From Around the Web: You’re Being Disrupted!
Not maybe. Not if. Not some ambiguous time in the future. Your industry is being disrupted right now. This is not a moment when you should say, “What I don’t know, won’t hurt me.” This is the time to be proactive and take charge of your business. This is the time to act, act, act. Think about all of the time you’ve wasted just reading this introduction…
These are volatile and, some may say, unpredictable times. Why? Because everything is changing, including the way your industry does business. Rather than being reactive to changes, such as the RadioShacks, Borders Books, taxi companies, and hotels across the world, you need to look at the changes going on around you and, more importantly, do something about it. It is imperative that once you stop reading this article, you make a plan.
What kind of plan?
- Read up on your industry changes and other industry changes
- Learn about the latest technologies (Internet of Things, Data Analytics, Machine Learning, etc.)
- Talk with your executive board to implement changes
Here are some of the changes to be aware of that are applicable to any industry:
- Machine Learning
- Data Processing
- Business Intelligence
- Internet of Things (IoT)
- Automation/Artificial Intelligence
I’ll show you some of the high level details and leave you to learn how to apply them to your industry.
Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves.¹ Machine learning can be used as a cloud-based “big data” analysis tool designed to help extract actionable insights from large quantities of information.
Machine learning enables analysis of massive quantities of data. While it generally delivers faster, more accurate results in order to identify profitable opportunities or dangerous risks, it may also require additional time and resources to train it properly. Combining machine learning with AI and cognitive technologies can make it even more effective in processing large volumes of information.²
I suggest this article to learn more about machine learning: http://www.expertsystem.com/machine-learningdefinition/
Some practical uses of Machine Learning are:
- Surfacing job candidates faster from volumes of data
- Formula 1 racing and sports
- Adjusting bulk email and individual offers to customers’ personal needs
- Construction modeling and innovation
- Analysis of documents, images, audio, and video files
- Predict device health, prevent device failure, and better understand how customers interact
- Predict customer needs based on web searches on your site
- Analyzing loans using data
- Optimize messaging and boost engagement numbers
- Understanding of new and improved ways to serve clients and consumers while boosting profitability
- Determine what brokers could charge and what lease holders would pay in specific markets
- Connected-car solutions
- Locate problems in municipal water supplies and alert the appropriate utilities
A very general estimated cost for these solutions would be over $200,000 per year if your business has 10,000 employees and approximately $300M in market cap. These numbers may vary depending on specific needs and can scale up or down depending on use. To maximize its effectiveness, machine learning will need to incorporate some of the below innovations as well. It is best to consult a machine learning expert before purchase.
Data processing is the converting of raw data to machine-readable form and its subsequent processing (such as storing, updating, rearranging, or printing out) by a computer.³
Data processing may involve various processes, including:4
Validate – ensuring that supplied data is correct and relevant
Sort – arranging items in some sequence and/or in different sets
Summarize – reducing detail data to its main points
Aggregate – combining multiple pieces of data
Analyze – collecting, organizing, analyzing, interpreting and presenting data
Report – detailing or summarizing data or computed information
Classify – separating data into various categories
The best site to consult for more uses of data processing is https://simplicable.com/new/data-processing
Some practical uses of Data Processing are:
- Routing terabytes of data to a central repository for in-depth analysis in real time
- Integrating information from sites to create one comprehensive electronic record
- Reducing database processing time from hours to minutes and cutting down on costs
- Monitoring infrastructure use and costs
- Auto-scaling and integration to continuous delivery systems to seamlessly deploy new features
- Scalable technology model and minimal investment
A very general estimated cost for these solutions would be over $80,000 per year if your business has 10,000 employees and approximately $300M in market cap. These numbers may vary depending on specific needs and can scale up or down depending on use. Often data processing, to maximize its effectiveness, will need to incorporate some other innovations as well. It is best to consult a data processing expert before purchase.
Business intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information to help executives, managers, and other corporate end users make informed business decisions.5
BI encompasses a wide variety of tools, applications and methodologies that enable organizations to collect data from internal systems and external sources; prepare it for analysis; develop and run queries against that data; and create reports, dashboards and data visualizations to make the analytical results available to corporate decision-makers, as well as operational workers.6
The best site to consult for more uses of data processing is http://searchbusinessanalytics.techtarget.com/definition/business-intelligence-BI
Some practical uses of Business Intelligence are:
- Create dashboards giving access to the data to consume in any way you want
- Insights for strategic decisions about customers and understanding factors boosting and hindering market penetration
- Understands social media response to product launches and other marketing fast enough to optimize messaging and boost engagement numbers
- Help to visualize the data and make it actionable
- Analyze data, along with information from existing systems, using preconfigured solutions
A very general estimated cost for these solutions would be over $7,000,000 per year if your business has 10,000 employees and approximately $300M in market cap. These numbers may vary depending on specific needs and can scale up or down depending on use. Often business intelligence, to maximize its effectiveness, will need to incorporate some other innovations as well, such as data processing. Business intelligence can often be used in conjunction with big data as well. It is best to consult a business intelligence expert before purchase.
Internet of Things (IoT)
The Internet of Things (IoT) is the network of physical devices, vehicles, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data.7 An Internet of Things device is any stand-alone internet-connected device that can be monitored and/or controlled from a remote location.
The Industrial Internet of Things (IIoT)—harnessing data produced by connected industrial sensors and devices—is predicted to have a larger impact on global economic output than any of the other big data sources.
The best site to consult for more uses of Internet of Things is https://mssbti.com/iot-from-the-corner-office/.
Some practical uses of Internet of Things are:
- Connection to billions of connected devices through bi-directional communication
- Results of data analysis of connected devices in customized monthly reports, through alerts and analytics accessible on virtually any device including PCs, tablets, and smartphones
- Real-time insight into current operations, along with guidance for predictive maintenance
- Understand consumer behavior and provide continuous improvement to its product range
- Remotely control equipment, monitor performance, troubleshoot issues and prevent system outages
- Collect data to monitor activities and eventually perform predictive maintenance
- Management of production to forecast of breakdown
- Improve operational processes with insight from machine sensors
- Gain instant insight into virtually all kinds of digitally connected “things”—including industrial machines, cars, appliances, and mobile devices, deciphering any amount of data in real time
- Drive innovation and growth
- Optimize logistics
A very general estimated cost for these solutions would be over $3,000,000 per year if your business has 10,000 employees and approximately $300M in market cap. These numbers may vary depending on specific needs and can scale up or down depending on use. Often Internet of Things, to maximize its effectiveness, will need to incorporate some other innovations as well, such as data processing and machine learning. It is best to consult an Internet of Things expert before purchase.
Automation or automatic control, is the use of various control systems for operating equipment such as machinery, processes in factories, boilers and heat treating ovens, switching on telephone networks, steering and stabilization of ships, aircraft and other applications and vehicles with minimal or reduced human intervention, with some processes have been completely automated.8 I have discussed automation’s impact in previous articles, which can be found here, here and here.
The best site to consult can be found at https://www.wired.com/story/americans-love-automation-when-itcosts-someone-else-a-job/
Automation is basically connected everywhere. Some practical uses of Automation now are:
- Sales/Marketing/Emails/ Social Media
- Streamline processes that involve the same sequence or words
- Innovation of processes that involve trying to predict how certain parts will match certain requirements
- Grocery Stores, Legal Services, Transportation, Administration, Manufacturing, Home services, Kitchen equipment, Smart Phones, Smart Homes, Cooking
- Robotics, Drones, Automated Teller Machines (ATMs)
A chart of some of the latest automation and artificial intelligence uses can be found here along with the anxieties of many Americans for their jobs. However, as stated in my previous article Embracing Business Transformation through Digital Technology Should be a ‘No-Brainer’, automation will be used to supplement the efficiency of workers, rather than downsize them altogether:9 Every machine and artificial intelligence is based off of an algorithm. Machines copy processes based off of what people have programmed into the machines. Computers have been beating humans at chess for the last ten years. However, a recent study makes me think that computers will never outmatch human ingenuity and their ability to learn. Computers have the advantage of being able to mine and copy large amounts of information. Humans still excel computers at evaluating that information and coming up with a plan that will work. Murray Campbell of IBM’s Deep Blue project said in regards to computers playing chess, “Computers plus humans do better than either one alone.”10
A very general cost estimation for Automation solutions should be over $100,000 per year if your business has 10,000 employees and approximately $300M in market cap depending on the services. These numbers may vary depending on specific needs and can scale up or down depending on use. Often, automation/artificial intelligence, to maximize its effectiveness, will need to incorporate some other innovations as well, such as data processing and machine learning. It is best to consult an Internet of Things expert before purchase.
Incorporating all of these solutions at one time could easily cost $20,000,000 per year if your business has 10,000 employees and approximately $300M in market cap. So, it is best to consult a technology expert before purchasing any of these solutions.
Your industry is being disrupted right now. You can’t run from it. You can’t avoid it. As a business leader you must look it square in the eye and embrace it; leverage it to your organization’s advantage; transform. By proactively learning about disruptive changes in your industry you will be better positioned to make a plan and determine the best approach to move your business forward. Don’t stay mired in the present, prepare for the future. You’re being disrupted.
Other articles From Around the Web:
From Around the Web: Managing Office Politics and Generational Gaps
From Around the Web: Supply Chain Management
From Around The Web: Automating Legal Services
From Around the Web: Automation and the Technological Advances of Yesterday
From Around the Web: Have You Thought About Safety?
From Around the Web: Is Your Company Innovative?
Could Decision Fatigue Be Bogging Your Customers Down?