What to Do When Machines Do Everything - Paper Example

The second chapter of the book "what to do when machines do everything" focuses on possible effects of the machines to our businesses and job functions, how the computers have made us more productive in various aspects, Carlota's way in relation to the use of technology in business, riding the waves and the Burst of innovation with occurred between 1980 to 2000. The chapter also highlights on The Stall that took place between 2000 to 2015 and The Build-Out which is expected to continue until 2040. In the Build-Out, new ideas, initially implemented in concentrated areas become widely disseminated. The chapter also tries to validate why a boom is about to occur in the business sector and how to embrace the digital world through the correct application of raw materials, new models and new machines in the business ventures.

The inclusion of technology in business has been a growing necessity. As years pass by, the business world is expected to lean more towards technology as it becomes almost impossible to separate the two from each other. Ideally, business has always existed even without the utilization of technology but at it stands now, technology has become part of the business, and significant business would fall in a catastrophic collapse in case one takes away technology. The role of technology has caused substantial growth in business. Various concepts and models revolutionized when technology was introduced paving ways for a new and better ways of how to undertake the companies. It gave faster, convenient and effective way of performing business transactions.

According to the article, a more substantial proportion of the population has stalled growth due to structural weakening of the economy attributed to debts and anemic productivity growth rate. This trend further affected the economies through increased competition, erosion of privacy and security as the technology takes over many jobs across different sectors. This indicates that the conventional ethics and rules in work and business are no longer applicable. Technologies emerge on a daily basis, but the daily news often tempers the optimism. Many headlines foretell pending jobless nightmare of breadlines and robot surpluses. Yet, besides the malady, the chapter assures us that similar storms once occurred. That the prevailing technological advancements fit within the well-established pattern that shows up during significant changes in business and technology in the event of an industrial revolution. In other words, the author means that the economy is in a "stall zone" when the third industrial revolution is in its final steps as the Forth industrial revolution is yet to begin. This has created some dissonance as the society marvels at computers and search for growth prospects.

Despite the doom and gloom witnessed as a result of the emergence of computers in business operations, there is a positive effect as they make production more effective and efficient. According to Carlotas way, the current stall zone concurs with the conventional patterns that predict future growth. She focuses on the happenings between the end of one era and the beginning of the next and alludes that innovation is the driver of growth and the main contributor to productivity and growth. Concerning "riding the waves," the inventions do not instantly change everything. The process is hindered with bumpy roads that connect one era of business and technology to the other and follows an S-curve. According to the curve, specific companies might get rich as the society suffers but once the technology grabs hold, the GDP experiences vertical liftoff. Over time, technology is adopted as it finds its way into all organizations and part of the globe hence the ultimate production increase and profitability. This s-curve model has occurred with the earlier industrial innovation and currently plays a critical role in our computer-driven fourth industrial revolution. The current situation indicates that we are at the end of the stall zone and entering into the rapid expansion, thanks to the technological innovation. The burst of innovation which is also highlighted in the chapter focuses on the advent of personal computers, Steve Jobs Mac and Bill gates being rich. A similar incident has been witnessed at the start of every industrial revolution, giving way to the great fortune of titans like Cornelius Vanderbilt and John Rockefeller. The wealth of the Titans was highly concentrated due to the new technologies and the associated business models.

The concepts from the chapter can be included in the accounting systems, security, and marketing sector to increase the competitive business advantage. With an automated system in the business, productivity is expected to reach high levels due to the reduced resources used in the processing, giving room for better products produced and faster service delivery to a larger pool of clients and customers. Since business includes communication, applying technology links other partners thereby pushing business further. Generally, there is a sense of optimism based on the happenings in the business market. Technology brings the prosperity associated with the digital build out and the primary mandate for the business stakeholders is first to understand the new machines that can be used in their business operations then situation it in the right business model to achieve sustainable success.

References

Frank, M., Pring, B., & Roehrig, P. (2017). What to Do When Machines Do Everything: Five Ways Your Business Can Thrive in an Economy of Bots, AI, and Data. Somerset: John Wiley & Sons, Incorporated.