In reviewing the book Bezonomics by Brian Dumaine , I compare similarities in the personal characteristics of Jeff Bezos and Elon Musk . I also discuss differences in their individual approach to business. I discuss what the Bezonomics philosophy is and how companies can both adopt it and compete against it. Although the book covers anti-trust concerns and potential regulator induced break-up implications for Bezos company- Amazon and the rest of the FAANGs (Facebook, Amazon, Apple, Netflix, Google), I do not cover these in my review. In conclusion, Bezonomics is an AI-automation philosophy focused on using AI to learn customer transaction data which is then used to keep customers happy through understanding their needs at scale and providing what they need, when they need it at the lowest prices on offer even if initially loss-making. It is focused on selling through all channels possible and to all potential customers- foe and friend alike - with goal of achieving scale economies in AI learning of customer needs that then translate to automation driven operational efficiencies that decimate the competition. This then yields market dominance and generates predictable cash flow that can then be used to subsidize expansion into new related verticals. This philosophy is superior especially for retail focused businesses. All business owners should seriously consider implementing this philosophy in their businesses or working with emerging AI business leaders like Adebayo Alonge as well as platforms like RxAll and StorsApp that provide them the understanding of AI business transformation strategies as well as AI tools to differentiate their business.
Digitization has destroyed the concept of sustainable competitive advantage Rither Gunther Mcgrath Strategy has always focused on companies attaining sustainable competitive advantage-which is the unique position a company attains by configuring its operational activities in a manner that competitors cannot duplicate. In "the end of competitive advantage", Mcgrath argues … Continue reading The End of Competitive Advantage