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Businesses are operating in global economy. Things are running fast. New markets are emerging. Disruptive technologies are challenging every business. Business must adapt to the emerging technologies to continue serving the customers well.
The old economy was based on industrial revolution. Manufacturers are focusing on standardized products to bring down cost. The goal is to continuously expand their market size to achieve economies of scale. The same procedures are replicated and applied in extensive geographic market.
The goal of manufacturing companies was efficiency. The organization structure is hierarchical. Orders are given from the top and the workers are supposed to carry the orders.
The new economy is based on digital revolution and information management. Information is flexible commodity. Information can be infinitely differentiated, customized, and personalized. Information can be sent in an instant to a large number of people. Information is now belong to the public. People are well informed and therefore can make better decision.
