Today, the world is a smaller place, and the accelerated interconnection of humans and devices has had no small part to play in this.
The increase in hyperconnectivity over the past two decades has fuelled the digital transformation of society, fundamentally changing the way humans, enterprises and governments connect and interact. This includes the way we buy things through digital commerce and payment solutions, and the way we consume information and search for the goods and services we want.
Social media has empowered the individual to establish new digital identities, and form groups that transcend national borders. The social revolution may be in its infancy, but as businesses try to harness the power of social capital those with hyperconnectivity at their core are best placed to deliver services, in a responsible and sustainable way.
Hyperconnectivity has not been limited to interactions involving humans though, and the rise of the machines or the Internet of Things, is set to transform the supply chain and connect customers, suppliers, manufacturers and retailers with each other in a more efficient manner.
The UK against the US
Currently the US dominates in all major internet domains such as search, e-commerce, exchange, and payment and these giants have become the go-to brands for their specialist services. This trend has been evident for years, starting from the early days of the internet where US businesses have benefited from significant scale, supportive home markets and strong IT focused universities.
Europe has been a late mover in the hyperconnectivity trend, but the UK has recently produced a number of internet success stories which have put its technology sector firmly into the spotlight. According to a leading consultancy, the digital economy in the UK will account for 12.4% of GDP by 2016, a higher percentage than any other country in the G-20 and a testament to the UK’s thriving digitally connected marketplace.
The UK is redefining itself as one of the world’s key strategic hubs for digital innovation. The technology sector in London, and regional hubs up and down the UK – such as Cambridge, Manchester and the M4 Corridor – have bolstered the UK’s reputation as a shining beacon of excellence in recent years.
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Better connected Britain
The improved transport links available to companies in the UK, along with vast developments in communication standards through 4G connectivity and fibre broadband networks, means that the UK’s technology sector is now becoming better connected than ever. UK businesses are in a strong position to utilise the widespread talent and connectivity available across the country.
Super-fast internet access, available to an ever-increasing number of businesses in the UK, creates a unique opportunity to build a sensational international business and tap into markets that would have been inaccessible 20 years ago. Recent advances in mobile technology are also having a significant impact on the growth of hyperconnected businesses in the UK.
If they haven’t already, companies that operate online should look to optimise their sites for mobile devices, to gain a competitive advantage and open up their business to a mobile centric world.
Mobile applications, the fastest adopted technology in history, are one way that businesses are reaching customers in new markets and present a huge opportunity to launch them successfully across global markets. The UK has already been fast to recognise this trend and according to recent research it has the largest tech hub in Europe for app development.
Strong hopes for the future
For businesses looking to expand globally, those that are hyperconnected, with strong mobile and online offerings, will find that the nature of their business allows them to do so more quickly than those that only have a physical presence.
The UK is in a strong position to continue to produce some the world’s most successful hyperconnected businesses. With widespread access to next generation communication services, strong local talent and thriving hubs of competition , UK businesses have a springboard for creating global brands that capture a share of large, addressable markets.
Sean Duffy is Managing Director and Head of Technology, Media and Telecoms at Barclays
