Technology has long been feared for its potential to take away jobs. While we often think of technology as digital technology, the truth is that every decade has brought new technology that has made business more efficient – and it has not rendered the majority of humanity unemployed. Tractors and harvesters significantly cut down on the manpower needed to run a farm or feed the nation and yet it didn’t result in massive unemployment. It merely set free a labor force to move to cities and create new innovations there. And innovate they did. Today, technology is improving efficiency in a wide range of sectors to provide better, faster, smoother, more robust service than ever before. Here are 6 industries where technology is streamlining business processes.
1. Healthcare
There may be no other industry benefiting more from technology than the world of medicine. The Healthcare IT Services industry in addition to digital scans and testing, telemedicine will soon increase the number of patients medical personnel can see in a given period of time while eliminating unnecessary visits to the doctor. Digitized records, scans and tests will significantly cut down on the number of non-medical personnel hospitals need to hire, giving them a greater portion of their budget to spend hiring more medical personnel. With advanced cloud computing solutions, healthcare providers around the globe can now access medical records and patient files without having to have a live person look them up and send them.
2. Automotive
When you take your car to a mechanic, one of the most time-intensive tasks is often just figuring out what is wrong with it in the first place. Since most garages would go out of business by charging a hefty diagnostic fee, they instead roll it into the cost of the repair, which often makes even simple repairs prohibitively expensive. Technology is rapidly changing that, however, with smarter cars and components. Most people are already familiar with on-board diagnostic systems that display codes a mechanic can use to determine what is wrong with a car. Soon, cars will be able to tell drivers not only that they are in need of service, but exactly what kind of service they need.
3. Travel
With a growing number of connected devices and connected systems, soon a traveler’s entire journey can be tracked. If their plane is delayed, a hotel can give away their room to a waiting guest and have another prepared when the original traveler arrives. With smart keys, travelers will no longer have to stand in long lines at rental counters or check-in desks. They can go straight to their rental car and use their smartphone to gain access. They can then drive straight to their hotel where their smartphone will direct them to their room, let them in and even order room service for them.
4. Insurance
One of the major issues with insurance is that prices are largely determined by the habits of a large demographic rather than by individual ones. Teens who don’t use their smartphone while driving still have to pay higher premiums to account for irresponsible teens that do. A person who smokes a few cigarettes a year still has to pay the same health insurance premiums as a chronic smoker who has smoked a pack a day for years. Connected tech will give insurers a much better picture of the habits, behaviors and practices of individuals rather than demographics. This will allow them to set individual rates based on individual habits and practices rather than charging individuals higher rates due to the general practices of others in their demographic.
5. Banking
Direct deposits, mobile deposits and electronic bill paying have all made trips to the bank virtually unnecessary. Even loans can be applied for online and documentation uploaded digitally. Just like with insurance, however, technology is poised to provide a much more personalized banking experience. For example, imagine an AI driven banking bot that can make suggestions to the customer as to how to maximize their money. For instance, they may have an investment getting ready to mature that they have long forgotten about. An AI driven bot, however, can not only remind them of the maturation date, but also analyze current market conditions to make suggestions as to how best to continue to invest that money.
6. Construction
Most people are familiar by now with lean manufacturing techniques and how they have been adapted for use in a wide range of industries. There is probably no industry, however, that could benefit more from lean manufacturing techniques than that of the construction industry. Construction is generally accomplished by a mass of independent contractors all working on multiple projects and generally waiting on materials or one team to finish a certain task so another can begin theirs. Communication is often shaky and projects can sit for weeks with no one knowing where things stand or what the project is waiting on. With connected systems, however, shipments of materials and supplies can be tracked on every step of their journey, crews can check in to see exactly where projects stand and exactly when their services will be needed and even security can be integrated into the entire system. Technology can even help usher the construction industry into the 21st century with tools to help them market and brand their businesses.
These are only a few of the industries that are being radically changed by disruptive technologies, but there are many more. Customer service and retail are also two industries that are being affected by major digital transformation. As more businesses offer the ease of use that connected tech has to offer, other businesses will have to follow suit to offer their customers and clients the ease that they are quickly becoming used to.
BIO: Joe Peters is a Baltimore-based freelance writer and an ultimate tech enthusiast. When he is not working his magic as a marketing consultant, this incurable tech junkie enjoys reading about the latest apps and gadgets and binge-watching his favorite TV shows. You can reach him @bmorepeters
