What to Do When Machines Do Everything | Malcolm Frank

Summary of: What to Do When Machines Do Everything: Five Ways Your Business Can Thrive in an Economy of Bots, AI, and Data
By: Malcolm Frank

Introduction

In the era of rapid technological advancements, the fear of losing jobs to automation continues to plague various industries. ‘What to Do When Machines Do Everything’ by Malcolm Frank provides insights on how businesses can thrive in this fast-paced, data-driven economy. The book explores the history of automation, how jobs have changed due to technology, and the possible impact of automation on the workforce in the future. Furthermore, it delves into the power of utilizing big data and systems of intelligence to better understand consumer behavior and gain a competitive advantage in the market. Get ready to learn about smart-product transformation, digital business models, and the challenge of keeping up with the expectations of the modern consumer.

Automation and Employment Worries

Technology has always posed a threat to employment, with workers feeling threatened by “new machines” for centuries. As a result of the rise of automation, half of all American jobs were predicted to be automated in the next decade, increasing concerns for workers. Despite arguments that computers increase productivity, statistics show otherwise, as productivity hasn’t changed much since the increase in consumer technology and business-minded hardware and software.

The Future of Automation and Jobs

As industrial workplaces become more automated, many workers fear they will lose their jobs. However, the authors of this book argue that automation technology will create as many new jobs as it takes away. Based on dozens of studies, they expect 12% of US jobs to be automated over the next ten years, but also predict that 21 million new jobs will be created. Some fear these figures are overly optimistic, but history has shown that jobs have been created even during harsh economic conditions. Automation technology may remove specific tasks related to a job, but not necessarily the job itself. Studies have shown that robots will eliminate dull and repetitive tasks, freeing workers to focus on other duties and improving the overall quality of their work. In the end, automation may not take away jobs; it may simply make workers more effective.

How Uber’s “System of Intelligence” makes it all work

Uber’s advanced technology, called a “System of Intelligence,” allows for the recognition of patterns and improvement over time. This technology also generates massive amounts of data that offer valuable insights into past and future customers, allowing businesses to understand how their products can provide what users want, like and will pay for.

The success of companies like Uber and Facebook hinges on one thing: their advanced technology, referred to as a “system of intelligence.” At the heart of Uber’s success is their new kind of software that has the ability to recognize patterns and improve itself over time. A similar kind of technology powers other successful companies like Facebook and Google.

These “systems of intelligence” are necessary because of the massive amounts of data the internet generates. In the days before Uber, a normal transaction with a taxi probably entailed only three data points: the call to request the cab, the driver making a note of picking you up and dropping you off, and finally the cost of the trip. However, with Uber, a wealth of data is generated from the details of the request, where it was made, what device was used, the route taken, how long the trip took, how much was tipped, and the rating given to the driver.

These data points are then analyzed to find patterns, allowing businesses to gain valuable insights into past and future customers. This knowledge can then be used to provide users with relevant advertising and friend suggestions, ultimately improving their overall experience. By using a “system of intelligence,” businesses like Uber can better understand what users want, like, and are willing to pay for, and adjust their services accordingly.

The Power of Business Analytics

Data is the new raw material driving the current industrial revolution, and organizations need to effectively mine and refine it to gain a competitive advantage. Business analytics is the key to transforming data into insights that companies can use to make profits and solve business problems. Research shows that organizations that excel in gaining insights from data can increase revenue by an average of 8 percent and reduce business costs by an average of 8 percent. To ensure that business analysts have good data to work with, organizations need to practice instrumenting – gathering data from every product, service, and source in the organization. We’re on the brink of a smart-product transformation, and it’s time to get ahead of the curve by harvesting all data and finding the intrinsic value in every aspect of your business.

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