Convergenomics: strategic innovation in the convergence era
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Convergence is a combination of objects or ideas from different fields that produce a new synergistic result. For instance, the convergence of computer and communication technology has created new verbs: to Skype or to text message someone. As a result, many new firms are dedicated to providing cell phone and voice over internet services. Another example would be the convergence of globalization and organizational design to form global supply chains that design, produce, and distribute products of higher quality and/or lower cost than before. Convergenomics is the strategic use of convergence to create increased economic value for customers. It can result in new products, services, or industries and even new scientific discoveries that enter the cycle at a later point in time.
Lee and Olson start their discussion of convergenomics with a description of megatrends like globalization, population demographics, deregulation, or emerging economies that influence the global economy in which...