The concept of abundance is really quite simple: as prices go down, demand goes up. We learn this in the first week of Economics 101.
Although AI-generated abundance is new, the underlying idea of abundance is actually quite old; it has been a hallmark and productivity driver of every preceding phase of industrial growth. The loom led to abundance in clothing, the steam engine to abundance in transoceanic travel, and the assembly line to an abundance of refrigerators finding their way into homes all around the world. Before the revolutions that spurred them, these products were rare luxuries. Afterward, they were democratized and ubiquitous.
With systems of intelligence in play, we will soon experience a new wave of abundance, in areas such as financial services, insurance, health care, entertainment, and education. As the new machine drives price points down, markets of abundance will be established, driving sales up to unimagined levels.
The question now becomes: Will your organization seize advantage with the new abundance or fall victim to it?
Microsoft's Joseph Sirosh told us he sees this abundance emerging in health care, with new levels of individualized delivery: “You can say now if you are going to keep people healthier using data and predictive analytics, you will need fewer nurses and doctors and interim-care patients.… That sounds like labor substitution. But, what you are getting in return is a very ...