I’m Vinesh Nair,
a Product Enthusiast. Technology Enthusiast.

NEXT BIG THING AFTER AI

The term artificial intelligence (AI), which has become popular in recent years, has completely changed how we live and work. But even as AI develops and gets better, there are already new technologies on the horizon that have the potential to overtake it as the next big thing.

1. Augmented Intelligence: The term “augmented intelligence” describes the application of AI methods to improve human intellect and judgement. Decision-making could become more efficient as a result of this strategy, especially in industries like healthcare and banking. We can outperform either intellect alone by combining its strengths with those of human intelligence.
2. Quantum Computing: The processing power and speed of AI systems could be significantly improved by quantum computing, an emerging field. As a result, new AI uses in fields like cryptography and drug discovery may be possible, as well as the creation of more sophisticated and precise AI models. Impressive outcomes from quantum computing have already been seen in fields like optimisation and machine learning.
3. Explainable AI: An approach to creating AI systems that can communicate their thought and decision-making processes in a manner that humans can comprehend is known as explainable AI (XAI). As AI is used in crucial uses like healthcare and finance, this is becoming more and more significant. We can make sure that AI systems are open and responsible, and that their judgements can be trusted, thanks to XAI.
4. Neuromorphic Computing: A method to creating AI systems that is based on the structure and operation of the human brain is known as neuromorphic computing. This might make it possible to create AI systems that are more intelligent and flexible and that can learn and adjust instantly. The creation and development of AI systems could undergo a radical change thanks to neuromorphic computing, which also has the potential to significantly enhance the functionality and performance of these systems.
5. Edge Computing: The use of computing tools and AI algorithms at the network’s periphery, nearer the data source. This could lead to real-time data processing that is more effective and efficient as well as new AI uses in fields like the Internet of Things. (IoT). By drastically reducing the quantity of data that must be transmitted to the cloud, edge computing can increase the speed and effectiveness of AI systems.
6. Swarm Intelligence: Swarm intelligence is an emerging field that investigates the group behaviour of autonomous, decentralised systems. This method can be used to create AI systems that are more resilient and robust, as well as versatile and adaptable. We can create artificial intelligence (AI) systems that can solve complex problems and adjust to changing environmental conditions and by studying behaviours. 

These are just a few examples of what may come after AI. While AI has been a transformative technology, it is still in its early stages, and there is much more to be discovered and developed. As AI continues to evolve, we can expect to see new applications and use cases that we cannot even imagine today. Ultimately, the future of AI will be shaped by ongoing advancements in machine learning, natural language processing, computer vision, and other core AI technologies, as well as by the creative and innovative ways that people use these technologies to solve real-world problems.

WILL AI DISRUPT CONVENTIONAL PRODUCT MANAGEMENT?

Product management has not been exempt from the disruption caused by artificial intelligence (AI). It’s not surprising that AI is playing a bigger role in product management given its capacity to automate various tasks, forecast future trends, and analyse vast amounts of data. Here are some future methods that AI will influence product management:

1. Improved decision-making – Large-scale data analysis performed by AI programmes can yield insights that support the decision-making of product managers. Predicting consumer behaviour and preferences, identifying market trends, and analyzing competitor statistics all fall under this category. Product managers can reduce the risks involved in product development by using AI to make data-driven choices.
2. Personalization – Product managers can use AI to develop customised products for their customers. AI can offer product managers insights on how to tailor the product to the customer’s particular requirements by analysing customer data, such as their preferences and behaviours. This can involve making specific product recommendations, setting specific prices, or even creating unique packaging.
3. Enhanced customer experience – By making tailored recommendations and anticipating customer requirements, AI can assist product managers in improving the customer experience. For instance, chatbots powered by AI can offer customers immediate assistance, minimising the need for human involvement. This could boost client loyalty and customer satisfaction.
4. Streamlined product development – AI can speed up the creation of new products by streamlining a variety of processes, such as quality control and product testing. This can guarantee that products are launched more quickly and cost-effectively while also cutting down on the time and expense involved in product development.
5. Increased efficiency – By automating repetitive duties like data analysis, report generation, and project management, AI can help product managers work more efficiently. Product managers may find it easier to concentrate on more strategic activities like product development and customer involvement as a result.
6. Improved supply chain management – AI can assist product managers by analysing data and locating possible bottlenecks in their supply chains. This may reduce the chance of inventory stockouts and ensure that products are delivered to customers on time.

In conclusion, AI will transform product management in a variety of ways, from enhancing client experience to enhancing decision-making. To stay competitive in the market as AI develops further, product managers will need to adapt and incorporate it into their product development processes.

VERTICAL FARMING = SCALABLE FARMING FOR TOMORROW

You must have come across the term ‘vertical farming‘ throughout the years. The technology began with a farming method known as hydroponics, sometimes also known as farming without soil, in which the roots are grown in a liquid nutrition solution and are grown vertically to save space. Greenhouses were utilized since these plants could be exposed to excessive cold or heat, which would be detrimental to their growth. How scalable is vertical farming?

Vertical farming has been scaled thanks to the application of Artificial Intelligence (AI) TECHNOLOGY, and it has piqued the interest of many countries concerned with food supply and environmental impact reduction.

How does it work?

Yes, we can now produce strawberries in the Sahara Desert.

Vertical farming uses three general processes:

User Demand

Vertical farming is no longer an explored option in many regions of the world; it has become a necessity to meet supply and demand. Vertical farming provided solutions to issues such as:

• All year production
• Unaffected by weather
• Better/maximize use of space
• Minimize usage of water
• Environmentally friendly
• Absolutely no chemicals or pesticides used
• Reduced transportation costs
• Energy saving
• Lower labour cost
• Safer working environment

Market Size

According to Grand View Research, the current market size of vertical farming is USD 5.37 billion in 2022, with an anticipated market size of USD 33.02 billion by 2030.

Is the Technology ready for an average user/farmer?

I believe it is more a matter of financial preparation than of readiness or how tech-savvy a user or farmer is. Is the initial cost affordable to the typical user or farmer? While technology advances on a daily basis, a few technology companies have developed vertical farming management solutions that automate the process and require very little human intervention on a daily basis.

According to Infosys one of the largest Technology companies in the world, the need to automate or manage vertical farming is no longer a concern; instead, economies of scale is what will propel vertical farming forward.

VSNi statistical software built by industry experts, which has decades of experience supporting agriculture industries with volume production, could be the solution to this problem.

QUALITATIVE FACTORS AFFECTING CAPITAL BUDGETING

CAPEX, or capital expenditures, are important and necessary actions for a firm to consider while investing. The use of company cash to invest in long-term assets is a part of capital budgeting decisions (Heisinger & Hoyle). These actions and decisions entail the purchase of fixed assets such as factories, buildings, and other structures. Understanding CAPEX and the qualitative aspects that influence it can help the organization make smarter investments. A few studies have shed some light on capital budgeting’s non-financial features. For example, (Shimin, Shodhganga1995, pg.239) discovered that non-financial procedures play a significant role in project appraisal in his research of 115 CFOs. Similarly, (Wroblewski, 2019) found that while quantitative influences are dominating, qualitative considerations also influence investment decisions in 77% of the organizations.

It is well established that the CAPEX decisions we make are influenced by both quantitative and qualitative considerations. Quantitative factors, such as interest rates, are factors that can be calculated. Qualitative variables, on the other hand, are non-quantifiable but equally significant factors to consider before making a decision; in business parlance, these are referred to as soft factors. 1) Social trends, 2) political issues, and 3) business culture are all qualitative elements that might influence CAPEX decision-making.

Success in capital budgeting lies not only in numbers, but also in understanding the qualitative aspects that shape investment decisions.

– Warren Buffet

Because public opinion does not always remain constant and fluctuates over time, social trends are an important issue to examine. For example, animal-tested products are currently a no-no for most consumers, and failing to adhere to this can result in serious social concerns. Staff working hours, job scope, salaries, and facilities are all elements that influence societal trends.

Political influences have an impact on corporate decision-making in every country. Taxation variables, for example, may vary from time to time depending on political administration. In Malaysia, there is currently a heated dispute between the ruling coalition and the opposition over the national minimum wage, therefore as a business manager, it is critical that we make judgments based on political concerns.

Corporate cultures, which entail people’s behaviors, are, in my opinion, the most significant variables to consider for larger and older firms. Due to business cultures, calculating an effective plan on paper may not be successful. For example, a company like Toyota in Japan, where employees take pride in delivering one of the highest-quality vehicles in the world, may be dissatisfied with management if the product’s quality is reduced to save money, and this may reduce productivity because it goes against the company’s corporate culture. Although quantitative elements appear to be significant in CAPEX decision-making in theory, qualitative factors are also important and must be considered; in my opinion, this is the YinYang of CAPEX decision making.

WHAT WAS AMAZON’S PRODUCT SECRET?

From selling books to DVDs, electronics, and now nearly anything, including groceries, can be found on the site. Amazon has a 12 million product inventory that is growing by the day. Jeff Bezos, the founder of Amazon, not only used technology to create an online platform that made it easier for shoppers to shop electronically and at low prices, but he also created a platform that would introduce, sell more, and sell further for many small and large businesses, regardless of where they were located. Many Amazon sellers don’t even have a physical location; they just sell online.

According to (Greenspan, 2019), Amazon used Porter’s Five Forces analysis to identify rivals who were direct and indirect competitors. As a result, the focus is on the threat of new entrants, buyer bargaining power, replacement products or services, supplier bargaining power, and rivalry among current rivals. It may be nearly hard to replace or overtake Amazon in the online retail market today, given the prospect of new competitors. Furthermore, Amazon’s operations are “Data-Rich,” allowing them to process information that helps them to expand into new markets and achieve enormous success.

The Four (4) Key Strategies Amazon Used:

• Regularly entering into new niches and segments
• Continuously strengthening Amazon ecosystem
• Uncompromised focus towards customer service
• Focusing on Amazon Leadership values

According to (Dudovskiy, 2020), Amazon has a razor-thin profit margin but is successful because of economies of scale, continuous amendments and improvements to business processes, and constant company diversification. In a word, Amazon is successful because it is not a static firm, but rather a dynamic one that evolves its business plan over time. The online retail sector, prime, and web services, according to Amazon CEO Jeff Bezos, are the three primary foundations of his company. If you look closely, you’ll notice that their other firms are spin-offs from these three.

Amazon’s Roadmap

The first pillar demonstrates the wide range of products available in their online retail store, which has one of the world’s largest retail inventories. To develop a deeper link with their customers, they diversified into cloud computing services and AmazonVideo in September 2006 and AmazonMusic in September 2007. Following that, they began offering self-developed, creative products including the Kindle e-paper reader, the KindleFire tablet, the AmazonFireTV-Stick, and AmazonEcho (Escoda, 2018). Amazon’s concentration on customer-centric viewpoints has helped them to break into new markets with minimal cost, allowing them to overcome entrance hurdles and establish themselves as a major player.

The second pillar — In order to attract clients, pricing was an important concept. They offered the greatest pricing on the internet while maintaining a high level of product quality. They were the first business in this market area to offer free deliveries to purchasers and to ensure on-time delivery, resulting in a massive increase in market share (Escoda, 2018). Amazon Prime shipping was a huge success, as it killed two birds with one stone. Customers who choose Amazon Prime not only get to stream their favourite shows, but they also get same-day or next-day delivery on their retail purchases, which has prompted many new customers to sign up.

The third pillar — The company’s focus on convenience has resulted in significant R&D investments, allowing them to better understand their customers’ needs and persuade them to acquire products or services from their online store. Furthermore, Amazon was one of the first businesses to measure consumer behaviour in order to actively improve customers’ purchasing experiences and overall satisfaction. Last but not least, provide consumer reviews and feedback forms for each product offered.

Your brand is what other people say about you when you’re not in the room.

– Jeff Bezos

If you ask me if I believe Amazon will or can continue to be successful, I honestly believe it will, and I believe the company will do even better in the next years if the R&D expenditures stay feasible and the return on investment is evident. However, I believe that if the company’s competitive edge can be maintained at its current levels, competitors will find it extremely difficult to beat Amazon.

WHAT IS YOUR LEADERSHIP STYLE?

Leadership styles are the patterns that a leader uses to command or influence his or her people. However, there is no such thing as a one-size-fits-all leadership style; each leader and company has its own set of styles and requirements. Autocratic, bureaucratic, and charismatic leadership are the three types of leadership most commonly found among leaders.

Apple is a company that I have admired for many years. Yes, their products are of the highest quality, but I have to admit that I admired Steve Jobs, Apple Inc.’s Co-Founder, Chairman, and CEO. I thought he was a revolutionary leader, even if I didn’t agree with his leadership style. (Kasim, 2020) cited Richard Branson saying  “Steve Jobs’ leadership style was dictatorial; he had a fastidious eye for detail and surrounded himself with like-minded people who would follow in his footsteps, but what made him one of our generation’s best leaders?

1) Establishing objectives and training coworkers on how to achieve them
2) Everyone is aware of their responsibilities and roles.
3) Steve Jobs determines the vision, goals, and tasks.

The aspect of autocratic leaders that most people dislike is that if objectives or goals are not met, the implications for the team can be disastrous.

Winston Churchill is a well-known figure who does not require an introduction. He stood up to the role of Prime Minister on the eve of war (World War 2), when no one wanted to be in charge of Britain, and is still recognized as one of the best prime ministers in history. Churchill was a bureaucratic leader. Churchill saw that, like a business going through a difficult period owing to market conditions or other external factors, a sense of structure, careful control, and regular consistency was required to prevail (Fata, 2020). The issue with this leadership style is that it isn’t always the best kind of leadership that people respond to, and it might differ from one business to the next.

The term charismatic leader is frequently misunderstood because it sounds charismatic; certainly, it can be beneficial and transformative, but it can also be the opposite. Adolf Hitler, in my opinion, was a charismatic leader who was dominating, confident, and had strong convictions. Unlike ethical leadership, charismatic leadership makes no decisions about whether the vision is good or sustainable (Luenendonk, 2020).

I’ve been working for 18 years and have been in management for over ten of them. I had never given any thought to my leadership style before. I consider myself to be a mix of autocratic and bureaucratic in nature. I tend to be the one who establishes the vision and assigns the responsibilities, but I’m open to suggestions from my team members, and I prefer to be the one who makes the final decisions. Furthermore, if duties do not go as planned and the vision or scope of the project we are working on does not match the initial concept, I am likely to be dissatisfied. When there is a problem at work, on the other hand, I often find myself throwing myself into it and volunteering to take on the situation until it is resolved. I’m not sure my coworkers like me for it, but I relish the challenge that everyone else in the company believed was unachievable.

I believe that leadership is critical in every business; we must always have a leader who is paving the way for us to follow; nevertheless, I believe that leadership styles should be evaluated. Many factors, including culture, must be taken into account. Most importantly, I believe that someone like me needs to determine whatever leadership style is best for me and my business and then stick to it. Now I see that switching between leadership styles may not be the greatest strategy for me, my team, or my organization.

GET PAID IN CRYPTOCURRENCY?

As cryptocurrency gains acceptance, more people are vying to get their paycheck and other benefits in bitcoin, Ethereum, and other digital currencies. Famous athletes, politicians, and everyday employees are now getting all or part of their salary this way.

“Whether you’re the quarterback of the Green Bay Packers, or you’re driving Uber, you can get paid in bitcoin,” said Jack Mallers, CEO of Strike, a digital finance company.

New York City Mayor-elect Eric Adams recently tweeted that he wants to receive his first three paychecks in bitcoin. And Miami Mayor Francis Suarez tweeted earlier this month that he’s taking his next paycheck in bitcoin as well.

In the sports world, the Sacramento Kings are set to become the first major sports franchise to offer employees and players a bitcoin payment option. Former Carolina Panthers lineman, Russell Okung became the first NFL player to be paid in bitcoin after converting half of his $13 million salary last December. Since then, other top professional athletes have followed suit, including NFL players Aaron Rodgers, Trevor Lawrence, Sean Culkin, Saquon Blakely, and NBA player Cade Cunningham.

Cryptocurrency, explained with major companies, like Paypal and Microsoft accepting payments in bitcoin, the cryptocurrency is also becoming an accepted means to pay wages and other fringe benefits like bonuses and retirement savings for rank-and-file employees.

“With the broadening support for use of cryptocurrencies in payments, it’s natural you’d start to see more people saying, ‘well, if I can buy the proverbial cup of coffee now with cryptocurrency, maybe I should get paid in it,’” said Garrick Hileman, head of research at Blockchain.com. But if you have the option to get paid in bitcoin, would you go for it?

Source: CNN