The Importance of Digitization and Algorithms in Business

This chapter explores the significance of digitization, algorithms, and digital technology in creating business opportunities and staying competitive in the 21st century. It discusses the transition from mass production to personalization and innovation for each customer, using examples like Amazon, Walmart, and Target. The downfall of brands such as Sears and JCPenney is analyzed, highlighting the role of management, lack of investment in IT, and failure to adapt to digitization.