All tagged Value creation
The thing about transformative technologies is that they expose where value is - or isn’t - being generated.
As a result, they accelerate the shift towards value ‘maximization’. In other words, those tasks that technology should deliver, it will, and those high value tasks that humans should focus on, they will.
When Amazon launched Prime back in 2005, Jeff Bezos’ central premise was that it should be “such a good value that you’d be irresponsible not to be a member”. This was when it offered 2 day free shipping.
Now, of course, it offers a whole lot more and there are more than 200 million Prime members today. There are two takeaways from this.
The Ikea effect is a cognitive bias where we place greater value on those things we’ve created ourselves.
There’s value in this idea when you’re a business and you’re providing customization options to your customer. The more they can personalize the product even partially, on their own, the more they will value it. Makes sense.
But we need to be wary of this bias when it comes to ourselves.
