Change or Die- Lessons from Kodak and Beyond
Remember Kodak? Back in 1997, the company employed about 160,000 people and dominated the global photography market, with 85% of the world's photos taken on Kodak cameras. Fast forward a couple of decades, and the rise of smartphones with built-in cameras left Kodak unable to adapt to the shift. The company, once a household name, declared bankruptcy, and its massive workforce was left without jobs.
But Kodak is not alone in this downfall. Several other well-known companies met the same fate:
These companies didn’t fail because their products were of poor quality; they failed because they couldn’t evolve with the changing market and consumer demands. The world moved on, and they didn’t.
Change is Coming Faster Than Ever
Standing in today’s world, it might be hard to imagine how drastically things will shift in the next 10 years. Yet, experts predict that between 70% to 90% of jobs we rely on today could disappear in that time frame. We’re entering the era of the Fourth Industrial Revolution, where technology, artificial intelligence, and automation will reshape industries and workforces globally.
The New Titans of Industry
Take a look at some of today’s biggest companies:
The success of companies like Paytm, Ola, and Oyo Rooms demonstrates how digital platforms have disrupted traditional business models. It’s not just about having the best product; it’s about adapting to technological advancements and the needs of modern consumers.
The Impact of Artificial Intelligence
In the U.S., many new lawyers are struggling to find work. Why? Because IBM Watson, a legal AI, can provide legal advice more efficiently and accurately than a junior attorney. As a result, it’s predicted that 90% of American legal jobs may disappear in the next decade, leaving only 10% of the workforce—those who are experts in their fields.
Similarly, the field of medicine is undergoing massive transformation. Watson's AI is capable of diagnosing diseases like cancer four times more accurately than human doctors. By 2030, many medical professionals might find themselves replaced by machines capable of outperforming human intelligence in various specialized tasks.
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The Future of Transportation
The next 20 years will completely reshape how we view transportation. By 2040, 90% of cars on today’s roads will likely be gone. The vehicles that remain will mostly be electric or hybrid, reducing the need for fossil fuels. This could even lead to economic crises in oil-producing countries, as demand dwindles.
Imagine needing a car in the future: you’ll simply summon one via an app like Uber, and a driverless, electric vehicle will arrive at your doorstep. Car-sharing will become the norm, reducing the cost per ride, potentially even making it cheaper than owning a bike. This revolution will also lead to a dramatic decrease in car accidents—since 99% of accidents are caused by human error—and could cause the auto insurance industry to disappear.
With fewer cars on the road, traffic police and parking staff will become obsolete, and our cities will look dramatically different.
A Glimpse of How Quickly Things Change
Just 10 years ago, you would find STD booths (telephone booths) on every corner. The mobile phone revolution rendered them obsolete, and many turned into mobile recharge shops. But the rise of online recharge services soon made those shops unnecessary, too. People now recharge their phones from the comfort of their homes, further transforming the industry.
Even the mobile phone sales market is evolving. People increasingly buy their phones online threatening the future of physical phone stores.
Money is Evolving Too
Money itself is undergoing a transformation. Cash is being replaced by digital alternatives. We moved from physical cash to "plastic money" like credit and debit cards, but even that is now being overtaken by mobile wallets. With apps like esewa, khalti transferring money has become as simple as a tap on your phone.
The pace of change is rapid, and those who don’t keep up are left behind.
The Lesson: Adapt or Become Obsolete
The key takeaway from all of this? Those who cannot evolve with the times are swept away by the tide of progress. To survive and thrive in the modern world, we must continually adapt, innovate, and embrace change. Whether you're a business owner, an employee, or someone just starting their career, the ability to adjust to new realities will determine success or failure.
So, how prepared are you for the changes coming in the next decade? Will you adapt, or risk becoming a relic of the past?