One thing is for sure, technology is going to change your business in the next 5 years, and maybe even sooner! That is why we are opening a new section of our blog to cover the latest changes in innovation and technology in the industry.
Much has been said about artificial intelligence, but the only definitive thing is that the game is changing. The emergence of personal computers, the internet, and smartphones showed us that a few individuals can compete with large corporations and create disruptive solutions and experiences from anywhere in the world. Now, artificial intelligence is teaching us that we can delegate many tasks that were previously exclusively executed by a human being to technology.
This completely changes the rules of the game at a crucial moment in economic terms. The US Federal Reserve has been raising interest rates to contain the inflation that the country has been experiencing in recent years, which has had a big impact on the global financial system. In short, there is no money in the markets.
In addition, artificial intelligence has replaced many jobs; in recent days, IBM warned that it could replace nearly 8,000 employees with AI, and CNN predicts that more than 14 million jobs worldwide will disappear in 5 years.
Spoiler Alert! This is not a fatalistic article.
Now that we have the context, let’s analyze the impact this will have on the markets. Of course, we will experience a period of economic crisis, but we will also experience an unprecedented moment of innovation. Today, entrepreneurs have access to tools that allow us to create high-quality experiences, products, and services in very efficient ways. This means that today a single person from anywhere in the world could introduce an innovative solution in your market and set a new standard for your customers.
Let’s take the example of the IBM workers who are left without a job. Undoubtedly, some of them will be reintegrated into the traditional job market, but the majority will have to adapt and work in something else, considering that IBM is not the only company replacing humans with artificial intelligence. In the end, these skilled professionals, who were part of a corporate system, are now entering the markets and proposing solutions.
When new solutions appear in the market, needs change and those who only prepared for the race will not finish the marathon.
If you have a company, a startup, or an idea, think that your competitors have already found a way to improve their processes with artificial intelligence and now they are investing the time, energy and resources they saved in improving their product or service; if you are not doing the same, it is time for you to start.
The business world has always been a race in terms of innovation, the difference now is that the adoption cycles of innovation are becoming shorter and more frequent. The companies that will manage to adapt are the ones that dare to propose new things, those that manage to operate in two temporal planes simultaneously, proposing solutions for the future without neglecting present opportunities. The good news is that innovation starts with creativity, but it is a process that can be implemented in any organization. Technology companies have been successfully doing it in recent years, but it applies to any organization in any industry.
Your business will change in 5 years, and it could even be sooner. Are you going to dare to propose the solutions of tomorrow? Or are you going to be left with the scraps of those who do it? If there are any left, that is. For more information on innovation and technology, feel free to contact our professional expert!