Are you worried about the increasing reliance on technology? It’s quite possible that, as tech continues to evolve, we will see entire businesses and even industries disappear without a trace. Unless we hit a technology wall – at this point that seems unlikely – the business world won’t be recognizable within ten years.
We’re already starting to see the tech that will play a part in this change. That includes everything from automated software to machine learning and even AI. We often think that this new reliance on tech will mean that employees will be the ones who are impacted the most. But could business owners also feel the brunt of the issue caused by this change? Let’s look at some of the possibilities and explore what a business owner can do to get ahead of the curve.
Automation Take Over
Automation is slowly slipping into every industry and sector. So, let’s take the marketing industry as an example. You might be currently running a copywriting company. Here, you could be hiring freelance copywriters and then offering their services to a huge variety of clients. But did you know that technology is quickly being developed that will write and create content without any employees needed at all? You might say, great, that means we can invest in this new tech. But, if it’s affordable enough for business owners using your services to buy it, they won’t need to go down the route of using your solution. Instead, your company could be cut out the business model completely.
So, does this mean that you need to start hiring business transaction lawyers to handle the dissolution of your company this year? You could, or you could work with the same lawyers to rebrand and remodel your business. Alternatively, you can push more marketing towards the idea that you offer bespoke content creation that technology – at this point – has still been unable to replicate.
Machine learning is something of an odd concept because theoretically, it could be the answer to everything. Machine learning is the concept of teaching a machine to handle processes and ultimately think for itself. With the power of an artificial mind, it might be possible to solve the issues that have plagued mankind since the beginning of time. You could, theoretically, eventually use machine learning to cure cancer or even solve the question to the meaning of life. We’re years away from any of this realistically, but machine learning will play a larger part in different businesses and sectors.
The good news is that right now, rather than seeing it as the death knell for your business, you should instead invest. By buying into machine learning software and technology, you will be focusing on innovative new tech that could be used to reshape your business model.
These are just a couple of the concepts that are sure to rock the business world as they continue to evolve and develop. Right now, it’s impossible to tell which industries and businesses will survive the advances in technology. What we do know is that many including, manufacturing, teaching, and business management will be dramatically changed. Business owners must be prepared.