The speed at which the changes happen in this globally connected world is astonishing. It took several decades for TV to reach India after it came in US markets, mobile phones took much lesser time and nowadays you see launches of all the products and services happening globally. There are new technological innovations happening in the various markets which gets quickly integrated in the world markets.
1. Innovation improves efficiency of the system, if production of particular product was taking 2 resources before, it is now taking less than 2 resources.
2. It brings bigger market for the companies. They can produce more, sell more. It might also affect the economies of scope and scale and make products cheaper. A lot of companies are getting into backward and forward integration which is improving both the margins and also reducing the cost for consumers.
3. Better products and services for consumers.
The Bad ..
1. The companies find it difficult to sell their products, specially if they are not the most competitive or do not have the quality or pricing as per world standard.
2. In a highly competitive world, the jobs will either be mechanized, outsourced or become redundant hence one has to keep improving their capabilities as per the new requirements of the market.
The Ugly ..
1. Due to higher speeds the business cycle times have reduced and the boom and bust are happening a lot faster than they usually happen. This is making a lot of people vulnerable, specially who are not financially secure.
2. Doing business becomes more difficult as the markets are moving towards perfect competition and margins are eroding very fast. Technologies gets copied very fast and companies find hard to protect the intellectual capital.
With the world changing at the fast pace, this speed is only going to increase in future as their are no breaks in this system.