The future of business is featured by smart business as Alibaba’s current model.
Smart business is live data-driven by algorithms to enable machine learn and make precise decisions.
Take Ant microloan as an example. First step of smart business is to datafy business activities. The borrower’s transaction business activities and credit history have been kept in data pool to provide evidence to assess his or her credibility. The second step is to software business activities. The software function is well positioned to provide platform for borrowers to better get their services they need. The third is to get data flowing. In the case of Ant microloan, the borrowing activities and his or her repayment history will be datafied in real time and will be accessed in need. The last step is to apply algorithms. The Ant microloan will use a criteria to assess whether it is appropriate to lend the loaner and whether the amount is appropriate. The criteria is the result of all live data availabile analysis. The default rate is only 1%.
The role of a leader is to cultivate creativity rather than improve efficiency of operation.
In Alibaba’s vision, in future, an open, coordinated and prosperous ecosystem will be fostered to steward business to survive and thrive.
