Rupert Murdoch said at "Revolution of the Internet and new media" panel at the Israel President's conference in Jerusalem, that he is very optimistic about the future, and we are at the beginning of a "golden age of information."
One especially important thing he said which I've noted for some time is that "The idea isn't to find the best technology, but the people who will know how to optimally exploit it."
That's the thing about technology, it can be easily duplicated over time, and those that understand what to do with it best will win, far more than the providers of technology, which can easily be copied and competed against by price. In other words, the vast majority of technology is almost a commodity at its inception. Only in the early days is there a competitive advantage. There is no way to predictably compete over time based on technology alone.
As Murdoch concluded, "It's true that technology challenges the way we do things, and it's necessary to work harder for customers. But there's an opening for a great deal of information reaching people who previously were unable to access it - that's democracy. Everyone feels these results in their daily lives. The technology enables us to better serve consumers; but without the human factor - people who know how to exploit the technology in the right way, technology won't do good."
This of course doesn't mean that technology isn't important or a company can't successfully make money supplying, rather those that use it are the ones who must have good "human capital" if they want to succeed. Just having technology can in no way guarantee we'll be successful, as the technology will eventually be copied, and the majority of our competitors will be using it.
When all is said and done, it's those tools which empower users to customize and personalize their information. It will come down to the content provided and ease of use for those who succeed wildly during these times. That will be the key differentiators going forward.
I agree with Murdoch that we are in the beginning stages of a golden age of information. Those that best exploit it well will be rewarded beyond their wildest dreams.
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