Using AI to Eliminate Barriers to Entry
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Key Takeaways
⇨ Technology advances have significantly lowered barriers to entry across industries.
⇨ AI and ML algorithms are allowing companies to launch innovative products and services beyond their core industry.
⇨ Organizations across industries need to look for opportunities to build innovative products and services leveraging AI algorithms.
Advances in technology and computing, like AI algorithms, are lowering barriers to entry across industries. Barriers to Entry, in simple terms, mean that the investment and resources that a new player needs to enter a market are high enough to keep the majority of prospects out. So what aspects have led to significant lowering or, in many cases, almost eliminating barriers to entry regarding technology-based products? There are three key ones at a high level:
1. Commoditization of hardware
2. Increase in computing power
3. Power of algorithms
In this article, we explore these three drivers in detail.
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