Millennials are changing the way businesses operate - check out my recent blog on the so-called “Millennial Disruption” —just look at a company like Amazon. Amazon has opened the door for small business to sell products globally and has revolutionized retail (work in process). Don’t see it? Drive by a mall. Look at Google, Box, Dropbox, Slack, etc. responding to a snowball effect of software-as-a-service (SAAS) aided productivity. But what exactly are the drivers behind this revolution?

What is the Amazon Effect?

This is the digital marketplace’s impact on the traditional business model. Amazon is just one example of how an online company has changed consumer expectations and competitive landscape. This change has its advantages, especially from a data standpoint. It has allowed businesses to take a closer look at:

• Data stored on Amazon allows businesses to see what sells and to whom it sells most.
• Amazon has caused more choices for your supply chain and triggered more cloud storage and data analysis.
• E commerce and SAAS (Software as a Service) has added and improved transactions with venders and customers and allowed you to achieve improved productivity, allowing for less file cabinets, more open-space conference centers.

Millennials Are Behind the Revolution

Millennials have changed the world of office leasing and are causing retail to die or embrace an “experience” theme (4-D movie theaters, Dave and Busters, Home Depot’s DIY lessons). Their input has allowed for greater success in biotechnology, medical devices, and software as a service. They allow for a free flow of information for the travel industry (“experience’) (Carnival Cruise, Trip-advisor, Air B&B, Home Away). Don’t even get me started on automated cars, city parking, and Uber.

Are “Legacy” companies turning into market disrupters?

Companies that embrace the millennial effect in business have at the very least maintained and in many cases grown market share by embracing these themes. Wal-Mart is now competing with Amazon and Microsoft competing with Google are great examples of “legacy” companies turning into successful market disrupters.

What’s Next?

Hard to imagine that all that came from “a kid” working at his parent’s kitchen table while he pays his college loans and waits until he is no longer priced out of the beginner home market. Crazy right?! Millennials get it done quickly so they can learn new things digitally. And they are listening for the boomers’ wisdom so they can effectively take over management positions.

Questions? Contact us.