NEW YORK (The Street) -- Technology advancements in cloud computing and data analytics are creating new business opportunities that can transform industries, according to John Sculley, author of "Moonshot!"
New technologies have led to a power shift away from incumbent companies that have been established leaders in their industries to their customers, said Sculley.
While the cable industry has dominated the way we get television for years, he noted, the constant increase in cable bills has driven away customers, particularly younger people.
He pointed out that one cable company has been rated as the worst for customer service in America two years in a row -- that company is Comcast (CMCSA).
Another example of a company that has lost its focus on customer service is McDonald's (MCD), he added. While the company has dominated fast food for decades, today "its back is up against the wall. Why? Because they forgot about the customer experience," he said.
Sculley pointed out that McDonald's is now operating in an era where customers are looking for healthier choices. Additionally, he said, the menu is too long, which affects customer wait times.
McDonald's is struggling to reposition itself, Sculley said, but it's not easy.
His book points out that companies should consider having a customer plan, and not a business plan. He believes customer engagement is increasingly important for all types of businesses.
In his book, Sculley writes that "Moonshot is a term in Silicon Valley reserved for just a few of the most important innovations that reset everything following after them." Several companies noted in the book as examples include Apple (AAPL), Starbucks (SBUX) and Amazon (AMZN).