Automation is Good for Business | G0Founders
Along with artificial intelligence, machine learning, and deep learning, automation has come to the forefront in the present day. With technology becoming the driving factor of the economy, the change is inevitable where automation could steal many physical jobs across the world. And then, it is just not the physical jobs that are at stake here. Even knowledge-based jobs-those requiring some special skills or expertise are also at risk. Many of those positions are already being replaced as you read this blog.
So why is automation good for business?
Instead of paying for someone else’s labor, we let the machines do the hard work for us. And this why automation is good for business. And yes, automation has become more affordable than ever these days.
The evolution of machines or the influx of automation will lead to a more prosperous society. We already have seen automation make its mark in several sectors and industries and leaving an indelible mark in the right way. But that does not mean jobs were lost in the process. On the contrary, these companies have been hiring thousands of new workers every quarter.
How does that work? You might ask. Highly educated workers will have jobs developing these machines, while less skilled workers will be able to use those machines to boost their productivity.
Bringing disruption to any industry
The rapid rise of intelligent machines represents an opportunity to disrupt the economic status quo through automation. There are three strategies for entrepreneurs who are looking to disrupt the existing process with novel ideas:
1. Think in terms of value rather than cost:
Entrepreneurs get successful when they can discover new ways of doing things. To replace the production process, entrepreneurs need to aim to create value rather than minimize or manage costs. It wouldn’t be called disruption if doing something ‘a little cheaper’ than competitors. We suggest you to rather aim to invent new ways of doing things. We have seen tech giants become the way they are today because of this.
Also, quantify the value you create and who gets it. Entrepreneurs serve themselves by serving others. They profit only if their customers are satisfied, and the cardinal rule here is to understand who the customers if they are to be kept happy. If you can identify a market for an innovative product or service and deliver value, people are more than willing to pay for it. Cost is of least concern when the value that you provide is greater. READ MORE
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