Philip Evans: How data will transform business

The video explores the evolution of business strategy, emphasizing the impact of technology and data. It highlights the contributions of Bruce Henderson and Michael Porter, discussing how their theories are being challenged by falling transaction costs and the rise of digital data. The video also examines the shift from vertical to horizontal industry structures, driven by technological advancements and the need for scalable communities. It concludes with a discussion on the implications for business strategy, emphasizing the need for new approaches to accommodate collaboration and competition.

Who are the two intellectual figures credited with the origins of business strategy?

• Bruce Henderson and Michael Porter

• Peter Drucker and Henry Mintzberg

• Elon Musk and Jeff Bezos

• Adam Smith and John Keynes

What concept did Bruce Henderson introduce to business strategy?

• Value Chain

• Balanced Scorecard

• Increasing Returns

• SWOT Analysis

How did falling transaction costs affect the encyclopedia industry?

• Encouraged more door-to-door sales

• Led to the rise of CD-ROMs and the Internet

• Increased sales of leatherbound books

• Made encyclopedias more expensive

What is unique about Wikipedia compared to traditional encyclopedias?

• It is printed on demand

• It is only available offline

• It is more expensive

• It is created by its users

What major change occurred in the world's data stock by 2007?

• It became mostly analog

• It remained unchanged

• It became mostly digital

• It decreased significantly

What is the significance of data having an I.P. address?

• It is more secure

• It is less accessible

• It can be connected to other data

• It can be printed easily

What is driving the shift from vertical to horizontal business structures?

• Rising labor costs

• Stable transaction costs

• Decreasing transaction costs

• Increasing transaction costs

What does the 'horizontalization' of industries imply for business strategy?

• Emphasis on traditional hierarchies

• Need for new strategic approaches

• Focus on vertical integration

• Increased reliance on physical stores

How does the concept of 'small is beautiful' relate to business strategy?

• It supports scalable communities

• It promotes large-scale production

• It focuses on luxury markets

• It discourages small businesses

What challenge does the integration of genomic data pose to current business models?

• It reduces the need for data

• It increases costs significantly

• It limits data accessibility

• It requires proprietary data sharing