This week I attended Xerocon 2016 in London – my third visit to what is the UK’s leading Finance-Tech conference. As usual I learnt loads that helps with our business but lots that’s relevant to all of us. Here’s just a few highlights:
The Speed of Change
We all know that technology is continually developing and that it leads to big changes but the next few years will see the speed of that change massively increase. All the big players are pouring millions into machine learning so that computers can start to make more decisions.
The robots are coming!
After the last few years seeing retail change beyond recognition (think book shops and record shops for starters) the next hit will be service based industries.
Here’s Meet Peter – an AI based lawyer that you can hire.
You only know how fast things are changing after they’ve changed
There was a great example to illustrate this. Match.com was pretty much ruled the online dating market.
The picture below shows what happened to the volume of internet dating searches when Tinder launched. Virtually overnight their market changed beyond recognition.
What smart businesses do
Smart businesses look at what their real purpose is.
If Kodak had seen it’s purpose as helping people to record and share memories it may have invented Instagram.
If Nokia had seen it’s purpose as helping people to communicate it may have created Facebook.
What steps should you be taking?
1. Get your business in the cloud.
2. Improve your efficiencies. There is technology available today that can revolutionise how you work.
3. Don’t be complacent. Whatever business you’re in you need to think about how massive increases in technology and artificial intelligence can effect it.
4. Learn to love data. The more you can harness information relevant to your business the better you’ll perform.
We can help you start you journey into the cloud by getting you onto the Xero system now.
You can learn more about Xero here.
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