The impact of distributed and intelligent communications has been felt perhaps most intensely in the world of business. Despite dramatic mood swings on Wall Street, the extraordinary values ascribed to so-called e-companies during the 1990s boom era reflected a valid perception: the business models that have sustained businesses for decades are in the early phases of a radical transformation. New models based on direct personalized communication with the customer will transform every industry, resulting in massive disintermediation of the middle layers that have traditionally separated the
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