May 1st, 2017

Alibaba Founder Sees Automation Upending Economy

By Eric Frisch, 10x Management Writer

You know the situation is serious when Alibaba founder and executive chairman Jack Ma says that the world should prepare for “decades of pain” as automation and technology upend the economy. As 10x Management co-founder Michael Solomon has advocated, improving education and preparing the economy to work with robots should be top of mind for the American government. Sadly, the Trump administration has not pushed the most forward-thinking agenda when it comes to automation. Faster computers, more data, and machine learning are truly transforming the way business is conducted. The result of all this automation is that millions of jobs could be displaced all over the world. As Ma explains, this has the potential to create social unrest and wreak havoc on many industries and walks of life.

Why should we believe Ma? For one, he saw the rise of the Internet before anyone else. As Ma explains, “Fifteen years ago I gave speeches 200 or 300 times reminding everyone the Internet will impact all industries, but people didn’t listen because I was a nobody.” Hopefully, we’re all listening to Ma now. As someone who built the world’s largest retailer (even bigger than Walmart!), with operations in over 190 countries, Ma has the credentials and the pedigree to predict the future. Alibaba has helped create millions of jobs with its e-commerce and online platforms.

Ma has been vocal about the necessity for companies to adapt and update technology. The implementation of cloud computing and Artificial Intelligence is necessary for companies to compete in the future. As Ma explains, if management is reluctant to embrace these changes, then new management should be brought in that embraces technology. He may have a point. Imagine someone in a management position 15 years ago saying that the Internet is going to be a fad, no need to adapt. We have a feeling that the business would no longer be operating. Getting a head start and being proactive about technological changes can give your company a serious edge in the competitive landscape. At 10x Management, our primary goal is to connect you with the brightest minds in technology to give your company the edge it needs.

If you like this article, you might enjoy reading Trump’s Labor Policies Fail to Account for the Rise of Automation

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