THE WIDER WORLD IS WITHIN REACH

Organisations that are working to bridge information asymmetry in various domains are making a significant impact across the world

BY Rehan Fernando

In many countries, a small proportion of the population enjoy privileges such as access to education in leading universities, the ability to interact with top business leaders, the opportunity to travel overseas and explore different cultures – and even leverage their professional relationships to gain better market propositions. Many of these privileges have been beyond the reach of the masses.

However, in today’s fast changing world, this disparity is narrowing rapidly. A young person in a rural area with a mobile phone or computer and having internet connectivity now enjoys similar access through a range of online sources. Here are some examples…

KNOWLEDGE Leading universities and schools are difficult to get into, intensely competitive and financially out of reach for many. In recent years however, many top universities have introduced online learning options with more affordable fee structures; and in some instances, they provide a range of resources such as course material, insights and publications for reference without additional charges. This has broadened the access to knowledge not only in numbers but also in geographic dispersion.

EXPLORATION To see the streets of various cities often entailed months of saving up, travelling long distances, boarding international flights and administrative formalities. Such exploration was not an option for many. Today, with city view features in apps such as Google Earth, it is possible to experience the street views of many cities without having to leave one’s home.

COMMUNICATION Many of us have had conversations with foreign nationals speaking in languages that we didn’t understand or asking for directions from strangers whose replies couldn’t be understood or interpreted. Today, translation apps on mobile phones make it easy to comprehend foreign languages – this makes interaction with foreign nationals that much easier.

TRANSACTIONS Traditionally, marketplaces operated within specific geographies, involved access privileges and catered to segmented consumer groups. Today’s online marketplaces have broken through many of these boundaries, making it possible for many customers and businesses to transact with fewer channel intermediaries.

EXPERIENCES 3D and 360 degree videos on video streaming sites allow people to gain amazing virtual experiences such as swimming among sharks in the deep ocean, sky diving and scaling mountain peaks without having to afford or encounter the risks associated with the physical experiences. Such experiences were previously beyond the reach and possibly even the imagination of many.


ROLE MODELS There are many online video channels featuring interviews and documentaries, where some of the world’s most prominent business leaders and other inspirational people such as sports stars share their success stories, learning and advice. This makes it possible to learn from leaders who one might never even meet in person in a lifetime.

PERSPECTIVES Online forums and discussion groups are easily accessible today, enabling individuals from around the world to share perspectives and gain insights into various issues. These discussion boards help obtain additional perspectives as well as constructive feedback on one’s own point of view. In the past, such discussions were often confined geographically and limited to specific attendees of meetings or forums, which required in-person attendance.

RESOURCES Many expensive technologies have become accessible to a wider number of users through resource sharing models. Essentially, each user contributes a small sum of money to access technology, systems or software. Since thousands of customers subscribe, the total revenue generated makes it economically viable and lucrative for the service provider to make such access available.

CROWDFUNDING Growth of online platforms have made crowdfunding easier. This approach relies on appropriate technology channels to enable a larger number of individuals to make smaller investments, which are pooled to meet the required funding requirements for startups and other nascent businesses.

Online trading platforms have also made it possible for individuals to invest in listed companies through a convenient and cost-effective approach. This helps broaden the number of potential investors and makes it possible for companies to tap into a much larger fund base.

Though information and digital resources are more easily accessible in the present context, the current challenge is how to leverage on these resources. For instance, many individuals would not recognise the value proposition or simply opt to tune into less value adding content instead.

As a result, many organisations that are working to bridge information asymmetry in varied domain areas are making a significant positive impact across the world and creating exciting business opportunities along the way.