In 1997 Netflix launched a DVD-by-mail service that started to disrupt the trip to the local video store. In 2000 Netflix wanted to sell its business to the Blockbuster video store chain (who had over 9,000 stores at its peak) for $50 million. But they weren’t interested as they thought the price was too high.
In 2007 Netflix disrupted its own business model by launching a video streaming service. In 2010 Blockbuster filed for bankruptcy. Today Netflix is the dominant video streaming company and valued at nearly $130 Billion.
Why it matters
Technology is a disrupter. What works today doesn’t mean it works tomorrow. Blockbuster couldn’t see the future.
In 2008 I saw social media creep onto our phones and consciousness. It was a slow rising evolution of online publishing and it took 5 years for Facebook to reach 100 million users. Social media has disrupted publishing and marketing and how humans share information.
Artificial Intelligence (AI) is transforming the world we live in, and its impact can be felt across various industries. ChatGPT took just 2 months to reach 100 million users. In just a few weeks everyone is talking about A.I. So, we are talking about a generational revolution not a slow burning evolution.
What can artificial intelligence do?
AI has the power to automate routine tasks, improve operational efficiency, enhance customer experience and much more. Here’s what else AI can do:
- Automate tasks: AI can be used to automate a wide range of tasks, from customer service and marketing to manufacturing and logistics. By using machine learning algorithms and other AI technologies, businesses can streamline their operations and reduce the need for human labor.
- Improve decision-making: AI can analyze vast amounts of data and provide insights that can help humans make better decisions. For example, AI can be used to predict consumer behavior, identify fraud, or optimize supply chain logistics.
- Personalize experiences: AI can be used to personalize experiences for individual users, based on their preferences and past behavior. This can be seen in the use of recommendation engines in e-commerce, or in the way that chatbots can interact with customers in a more personalized way.
- Enhance creativity: AI can be used to enhance creative activities, such as art and music. For example, AI algorithms can generate new music or art that is indistinguishable from human creations.
- Improve healthcare: AI can be used to analyze medical data and assist with diagnosis and treatment. For example, AI can be used to analyze medical images, predict patient outcomes, and develop personalized treatment plans.
- Enhance security: AI can be used to enhance security in a wide range of applications, from cyber security to physical security. For example, AI algorithms can be used to detect and prevent cyber attacks, or to monitor public spaces for potential threats.
- Improve accessibility: AI can be used to improve accessibility for people with disabilities. For example, AI-powered voice assistants can help people with visual impairments to navigate their environment or access information.
We are only at the beginning of exploring the possibilities. As we continue to develop new technologies, they will inevitably shake up and transform the status quo. These changes will occur in ways that we could not have foreseen before, as the technologies are combined and applied in novel ways.
Who would have thought that the smartphone would lead to an app store and mobile apps that allow us to summon an Uber, do our banking or even meditate?
Which industries are likely to be disrupted the most by A.I.?
As AI technologies become more sophisticated, they are expected to transform and disrupt many industries and threaten jobs.
The healthcare industry is one of the largest industries in the world, and it is also one of the most complex. With the use of AI, healthcare professionals can improve the speed and accuracy of diagnoses, create more personalized treatments, and optimize drug development. AI can help doctors to analyze large volumes of data, including medical records, lab results, and genomic data, to make faster and more accurate diagnoses. It can also help in identifying patterns and trends that can be used to predict disease outbreaks and develop preventive measures.
AI-powered virtual assistants are also being developed to help healthcare professionals with routine tasks, such as scheduling appointments and answering patient queries. These assistants can help healthcare providers to focus more on patients and less on administrative tasks.
Physical doctors will be replaced by virtual doctors that will have the latest information and better advice.
The manufacturing industry is another sector that is likely to be disrupted by AI. AI-powered robots and machines can help to automate routine tasks and improve operational efficiency. They can also reduce the risk of human error, which can lead to costly mistakes and accidents.
AI can also help to improve product quality by identifying defects in real-time and alerting workers to take corrective actions. Additionally, it can help manufacturers to optimize their supply chain and reduce waste by predicting demand and managing inventory.
The factory worker will not be needed to operate the machine (it will manage itself), stack shelves or pack boxes.
The transportation industry is one of the largest and most critical industries in the world. AI has the potential to transform this industry by making it more efficient and safer. Self-driving vehicles, for instance, are expected to revolutionize the transportation industry by reducing accidents and increasing efficiency. These vehicles can communicate with each other to avoid accidents and optimize routes to reduce travel time.
AI can also be used to optimize logistics and reduce transportation costs. With the use of AI, logistics companies can predict demand, optimize routes, and reduce delivery times. It can also help to reduce fuel consumption, which can have a significant impact on the environment.
Truck drivers are in the firing line as self driving trucks powered by A.I. take over the mundane driving task.
Financial Services Industry
The financial services industry is another sector that is expected to be disrupted by AI. AI-powered algorithms can help financial institutions to automate routine tasks, such as fraud detection, credit scoring, and customer service. It can also be used to optimize investment decisions by analyzing large volumes of data and identifying patterns and trends that can be used to predict market movements.
AI can also help to improve customer experience by providing personalized recommendations and insights based on their financial behavior. It can also help financial institutions to detect and prevent fraud in real-time, which can help to reduce financial losses.
Financial analysts are under the pump as artificial intelligence will do the financial analysis faster and better.
The retail industry is another sector that is expected to be disrupted by AI. With the use of AI-powered algorithms, retailers can improve their supply chain and inventory management. AI can help retailers to predict demand, optimize inventory levels, and reduce waste.
AI can also be used to improve customer experience by providing personalized recommendations and insights based on the customer’s purchase history and behavior. Chatbots and virtual assistants are also being developed to help retailers with customer service and support.
Customer service center roles as the chatbot will give better service and more accurate information faster.
The agriculture industry is one of the oldest and most important industries in the world. With the use of AI, farmers can improve crop yields, reduce waste, and optimize resource utilization. AI-powered sensors and drones can help farmers to monitor crop health and identify issues in real-time. This can help farmers to take corrective actions before the issue becomes a larger problem.
AI can also help farmers to optimize their resource utilization by analyzing weather data, soil conditions, and other factors.
Operators of farm machinery that could be automated with robots that do the seeding, adding fertilizer and harvesting.
It’s not all doom and gloom
The world needs more doctors in places like Africa and other less developed countries would welcome the rise of virtual and expert medical advisory that is up to date and accurate.
Removing the drudgery of doing work that could be done by robots will allow us to be more human. It’s time to discover what that looks like.
Also, the new careers that will arise out of the revolution brought by A.I. haven’t been imagined. We are about to find out what they are.
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