How Technology Is Driving Change In Almost Every Major Industry

from Forbes

I’m sure I won’t surprise you if I write that smart use of technology is an integral part of success in business today. We live in the digital era—using mobile devices to create, cloud computing to collaborate, cognitive computing and artificial intelligence to improve operations, and data analysis to extract key insights. And that’s just scratching the surface.

I’m not sure, however, that most people recognize how technology can help make a good company great, and great business owners—and hopefully, their teams—wealthy.

Last month, my team at Fundera released a report called “10 Businesses to Start Now to Be Rich in a Decade.” The report aggregated and analyzed data from the U.S. Bureau of Labor Statistics, market research firms, and investment firms—and determined 10 industries expected to generate high levels of job growth, revenue, and output in the next decade.

Basically, if you’re looking to start a lucrative business that will stand the test of time, something in these 10 areas would be a good bet.

More here.

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4 Responses to How Technology Is Driving Change In Almost Every Major Industry

  1. Cassie Sibilski December 7, 2018 at 6:30 pm #

    Technology is implemented into literally almost everything in today’s world, and townhome who says their not a tech person is going to be in trouble moving forward in this world. When it comes to any industry someone is working in, you can guarantee more and more technology will be implemented into use in the field year after year. We have to be ready to tackle all of the learning curves this may bring in our selected fields because it will happen to everyone and it’s happening as we speak. The great thing about this technology is that it will no doubt improve efficiency according to how it will be used. Machine learning, cloud computing and AI are the biggest players that are contributing for this massive change to take place in technology across industries. These technologies just continue to improve meaning that what we can use them for just keeps growing and growing. The downside to this is that many jobs will cease to exist due to these types of technology that will make the need for a human to do certain work obsolete. To prepare for this it is beneficial for students if today to get into a field and job where they’re job won’t really be that affected by machines taking over.

  2. Petar Micevski December 7, 2018 at 8:15 pm #

    One final time, tech surpasses expectations and continues to infiltrate every aspect of our future lives. Just twenty years ago, technology allowed for the social norm to happen. People would attend college, get good grades, and would end up working in a job that lasted 40 years. However, with the introduction of new technology, certain jobs start to become obsolete. An example of that would be accounting. Because of technology’s grip on our daily lives, our jobs are starting to become more and more susceptible to AI’s ability to adapt. And we as humans cannot outperform robots because people have needs. We are a species that have to take breaks by eating, sleeping, etc. This is where the problem comes in. Because we are simply acting like humans, we are not as efficient as robots, who are capable of working consistently until they break down.
    This implies that robots are slowly going to take over all aspects of our jobs. As we improve the abilities of the robots, businesses and government would want to maximize their efficiency in production and everyday activities by implementing more robots. They would have a one-time cost (and little maintenance) and slowly become preferred by owners in the workplace due to their cheap cost and efficient work ethic. This would clearly create heavy competition between human workers in today’s world. As we can see, jobs such as accounting and lower skilled jobs are starting to become very unnecessary because of the robot’s ability to perform. Now, each generation is starting to slowly demand more and more from the common worker because we have the need to prove ourselves better than the robot or AI. This is clearly unfavorable in my case because I am currently in college hoping to have a job once I graduate.
    The best way to adapt to the extraordinary benchmarks technology is meeting is to find a way to adapt to the technology. This would require that the person understands how the technology actually works. In obtaining that information, we would be able to manipulate the technology to our favor, and wouldn’t be vulnerable to it. For example, Cybersecurity is an up and coming major. In learning cybersecurity, you are exposed to the way that networks and security measures operate digitally. It is terrifying realizing how easy it is to hack somebody. But, once you know the ways that they do it, you know ways that prevent them from infiltrating your boundaries in the first place. Overall, this tech boom is coming, and there’s nothing we can do about it. The most important thing we can do is stay ahead of the curve and be the bus driver or passenger, not the roadkill.

  3. Michael Martini December 7, 2018 at 8:20 pm #

    Using technology to the best of our ability is a must in today’s world if you want to be successful whether it be in your own personal life, your business, etc. Competition is the main cause of this because if you take one company who uses technology in the best way possible and another company who doesn’t, the company using the technology will simply be more productive. The advancements that technology in our world has made over the past decade has made life easier and has allowed us to be more successful at what we do. Some people prefer the classic ways without using technology, but that is because they don’t know what the technology is capable of. I believe that once we start using technology we are somewhat reliant on it, and that can be a dangerous but also beneficial way. If we can keep our priorities in order and focus on the specifics, then we will be able to create a great sense of efficiency from using technology. The only drawback to technology such as machines is that it replaces jobs for human beings, however there is also jobs needed to manage, maintain, and run these machines which makes up for the lack of jobs.

  4. Laurie Gallic December 9, 2018 at 12:16 am #

    This article brings up a lot of great points about technology in different industries. When I think about the effects of technology today, I generally only think about cellphones, apps, and websites. However, the author makes a super intriguing point that technology, within the next decade, will be dipping its tie into every industry. Whether it’s data technology or cryptocurrency we really are at the forefront of a technological age that will shape the way we operate. And even though all this technology is being created right now, I think an important point that the author made in the article was that, “companies can suffer heavy losses or even go bankrupt by investing in the wrong technology at the wrong time”. This is such a key point that I believe should be emphasized. There shouldn’t be a rush to adapt all new technology that arrive but rather a new approach to be taken in order to maximize efficiency. For example, had banking started to adapt Bitcoin at its highest back in 2016/2017, they would have been met with tons of difficulties. In my opinion, there’s definitely a place for crypto occurrence in banking but it definitely is not now. Other industries are similar, and should certain companies rush to adapt beta type technology before it is fully maximizing their efficiency, just for the sole purpose of hopping on the tech train, there will be problems. One part of this article that I felt applied to my life was the section which discussed using technology to optimize what we already do in the workplace. I’ve worked in a restaurant for years and when I first started, in order to work the rotation of tables every shift we used a pen, paper, and logic. However, within the past year we’ve switched over to automated systems which tell you where to go next, when a table is likely to get up, whether each guest has special request, etc. Although this has made a huge difference in out restaurant, there are times where I feel that the computer isn’t equipped to deal with certain situations and there are certain operations that just aren’t fit for the system. As time goes on, I am sure we will begin to see a better version of the app we now use, however, as of right now there is still a lot of work to do. Similar to this app, technology is just at its beginnings and will continue to grow extremely fast. Industries, regardless of what type of industry, must learn to adapt early on.

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