Businesses must move with the times

Through the ages, those without the capability to detect a change in the prevailing direction of the global economy are the ones who have been left behind. In the 1980s, IBM was the colossus bestriding the rapidly emerging world of the personal computer. The 1990s saw a sharp reversal in its fortunes as the hardware behemoth failed to recognise the importance of software.

Microsoft took over as the unstoppable juggernaut mowing down all unfortunate rivals that stood in its way. Just when it seemed as though the company had an unassailable grip on everyone's computer, Google, YouTube and iTunes came along to show it is the ability to deliver content, rather than having control of the platform, that will generate the next e-billionaires.

These developments are being mirrored in the foreign exchange industry. At one time it was the banks with the best telecommunications capabilities who were able to trump the opposition by acting on market news fastest. Then, those quickest to take advantage of speedier pricing delivered by electronic means dominated.

Now it is banks able to use technology that are pulling ahead. This is why attracting and holding onto the best and brightest in e-commerce is so important, and so difficult. The most talented individuals, if they are given time and space in which to do it, are those who create mechanisms for banks that will see them make the move into the next new lucrative area.

The inability to fly brought the downfall of the dodo when humankind got its hands on the unfortunate bird. Similarly, those who fail to generate the wings to fly their e-commerce capabilities to the next level of development will find that they are more likely to be a sparrow than a sparrowhawk of the banking world. To avoid this fate, an open-minded attitude and an acceptance that things have changed needs to be adopted.