How Big Business Got So… Dumb…
Platforms and algorithms have changed many industries, making things like listening to music or ordering food easier. This has led to new companies becoming very valuable by using technology to disrupt established ways of doing things. However, some innovators are trying to change industries like banking and healthcare that need careful, slow improvements, not quick technological fixes. Many successful tech companies find problems in industries caused by old rules and then use simple software to get around these rules. Examples include Uber, Airbnb, and Cash App, which grew quickly by avoiding existing regulations. While this can challenge older, less efficient businesses, it can also lead to problems, especially in finance. For instance, some new financial services like "buy now, pay later" can encourage risky spending and lack the consumer protections of traditional banking, which has many rules because of past problems. These new companies often make money by charging retailers, not users, essentially selling the customer as a product. The main idea is that while new tech can be exciting, sometimes old rules exist for important reasons, and ignoring them can cause big issues for regular people.
Key Vocabulary
Extensive or intensive publicity or promotion; exaggerated claims made in advertising or promotional material.
Examples:
- The new smartphone release generated a lot of hype, promising revolutionary features.
- Despite the massive hype, the movie failed to live up to expectations at the box office.
- The company tried to create hype around its product by inviting influencers to exclusive launch events.
Forming an integral part of a structure or system; inherent.
Examples:
- The software has a builtin security feature that encrypts all user data.
- Modern cars often come with builtin GPS navigation systems.
- The design of the house included builtin shelves, maximizing space efficiency.
The state of not achieving maximum productivity; a lack of efficiency, often resulting in wasted time, resources, or effort.
Examples:
- The company's outdated manufacturing process led to significant inefficiencies in production.
- Identifying and eliminating inefficiencies in the supply chain is crucial for cost savings.
- The new system was designed to address the inherent inefficiencies of the previous manual workflow.
The concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.
Examples:
- The criminal organization was caught attempting to launder millions of dollars through a series of shell companies.
- Financial institutions are required to report suspicious transactions to prevent money laundering.
- The investigation uncovered a complex scheme of laundering illicit funds through offshore accounts.
To define again or differently; to give a new meaning or a new way of doing something.
Examples:
- The internet has completely redefined how people access information and communicate.
- Her innovative approach redefined the standards of customer service in the industry.
- The artist's latest work redefined the boundaries of contemporary sculpture.
A public building or room for gambling and other entertainment.
Examples:
- Many tourists visit Las Vegas primarily to experience its famous casinos.
- The new resort features a large casino, multiple restaurants, and live entertainment venues.
- He decided to try his luck at the roulette table in the casino.
Heedless of consequences; careless; characterized by a lack of caution.
Examples:
- His reckless driving led to a serious accident on the highway.
- Making a reckless investment without proper research can result in significant financial loss.
- The company's reckless disregard for safety regulations resulted in severe penalties.
No longer current or useful; obsolete.
Examples:
- The company's computer systems were outdated, causing frequent technical issues.
- Many people still use outdated methods for filing their taxes, missing out on potential deductions.
- The fashion trend quickly became outdated as new styles emerged.
A routine task, especially a household one.
Examples:
- Doing the laundry and washing dishes are common household chores.
- He always finishes his chores before he goes out to play.
- Sharing household chores can help maintain a harmonious living environment.
In a horrible manner; dreadfully or very badly.
Examples:
- The team performed horribly in the second half, losing the game by a wide margin.
- The project went horribly wrong due to a lack of planning and communication.
- She felt horribly sick after eating too much spoiled food.
Merchandise, especially items promoting a band, film, or brand.
Examples:
- Fans lined up for hours to buy concert merch, including t-shirts and posters.
- The movie studio released a wide range of merch to promote the new superhero film.
- Selling branded merch can be a significant revenue stream for popular content creators.
To an immense extent; extremely or greatly.
Examples:
- She was immensely grateful for the support she received during a difficult time.
- The new technology has immensely improved the efficiency of the factory.
- The artist's work is immensely popular, attracting large crowds to the exhibition.
Made or caused by human beings, as opposed to occurring naturally.
Examples:
- The dam is a massive manmade structure designed to control water flow.
- The city's beautiful park features a large manmade lake.
- Scientists are studying the impact of manmade pollutants on the environment.
Causing or tending to cause disruption; innovative or breakthrough, especially in a way that displaces an established technology or market leader.
Examples:
- The new startup introduced a disruptive technology that revolutionized the transportation industry.
- His disruptive behavior in class often led to him being sent to the principal's office.
- The company's disruptive innovation forced traditional competitors to adapt or face obsolescence.
It may be argued (used to qualify the statement of an opinion or belief).
Examples:
- He is arguably the most talented musician of his generation.
- The internet is arguably the most significant invention of the 20th century.
- This novel is arguably the author's finest work to date.
Relating to or involving iteration, especially of a mathematical or computational process; characterized by repetition or gradual refinement.
Examples:
- The software development process was iterative, with continuous feedback and improvements.
- Learning a new language often involves an iterative process of practice and correction.
- The design team used an iterative approach, making small adjustments to the product based on user testing.
Not thorough or detailed; incomplete or superficial; also, of doubtful character or legality.
Examples:
- The information he provided about his past was quite sketchy, raising some red flags.
- They decided not to invest in the company due to its sketchy financial records.
- The witness gave a sketchy description of the suspect, making identification difficult.
A place where refuse and other waste material are buried.
Examples:
- Many communities are working to reduce the amount of waste sent to landfills.
- Recycling programs help divert materials away from landfills, conserving resources.
- The old landfill site was eventually converted into a public park.
Able to be converted into reusable material.
Examples:
- Many plastic bottles are recyclable and can be processed into new products.
- The packaging is made from recyclable materials to minimize environmental impact.
- Consumers are encouraged to choose products that come in recyclable containers.
A container holding a spool of photographic film, a quantity of ink for a printer, or a stylus for a record player.
Examples:
- The printer ran out of ink, so I needed to replace the black ink cartridge.
- He carefully inserted the new toner cartridge into the laser printer.
- Some older video game consoles used game cartridges instead of discs.