This post originally appeared on PhilipLay.com. To read the post from the original source click here. Earlier this month an article in the Financial Times by John Thornhill, the paper's innovation editor, caught my attention. Thornhill was relaying an intriguing set of ideas expressed by the authors of a new book, What To Do When Machines Do Everything? Before discussing the future impact of today's unfolding industrial innovations such as driverless cars, robotic surgery, precision agriculture, or automated beer service (as in the photo above), the three authors – Malcolm Frank, Paul Roehrig, and Ben Pring – make their first key point, citing the example of an early 19th century innovation that enabled an entire industry that generates $620bn. in annual revenues today.
Just the announcement that Jeff Bezos, Warren Buffett, and Jaime Dimon will be entering the health care space has sent shock waves for industry incumbents such as CVS, Cigna, and UnitedHealth. It also puts a fundamental question back on the agendas of CEOs in other industries: Will software eat the world, as Marc Andreessen famously quipped? Is this a warning shot that signals that other legacy industrial companies, such as Ford, Deere, and Rolls Royce are also at increased risk of being disrupted?
A version of this article appeared in the Spring 2018 issue of strategy business. If you haven't noticed, a high-stakes global game of digital disruption is currently under way. It is fueled by the latest wave of technology: advances in artificial intelligence, data analytics, robotics, the Interne...
A version of this article appeared in the Spring 2018 issue of strategy business. If you haven't noticed, a high-stakes global game of digital disruption is currently under way. It is fueled by the latest wave of technology: advances in artificial intelligence, data analytics, robotics, the Internet of Things, and new software-enabled industrial platforms that incorporate all these technologies and more. Every enterprise leader recognizes that, as a result, the prevailing business models in his or her industry could drastically and fundamentally change. A wide range of industries, such as entertainment and media, military contracting, and grocery retail have already been profoundly affected. No enterprise, including yours, can afford to ignore the threat. Yet most companies are still not moving fast enough to meet this change. Some leaders are still in denial about it, some are reluctant to upend the status quo in their companies, and some are unaware of the necessary steps to take. But these excuses are not good enough. You may not have needed a plan for the new digital age yet, if only because it didn't seem relevant to your industry. But you will need it now.