hallmark of a digital business will be the ability to spot opportunities that might span a matter of just seconds, according to Gartner, which introduced the concept of a “business moment” — a transient opportunity that is exploited dynamically.
The venerable researchers expect these moments to occur more and more frequently as enterprises migrate from today’s world to the digital business world.
Digital business is the creation of new business designs by blurring the digital and physical worlds. It promises to usher in an unprecedented convergence of people, business and things that disrupts existing business models, even those born of the Internet and e-business eras.
Gartner predicts that by 2020, more than seven billion people and businesses, and at least 30 billion devices, will be connected to the Internet. With people, businesses and things communicating, transacting and even negotiating with each other, a new world comes into being — the world of digital business.
“Digital business will break down traditional barriers between industry segments, creating completely new value chains and new business opportunities that may not be filled by incumbent players,” Jorge Lopez, vice president and distinguished analyst at Gartner, observes. “It will also challenge existing industry boundaries and challenge the dominance of leading players in an industry and cause them to rethink the businesses they are in.”
“Most will see digital business as a simple extension of an enterprise technology or an e-business past,” Lopez concludes. “Gartner calls this ‘digitization,’ or using technology to automate existing processes. However, that is no longer enough. To compete in digital business, enterprises must digitalize their models, and rethink their value in a world of people, business and things.”