By Chris Clearfield and Andras Tilcsik
Excerpt via Big Think
We can’t turn back the clock and return to a simpler world. Airlines shouldn’t switch back to paper tickets and traders shouldn’t abandon computers. Instead, we need to figure out how to manage these new systems. Fortunately, an emerging body of research reveals how we can overcome these challenges.
The first step is to recognize that the world has changed. But that’s a surprisingly hard thing to do, even in an era where businesses seem to celebrate new technologies like blockchain and AI. When we interviewed the former CEO of Knight Capital years after the firm’s technological meltdown, he said, “We weren’t a technology company—we were a broker that used technology.” Thinking of technology as a support function, rather than the core of a company, has worked for years. But it doesn’t anymore.
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