Paradigm Shift Definition
A paradigm shift refers to a major change in how certain process is achieved. A paradigm shift can occur when new technology is introduced which radically changes a good’s production process. For instance, the assembly line created a major paradigm shift in the auto industry, as well as, in every other manufacturing area.
A Little More on What is a Paradigm Shift
A paradigm shift can need entire departments to be removed or created in certain situations, and millions or billions of dollars of new equipment bought while the old one is either recycled or sold off. In the past hundred years, paradigm shifts have become more frequent all as a result of the industrial revolution which has transitioned many industrial and social processes. This process tends to become more popular in the future as our technological advancement rate increases.
Example of a Paradigm Shift
For instance, the internet created a paradigm shift how business is carried out. Email, as well as, scan substituted courier services and the fax machine. The client can now place orders for securities through the internet and sometimes get executed within seconds. Before the advent of the internet, a client would have to contact their broker who would pen down an order ticket for the broker’s record then contact the floor broker of the firm to place the trade. Stock quotes are now available globally via many sources thanks to modern technology, but 100 years ago, there was the need for people to have ticker machines installed in their offices. Every ancient equipment like order tickets, ticker machines, and fax machines have become obsolete as a result of paradigm shift introduced by modern technology.