Carburetors, ChatGPT, and the lesson learned

As a CTO, I have learned that keeping an eye on the competition is not enough. Disruptive innovation may come from unexpected sources, and companies that fail to adapt may fall behind. A key example of this is the story of carburetors, which were a crucial component in internal combustion engines until a few decades ago. 

Dr. W. Edwards Deming, a famous statistician and business consultant, used to say that a company is not in the business of making products, but in the business of satisfying customer needs. From this perspective, carburetors were not the end goal, but rather a means to an end: enabling cars to run efficiently. When fuel injection systems emerged as a superior technology, carburetor manufacturers failed to recognize the customers' changing needs and lost their market share. 

This lesson is more relevant than ever, in the era of digital transformation. As a CTO, my team and I constantly assess the needs of our clients and the market, and we adjust our product portfolio accordingly. We also keep our eyes open for potential disrupters, knowing that technology is evolving at an incredible pace. 

One recent example of disruption in our industry is the rise of ChatGPT, an AI-powered chatbot that can translate conversations in real-time. This technology has the potential to revolutionize communication across language barriers, and could have a profound impact on businesses involved in international trade or tourism. While Google was the world leader in search and translate, ChatGPT came seemingly out of nowhere and now poses a serious challenge. 

What can we learn from these examples? First, we must be crystal clear about the problem we are solving. From there, we need to stay flexible and open-minded, always looking for better solutions. We cannot assume that we are invulnerable or that our market share is guaranteed. Finally, we need to adopt a customer-centric mindset: what do our clients truly need, and how can we provide it in a way that is meaningful and effective? 

The lesson of the carburetors is timeless: companies that fail to adapt to changing market conditions lose their relevance, and may soon be replaced by more agile competitors. Us CTOs must remain vigilant and agile, knowing that the technological landscape is always shifting.