In 1997, Kodak was the world’s largest photography company, with 160,000 employees and 85% of the world’s photography was done with Kodak cameras. But as the era of digital cameras and smartphones arrived, Kodak failed to adapt with the times. As a result, this huge company went bankrupt and thousands of people lost their jobs.
Apart from Kodak, many other famous companies like HMT (watches), BAJAJ (scooters), NOKIA (mobiles), and AMBASSADOR (cars) also could not change themselves with time. There was no lack in their quality, but they could not understand the demands of the changing market and slowly went out of the market.
In today’s time technology is changing rapidly. For example:
UBER: The world’s largest taxi-hailing company, but they don’t own a single taxi. Airbnb: The world’s largest hotel company, but they don’t own a single hotel. Companies like Paytm and Ola Cab have shown how technology can completely change traditional business models.
Computers and AI will change everything tomorrow.
In the coming times, Artificial Intelligence (AI) and computer technology are going to replace human work even more rapidly. Software like IBM Watson can give better legal advice than new lawyers. Even AI-based doctors can detect serious diseases like cancer with four times more accuracy than humans.
By 2030, 90% of today’s cars will disappear from the roads. Driverless cars will become the mainstay, reducing road accidents by 99% and shutting down car insurance companies. Along with this, the jobs of traffic police, parking attendants, and drivers will also disappear.
Nowadays, cash has been replaced by plastic money i.e. credit and debit cards. Now that too is changing and mobile wallets like Paytm and other digital payment options are becoming mainstream.
Change is necessary with time
People and companies that do not change with time are lost in the pages of history. That is why we must embrace change and keep adapting to new technologies and business models. This is the way to keep ourselves and our business secure in the future.
