Jeff Bezos is currently the wealthiest person on earth. In September 2018, Amazon was valued at $1 trillion for the first time. Because the founding father of Amazon and Blue Origin, and owner of the Washington Post, it’s clear Bezos didn’t get to the present point in his career without having a particular skill for identifying and cultivating ideas that change the sport.
After conquering online retail, Amazon expanded expeditiously into cloud computing, media, and advertising. How? Bezonomics—the book written by Brian Dumaine is about CEO Jeff Bezos’s formula for amazon’s success. It involves a passion for innovation and a long-term point of view. Bezos was first to deeply integrate data, machine learning, the IoT, and A.I. into his company’s decision-making process, ensuring that facts and transparency would drive Amazon—and incredibly useful while working from home under lockdown.
How Is Amazon Changing Our Lives?
When you go through Bezonomics, you will amaze how deeply A.I. is embedded within the company’s activities. Amazon was an early adopter of AI and has injected it into almost every aspect of its business. For instance, Amazon uses to conduct a weekly retail review with up to 60 managers. They’d negotiate what to shop for, how much and which warehouses needed what amounts. Now, algorithms do all that—one of the strongest points behind amazon’s success.
The Biggest Surprise in Bezonomics? It Seems Like Jeff Bezos Was Cloning Himself Throughout The Organization.
When you observe Amazon, you find that Bezos and his top lieutenants religiously use a shadowing program that has promising young managers to follow their boss every day for 2 years. By this, the “shadow” knows how Bezos and his best executives think and using this; he has internalized the Amazon’s formula to spread those ideas throughout the corporate. The clone has also earned Bezos’s trust and may now combat huge responsibilities.
Focusing on the long term has always been the Bezos’ priority. Beyond that, here are some fundamental principles he employs for Amazon’s success are:
- Surround Yourself with the best possible
- Learn from your mistakes
- Stay frugal
- Stand firm
- Think big