CIMA E2 Syllabus A. Business models and value creation - Technologies in Ecosystems - Notes ^{6 / 7}

In this rapidly changing environment, the demands and expectations of customers also change quickly and it is technology that helps a company meet those demands. 

Advancements in technology can help companies to gain a competitive advantage.

Causes for the increasing customer expectations:

1. Globalisation and urbanisation

2. Increasing use of social media and internet

3. Increasing use of mobile phones with increase in the number of connected devices

These technology advancements are creating an environment that is:

1. Fast and scalable - increased frequency of transactions reduces the cost of collaboration between businesses

2. Simple and intelligent - improves decision making process

3. Connected and open - a business is better able to interrelate to other businesses and is connected with them.