It is common knowledge that technological breakthroughs are the driving force that shapes how industries are changing. They are an integral part of the success of any business today, which means that only those companies that have managed to embrace the latest technology are the leaders in their respective industries. What’s more, technology is constantly evolving and its impact on the business world can be felt in every corner, from the oil industry to car manufacturing. In this text we’re looking at some of the ways in which big industries are adapting to the most recent tech changes.
Blockchain
The blockchain technology is used to store and transmit data in a transparent, decentralized and secure manner. It’s like a register or account book comprising a list of all exchanges made between users. Though it’s most commonly associated with the concept of cryptocurrencies, its application is actually much wider. For example, it can be used as a register with improved traceability of assets and products or for smart contracts – as autonomous programs that automatically execute the conditions and terms of a contract without a need for human intervention. Next, it has found its application in the transfer of assets, such as securities, votes, currencies, shares, bonds, etc. Basically, blockchains could possibly replace most centralized “trusted third parties” – notaries, banking trades and land registry – through distributed computer systems, or even replace intermediation platforms used by Uber and Airbnb, which are just intermediaries that centralize data management and interactions between users, receiving a commission for it.
Better and more accessible equipment
Groundbreaking technological advances have impacted, and even disrupted, every major industry in the business world, even those that might not seem like those who could benefit so much. For example, the oil industry has also undergone a lot of changes in the last few years. Engineers from this sector are constantly designing better equipment for oil companies to use and their products, including the top-quality brass gate valve, are now accessible to buyers from all over the world. Better and safer equipment means that companies save both time and energy consumed, which all leads to increased profits. On top of that, being able to purchase equipment without having to visit a specific physical location is another benefit of modern technological advances and a critical time-saving benefit for any oil business looking to use more advanced equipment in order to improve operations.
Narrow AI
The use of narrow AI – highly scoped machine-learning systems that target a particular task and have algorithms selected specifically for that task – is one of the several strategic tech trends that has been present for several years, but whose impact has been rising exponentially. Apps with such narrow AI tech can complete tasks such as filling out your tax forms and booking travel accommodations, plan your day, and even recognize customers and provide them with a personalized experience. They only need to use previous preferences and existing data. However, this AI isn’t only for simple tasks – it’s the current core for self-driving vehicles – but it’s an excellent example of a rising technology that can be used for multiple business tools, services, and platforms to enhance our focus on more complex tasks such as predictions, creativity, decision-making and problem-solving.
The health industry
We might not associate the health industry with the traditional business world, but we would be making a terrible mistake. It’s actually one of the rising stars in the business world, which is quickly becoming a highly diversified sector with numerous opportunities for small businesses and stands to be one of the biggest industries in the future. Its sub-sectors include health data management, biotechnology, and personalized health. Although the traditional health care facilities such as hospitals are facing closures and lower profitability, new entrepreneurs can concentrate on easy-to-use, data-driven and personalized health. Companies which know how to apply the latest technology can cash in by finding new ways to manage the millions of records and even more data points that make up the health industry, while at the same time providing personalized health care. Just imagine going to an emergency room and finding yourself in an area for immediate treatment, where all of your data is already available and stored on a cloud, which allows instant identification and response.
Needless to say, there are many other ways in which the latest technology is used to shape the present and the future of all industries and these mentioned here are merely the tip of the iceberg. While it’s difficult to say for certain how certain trends will develop, what we can claim is that technology will continue shaping the way in which big (and small) industries will grow.