Reinvention through algorithms
Creating new products and services can certainly increase a company’s competitiveness, but what is truly transformational are the various ways in which many firms are using the algorithm economy to reinvent themselves. Consider the following examples:
- RioTinto has created the mine of the future. Self-driving cars have recently been generating much media coverage, but RioTinto’s Pilbara division has been using autonomous vehicles for years. The division deploys a fleet of nearly 70 autonomous haulage trucks along with automated drilling systems. An operations center in Perth enables all of the company’s mines, ports, and rail systems to be operated from a single centralized location. In addition, the use of real-time data and an array of advanced analytics applications enable RioTinto to operate its mines with competitive efficiency that has improved its bottom line.
- Telenor has developed an entirely new line of business...