Information Technology & Development of Monopolies
Introduction
The existence of monopolies has been experienced over the past decades and is still in continuation. Information technology has been identified as one of the factors for the contribution of monopolies (Agrawal et al., 2020). Numerous companies such as Microsoft, Netflix, Amazon besides the telecom companies have implemented the use of information technologies in their operation. These companies, over the past period, have exploited the use of cloud technologies, customer algorithm, and online marketing for the optimization of their organization structure. However, the use of government regulations has been seen as one of the solutions to the monopoly.
Area of interest/ activity/ issue
The world has been progressively changing. Multiple invention and innovation have developed and have laid various impacts to various businesses. Change is inevitable, and this has led to numerous companies to capitalize on maximum utilization of technology. Several solutions have, therefore, been adopted to curb the unethical corporate practices (Bessen, 2017). The impacts of technology thereby become an exciting area of study for the research.
Research Findings
Achievement of patronage algorithms
Netflix is one of the online DVD renting platforms in the world. The company opened up completion for the development of the algorithm. The primary aim of this completion was to aid in the calculation of the client concern. Understanding the preference and rate of consumption was essential for the prediction of customer consumption patterns. The development of the algorithm would thereby help the company understand the flow of the film. Netflix has monopolized the streaming industry after its extraordinary growth. The use of aggregated algorithms have been experienced today among various companies.
Amalgamation of departments
The emergence of monopoly has been due to the utilization of different aspects. The use of information technology in the maximization of the organization structure has led organizations being monopolies in their various fields. Standard oil is one of the monopolies in the United States that maintained its position for a very long time. One of the reason was due to the employment of information technology by John D. Rockefeller. He would hire companies to help him in the exploitation of resources in the northern states (Richardson & Gary 2015). Conduction of business with intelligence is one of the fundamental aspects of the development of monopoly in a nation.
Online Marketing
With the emergence of the online marketing, most customers have been much dependent on the door to door delivery. Amazon has dramatically used this strategy to monopolize the industry. The company is utilizing the information technology in the customization of their orders and adverts to meet their customers’ preferences (Bianchi & Moser 2017). The company used drones in the delivery of their goods to their clients. The company, therefore, uses the locational data analytics, which enables it to reach its clients. The company has been seen growing and is now marketing its products online across the globe.
Cloud computing
Cloud computing has enabled various monopolies to store their vast data. The invention of the cloud computing technology has led many start-ups to rise to monopolies. A good example is the Netflix industry. The company was started less than twenty-five years ago and is now one of the monopolies in streaming. The company uses cloud computing to store its data for easy access and retrieval. The company used information technology as a tool for the advancement of the business (Yang et al. 2017). As a result, Netflix has been present in over one hundred nations.
Proposed solution
Several strategies have been adopted to control the emerging monopolies. It is most common when the situation does more harm than good. One of the solutions is through the application of the law. A country may face the production of the low standard of goods and price discrimination as a result of monopoly. The government can break up monopolies. For instance, when the United States government broke the standard oil to solve the oil crisis in the U.S., The government, however, can nationalize a company to curb its nature of monopoly. A monopoly can also be controlled by price fixation and the application of the intelligent antitrust laws.
Conclusion
Information technology has led to a significant transformation of businesses (Yang et al. 2017). It is beneficial to both monopolies and the single companies. Monopolies such as Amazon, Microsoft, and Netflix, among others, have significantly developed as a result of information technology. A company may be selling the same commodity in the market as other companies. However, its technological advancement will determine its role and position in the market. The move towards the control of monopolies will, however, reduce the survival probabilities of monopolies (Agrawal et al., 2020).
References
Agrawal, S., Pandey, M., Mishra, H.et al (2020). Dynamic Rule-Based Approach for Shelf Placement Optimization Using Apriori Algorithm. In Frontiers in Intelligent Computing: Theory and Applications (pp. 228-237). Springer, Singapore.
Bessen, J. (2017). Information technology and industry concentration. Boston University School of Law Law & Economics Paper Series, (17-41).
Bianchi & Moser (2017). “Compulsory licensing and innovation – Historical evidence from German patents after WWI.” Journal of Development Economics. 126: 231–242.
Richardson & Gary (2015). “A Tale of Two Theories: Monopolies and Craft Guilds in Medieval England and Modern Imagination.” Journal of the History of Economic Thought.
Yang, Y., Cheng, C., Mu, H et al. (2017). Blockchain application in food supply information security. In 2017 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM) (pp. 1357-1361). IEEE.
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