I feel sorry for the management of Blockbuster as I pass through this store in my neighborhood. I have personal memories with this store. I grew here, from the kids section to the romantic and to the forbidden section of adult movies.
There might be many reasons behind the demise of Blockbuster. I would focus on one in particular i.e. the absence of Blockbuster's management vision, values and adoption of emerging technologies. Emerging technologies cannot be objectively defined. Its definition evolves with time, take for instance smartphone technologies 5 yrs back and now. Same reason holds true for Yahoo and conventional cab services for their loss to their forward looking competitors i.e. Google and Uber, respectively. The same reason might be a life changer for your organization at business level and you at an individual level.
WHAT IS ARTIFICAL INTELLIGENCE?
AI is an emerging technology. The definition of Artificial intelligence (AI) is evolving. In simple terms, it is machine's ability to mimic human behavior, such as intelligence, with self-learning capability. Apple has acquired Emotient and VocalIQ which can capture human facial expression and voice. As mentioned earlier, the definition of AI is evolving we have identified 5 major components of the definition of AI which are mentioned in the following picture.
WHY DO WE NEED TO EMBRACE ARTIFICIAL INTELLIGENCE?
Please read my column published in Australian Financial Review on 'Why' we should embrace AI as businesses and individuals
How can we embrace AI as businesses and individuals?
AI would be a major differentiator on how we do business and on how we interact socially. With the introduction of AI, a range of mundane tasks as well as high end decision making can be delegated so the human brain can focus on "value added" decision making.
How Mindfields is helping clients?
- We identify/ map business processes and service offerings that can be enhanced by embedding AI.
- We have done an extensive research on AI covering leading organisations based in Australia, UK and US .
- We advice and assist leading organisations on their AI journey. Mindfields is a niche advisory firm with a global network and presence, having offices in Sydney, Perth, New York, Dubai and Melbourne